Wesleyan Assurance Society has acquired the freehold ground lease for Gridserve at Broadland Gate near Norwich. The site was previously owned by Pigeon Investment Management and the Ilfield Group, with a current passing rent of over £159,000 per year. The purchase of the plot under a ground lease until 2050 will not result in any noticeable changes for customers.
The electric forecourt at Gridserve, which opened in April 2022, is only the second facility of its kind in the UK and the largest electric vehicle charging site in East Anglia. With the ban on the sale of new petrol and diesel cars by 2035 and an anticipated increase in electric cars, the site is attracting attention as a significant player in the motoring revolution. In its first year, the forecourt powered over two million electric vehicle miles, fueled by a 50% increase in electric vehicle registrations in Norfolk, surpassing the national average.
There has been a record-breaking number of drivers switching to electric vehicles in the UK in 2022, with a total of 267,203 electric cars sold, accounting for one in seven of every new vehicle sold. Additionally, the number of charging points across the country has risen by 42% compared to 2021. The Gridserve electric forecourt, as the first of its kind in the market, offers a unique opportunity for Wesleyan Assurance Society, particularly as the UK moves towards embracing electric vehicles even further.
The completion of the sale of the freehold ground lease marks a significant milestone for Gridserve and its team. The company’s developer director, Hugh French, emphasizes the importance of the forecourt in the context of the UK’s increasing adoption of electric vehicles. With the growing demand for electric vehicles and the ban on petrol and diesel cars approaching, the acquisition of the freehold ground lease by Wesleyan Assurance Society positions them at the forefront of the electric vehicle charging industry. The site will continue to operate as usual and play a vital role in enabling the widespread use of electric vehicles in the region.
