Low Capital Value Retail Investment with Potential to Significantly Enhance Value. Offered on behalf of Administrators

18-22 Victoria Street | Blackpool | Lancashire | FY1 4RW


subject to contract

Click To Purchase


  • 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



Blackpool is a popular seaside resort and one of the most well-known tourist destinations in the United Kingdom. Its various attractions such as Blackpool Tower, Blackpool Pleasure Beach, Blackpool Illuminations and Winter Gardens draw millions of visitors per year. The town is located approximately 80 km (50 miles) north-west of Manchester, 88 km (55 miles) north of Liverpool and 26 km (16 miles) west of Preston.

The town benefits from good road communications being served by the M55 Motorway which in turn links with Junction 32 of the M6 Motorway some 24 km (15 miles) to the east.

Blackpool is also well connected to the national railway network with a fastest journey time to London Euston of 2 hours 45 minutes. Hourly services connect Blackpool South station to East Lancashire and there are also direct services to Blackpool North from Manchester International Airport, Manchester Piccadilly, Manchester Victoria, Liverpool Lime Street and York.

Blackpool is within easy reach of a number of ferry ports covering crossings from Ireland, Isle of Man and the Netherlands. Blackpool Airport provides regular flights to the Isle of Man, Belfast and Dublin.


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.


The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Net Frontage 75’9” 23.09m
Gross Frontage 82’0” 25.00m
Zone A 1,502 sq ft 139.54 sq m
Zone B 1,389 sq ft 129.04 sq m
Zone C 1,293 sq ft 120.12 sq m
Remainder 102 sq ft 9.48 sq m
ITZA 2,533  
Total Ground Floor 4,286 sq ft 398.17 sq m
First Floor 3,759 sq ft 349.21 sq m
Total 8,045 sq ft 747.38 sq m

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £595 + VAT.






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.


Rental Value

Adopting only a conservative rental value of only £22.50 per sq ft Zone A, we suggest that the rental value of the property is in the order of £64,000 per annum. Hence, the investment offers significant opportunity to enhance value.


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.

Investment Considerations

  1. An opportunity to acquire a town centre investment;

  2. The property is located in the heart of Blackpool’s prime retailing centre;

  3. Undoubted income - let to Blackpool Council;

  4. Low passing rent of £24,000pa (previously £150,000pa) reflecting only £2.98 per sq ft;

  5. Rent is significantly below open market values, given the letting is temporary in nature;

  6. Freehold;

  7. A purchase at the asking price reflects an attractive net initial yield with significant reversionary potential;

  8. A purchase at the asking price reflects a low capital value;

  9. Attractive lot size for an investors.



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.

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Daniel Elia daniel@singervielle.co.uk +44 (0) 20 3701 1353

Vendors Solicitor

Field Fisher  
Daniel Steele daniel.steele@fieldfisher.com