• On behalf of Administrators, acting as agent without personal liability

• 100% prime retail investment (Former Topshop/Topman Store)

• Undoubted Income – Let to Blackpool Borough Council

• New letting from July 2021

• Low passing rent of £24,000pa (previously £150,000pa) – temporary letting

• Passing rent only £2.98 per sq ft overall / £8.43 Zone A

• Rental Value suggested £64,000 per annum

• Double unit capable of sub-division

• Opportunity to significantly enhance value

• Freehold

• £400,000, subject to contract

• 5.76% Net Initial Yield

• 15.36% Reversionary Yield

• Capital Value £535.20 per sq m /£49.72 per sq ft

The property is situated in the heart of Blackpool town centre on the pedestrianised Victoria Street which provides a link between the A584 Promenade and Coronation Street. Nearby occupiers include Marks & Spencer, Specsavers, Vodafone, Starbucks and Boots.

The property benefits from being directly opposite one of the entrances to the Houndshill Shopping Centre. The Centre totals approximately 27,685 sq m (298,000 sq ft) and comprises over 65 retail stores and 750 car parking spaces. Occupiers include Primark, Next, JD Sports, River Island, Waterstones, The Body Shop, New Look and O2.

In addition, Blackpool Tower, The Grand Theatre and The Winter Gardens (one of the UK’s largest theatres) are all in close proximity.

The subject property comprises a former Topshop/Topman retail unit arranged over ground and first floor. Internally, the property has been partially sub-divided to form two ground floor units with further retail accommodation and staff ancillary areas at first floor. The property is capable of sub-division into two well-sized units.

The property is currently being occupied by numerous market traders who have temporarily moved into the premises whilst their permanent home at Abingdon Street Market is being refurbished.

The property benefits from a service yard/loading area to the rear which is shared with neighbouring occupiers and accessed from Temple Street.

Freehold.

The property is let to Blackpool Borough Council (t/a Abingdon Street Market) on effectively a full repairing and insuring lease, subject to a Schedule of Condition, for a term of 2 years from 2nd July 2021, expiring on 1st July 2023. There is a tenant’s break option on 2nd July 2022, subject to a minimum of two months’ notice. The lease is outside 1954 Act protection.

The current passing rent is £24,000 per annum. This equates to only £8.43 Zone A (allowing for 1/12 on first floor). Overall, the rent is only £2.98 per sq ft.

The property was previously let to Top Shop/Top Man for a term of 5 years from 1st February 2015, expiring on 31st January 2020 at a rent of £150,000 per annum.

It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) and the purchaser will be required to submit the appropriate election to HMRC. It should be noted that the administrators may not hold documentation to prove VAT election at the point of completion.

We are instructed to seek a figure of £400,000 (Four Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 5.76%, assuming standard purchaser’s costs of 4.18%.

A purchase at the asking price reflects only £535.20 per sq m / £49.72 per sq ft overall. Based upon the suggested rental value, the reversionary yield is in the order of 15.36%.

Please note that a purchaser will be re-charged the costs of the measured survey (£595 + VAT) and searches (£756.01) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.

The affairs, business and property of the Company is being managed by the Joint Administrators Andrew Knowles and Steven Muncaster, who act as agents for the Company and without personal liability. Both are licensed by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.

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