Retirement drive sales of independent forecourts and c-stores
The top reasons for independent forecourt and c-stores owners selling up is retirement, according to leading business property advisers Christies & Co. The company says forecourts and convenience stores are in high demand – especially as they performed well throughout the pandemic, being designated essential services.
Deals reached their highest levels in the first half of 2021 – with 53% of sales of independent forecourts and c-stores taking place due to retirement. Christies & Co say most buyers were also independent retailers, looking to acquire additional high-quality sites – with an increase in demand for ‘hot spot’ leisure destinations.
According to Christie report, the current volume of businesses available is insufficient to supply demand. Sellers appear to be holding on to their assets to make the most of sales growth and this is leading to competitive bidding, with premium prices being achieved.