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(Sharecast News) - Roadside, the AIM-listed real estate company focused on UK roadside and convenience retail, has purchased a former Sainsbury's petrol station in Coventry that offers "strong redevelopment potential".
The site, situated alongside a former Sainsbury's supermarket at Austin Drive just outside the city centre, was bought for 1.25m from Roadside Retail, a joint venture the company has with investment firm Meadow Partners.
Work will now begin to reinstate the petrol station and convenience store, adding EV charging and ancillary services to the location.
"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," said chief executive Charles Dickson.
"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."
Roadside also announced it has "redefined" its Meadow JV, agreeing to exclude it from owning and operating petrol station retail assets, which "affords the company more freedom to pursue opportunities in the roadside space, particularly around energy transition, convenience retail and evolving consumer demands".
Separately, Roadside has purchased Meadow's 49% stake in Roadside Asset Management for 1m, and added that it is working with Meadow on an agreement to increase its stake in the Meadow JV to 10%, as previously announced.
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