Property Auctions 26/Mar/2020 | Abingdon Street Indoor Market and 6/8, 10/12, 14 and 22/24 Abingdon Street, Blackpool, Lancashire, FY1 1DA

Substantial Town Centre Indoor Market and Mixed Use High Yielding Investment Opportunity

Includes substantial indoor market with 53 stalls and separate storage units
Separate shops let to tenants including Sense and Card Factory, with separately let offices and one shop under offer (4)
Approximately 28,000 sq ft GIA
Potential Change of Use and Redevelopment opportunities including residential and leisure, subject to planning and consents
Asset management opportunities
Close to Blackpool Winter Gardens and adjacent to former Post Office with plans approved for a new 102 bed hotel, with shops, bars and restaurants
High Yielding and low capital value per sq ft on Guide Price

Lot 14
Auction 26th March 2020
Rent £323,147 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN

Property Information

Location

Miles: 16 miles west of Preston; 44 miles north of Liverpool
Roads: A583, M55
Rail: Blackpool North Train Station
Air: Blackpool Airport

Situation

Blackpool is a popular tourist seaside resort, 16 miles west of Preston and 44 miles north of Liverpool. The property is situated in a prominent location in the heart of Blackpool town centre, on the pedestrianised Abingdon Street. The property is close to Church Street, Blackpool's prime retail pitch with retailers including Marks & Spencer,
Pizza Express and Costa Coffee represented. The property also benefits from close proximity to Winter Gardens, one of the North West's premier conference, exhibition and events centres, and Blackpool North Train Station which provides excellent access to the West Coast Main Line and the wider North West region.

Tenure

Freehold. XX

Location

Miles: 16 miles west of Preston; 44 miles north of Liverpool
Roads: A583, M55
Rail: Blackpool North Train Station
Air: Blackpool Airport

Situation

Blackpool is a popular tourist seaside resort, 16 miles west of Preston and 44 miles north of Liverpool. The property is situated in a prominent location in the heart of Blackpool town centre, on the pedestrianised Abingdon Street. The property is close to Church Street, Blackpool's prime retail pitch with retailers including Marks & Spencer,
Pizza Express and Costa Coffee represented. The property also benefits from close proximity to Winter Gardens, one of the North West's premier conference, exhibition and events centres, and Blackpool North Train Station which provides excellent access to the West Coast Main Line and the wider North West region.

Tenure

Freehold. XX

Description

The property comprises a substantial indoor market (53 stalls plus 12 storage units), together with three shops and self-contained offices, fronting Abingdon Street.

VAT

VAT is applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Description

The property comprises a substantial indoor market (53 stalls plus 12 storage units), together with three shops and self-contained offices, fronting Abingdon Street.

VAT

VAT is applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.	Reviews
53 Indoor Market Stalls & 12 Storage Units	Ground	Market	1,852.84 sq m	(19,944 sq ft)	VARIOUS (1)	Various (1)	£274,447
6/8 Abingdon Street	Ground/ First	Retail/ Ancillary	179.50 sq m	(1,932 sq ft)	SENSE, THE NATIONAL DEAF, BLIND AND RUBELLA ASSOCIATION	10 years from 08/09/2016 until 07/09/2026 (2)	£25,000	08/09/2021
10/12 Abingdon Street	Ground/ First	Retail/ Ancillary	179.80 sq m	(1,935 sq ft)	SPORTSWIFT LIMITED t/a Card Factory (3)	3 years from 29/09/2019	£20,000
14 Abingdon Street	First Second	Offices	92.40 sq m 99.20 sq m	(995 sq ft) (1,068 sq ft)	ABINGDON STUDIOS	3 years from 08/01/2020 with mutual break options on 08/01/2021 and 08/01/2022	£3,700
22/24 Abingdon Street	Ground	Retail	197.54 sq m	(2,126 sq ft)	Under Offer (4)
Total Commercial Area			2,601.26 sq m	(28,000 sq ft)			£323,147

(1) The indoor market comprises 53 stalls, each let on various leases on various terms and various rents. The market stall rents are inclusive of service charge, but not business rates or electricity. At present, only six market stalls are not let. In addition, there are 12 storage units, let on various terms at various rents. Please see the legal pack for a detailed tenancy schedule and tenancy documentation.
(2) The lease is subject to a tenant option to determine on 08/09/2021.
(3) For the year ending 31st January 2019, Sportswift Limited reported a turnover of £417,167,000, pre-tax profits of £66,206,000 and a total net worth of £24,056,000 (source: Experian Group 21/02/2020).
(4) Heads of Terms have just been agreed to let 22/24 Abingdon Street to Franks Restaurant Ltd (t/a Court House) on a new 3 year lease at a commencing rent of £18,000 pa, rising to £23,000 pa by year 3, subject to a tenant option to determine in year 2 - please see legal pack for Heads of Terms.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Contacts

Acuitus

David Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk

Associate Auctioneers

Robert Pinkus & Co 1 Winckley Court, Chapel Street
Preston
PR1 8BU

Danny Pinkus 01772 766 683danny@pinkus.co.uk

Seller's Solicitors

Blacks Solicitors LLP City Point, 29 King Street
Leeds
LS1 2HL

Ben Finley 0113 322 2805bfinley@lawblacks.com

Useful Links

Acuitus Finance

Stuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

Property Insurance

Natasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

Abingdon Street Indoor Market and 6/8, 10/12, 14 and 22/24 Abingdon Street Blackpool Lancashire FY1 1DA

Abingdon Street Indoor Market and 6/8, 10/12, 14 and 22/24 Abingdon Street
Blackpool
Lancashire
FY1 1DA