3/11/2020 | Retail Mortgages

Funding obtained for current tenants to purchase the freehold of prominent filling station

Specialist commercial finance broker, Christie Finance, has secured funding for experienced operators, Mr Amir Abbasi and Dr Jamil Akhtar, to help acquire the freehold of their petrol station in Arbroath, Angus.

The Golden Lion Filling Station is a well-established business, located on one of the main roads in and out of Arbroath. Operating under the Esso brand, this forecourt boasts three tanks and a thriving shop and due to its location, it is subject to busy passing traffic which provides steady and constant levels of trade.

The current tenants have been running this establishment for four years and have felt that the time is right to purchase the freehold of the business.

Mr Abbasi has over 17 years’ experience within the forecourt sector- in addition to this, Mr Abbasi is a Director of Haven Care Group and over the years has managed his time to see each business prosper. Dr Akhtar, the second partner in this deal and Mr Abbasi’s nephew, is a Doctor of acute medicine in the NHS. Alongside this demanding job, Dr Akhtar has been managing the forecourt, staff members and fuel supply. The end goal for both is to further their opportunities and portfolio within this sector with the hope to utilise the Christie Network in the future.

Stephen McConalogue, the Finance Consultant for the financing of this petrol station comments, “It has been a pleasure working with Jamil & Amir and assisting them with purchasing the Freehold of the Golden Lion Petrol Filling Station. The duo have operated the business now for 4 years and were giving the opportunity by the landlord to purchase the heritable interest, leaving them in a stronger position moving forward. This was a highly complex case for various reasons, but nevertheless I was delighted to arrange the funding and achieving market leading terms”