Roadside Real Estate, which focuses on roadside and convenience retail, has announced today, 4 July that it has acquired a former Sainsbury’s Petrol Filling Station (PFS) at a Coventry site for a total cash consideration of £1.25m.
The company acquired the site from Roadside Retail, also known as ‘the Meadow JV’, and has said it will now begin works to re-instate the former PFS and convenience retail store, adding EV charging and ancillary services to the location.
In conjunction with this acquisition, it has been agreed that the business of the Meadow JV will exclude the owning and operating of PFS businesses and related convenience retail services. It has also been agreed that the Meadow JV will no longer have a right of first refusal over such assets.
This will reportedly afford Roadside more freedom to pursue opportunities in the roadside space, particularly around energy transition, convenience retail, and evolving consumer demands.
Furthermore, Roadside has acquired a 49% stake in Roadside Asset Management (RAM) for £1 from Meadow, a separate entity to the Meadow JV, while RAM has simultaneously terminated its asset management agreement with the Meadow JV.
The Meadow JV and Meadow will enter into a new asset management agreement on the same commercial terms as the current agreement.
Roadside will continue to have responsibility for the identification and evaluation of assets within the scope of the business of the Meadow JV (as varied to exclude PFS businesses) and to offer these to the Meadow JV on an exclusive basis until 30 April 2026.
Roadside said in a statement: “The Meadow JV remains in negotiation on several further site acquisitions as it works to deploy its equity commitment in assets that deliver sustainable returns for investors and valuable amenities to local communities.”
The company had announced previously that it intends to increase its stake in the Meadow JV to 10%. The parties have agreed to “use reasonable endeavours” to shortly agree the price for this increase which will be payable by Roadside, and to complete this by 31 October 2025.
Charles Dickson, CEO, said: “This transaction is fully aligned with Roadside’s strategic ambition to capture value through the ownership and operation of essential retail infrastructure in high-traffic, accessible locations. The Company believes the Austin Road site offers strong redevelopment potential and an attractive return profile, underpinned by growing demand for well-located, service-led retail formats tailored to the needs of the local community.”
