Press Releases
A North Devon ‘Oasis’ is sold
The Exeter Office of leading specialist retail agents, Christie + Co, has sold Oasis Service Station, which is situated on the outskirts of the village of Braunton; the gateway to North Devon’s golden coast and is claimed to be the largest village in England. Independent mortgage brokers, Christie Finance, arranged the funding for the purchaser.
Occupying a highly visible main road location on the A361, which links North Devon with the M5, the business comprises a large detached site, with a 9,500 sq ft forecourt area and 765 sq ft purpose-built convenience store. Planning permission exists to extend the size of the shop to 2,500 sq ft and to add two Jet Wash bays.
Sales from all areas of the business have always seen consistent growth year on year, but with the recent opening of the new Western Bypass and down stream bridge crossing the River Taw from Barnstaple to Pottington on the A361, this has greatly improved the flow of traffic passing the business and has bypassed other filling stations en-route. This additional traffic has already led to a major increase in fuel sales and shop sales have also improved based on the previous year’s trade.
Paul Heather, from Christie + Co’s Exeter Office, who handled the sale, commented; “This was the first time that this long established and successful business has been on open market since 1963, as the vendor, Terry Paget, decided to sell due to his impending retirement. The purchaser is Mr Naeem Ahmad; a first time buyer from High Wycombe, who sees this as an excellent opportunity to buy a rapidly growing business with huge potential.”
The business was sold as a freehold going concern, with an asking price of £700,000, but the actual sale price was not disclosed.
Oliver Johnson from Christie Finance, who arranged the funding for the purchaser, commented; “Despite current uncertainty in the mortgage market, lenders were more than willing to finance this opportunity and are comfortable with the petrol filling sector as it is seen as a growth market.”
For further information please contact Paul Heather at Christie + Co or Oliver Johnson at Christie Finance on Tel: 01392 285600.
Our Ref: Exe1673
