24 Reads Avenue, Blackpool, Lancashire, FY1

Investment Consideration:
Gross Initial Yield: 9.14%
Rental Income: £19,200 p.a.
VAT is NOT applicable to this property
Comprises newly renovated and fully licensed 10-bedroom hotel (all en-suite)
Located within walking distance from the seafront with occupiers close by include number of restaurants, supermarkets, pubs and hair salon/barbers.

Property Description:
The property comprises three-storey hotel with 10 bedrooms (all-ensuite). The rooms sizes vary between single, double and family. The hotel has been newly renovated and provides the following accommodation and dimensions:
Ground Floor: Reception, bar & lobby lounge, store, office
First/Second Floor: 10 en-suite letting rooms, storage
Total GIA: 230 sq m (2,475 sq ft)

Tenancy:
The property is at present let to The New Atlas Hotel Limited* (with personal guarantee) for a term of 6 Years 11 Months from 22nd May 2024 at a current rent of £19,200 p.a. and the lease contains full repairing and insuring covenants. Rent review every 3rd year open market upward only. No breaks. Deposit held of £3,000.
*Let to local established hotelier with 5+ hotels under management.

Location:
Blackpool is a seaside resort on the Irish Sea coast of England. It's known for Blackpool Pleasure Beach, an old-school amusement park with vintage wooden roller coasters. The M55 motorway links the town to the national motorway network. Other major roads in the town are the A583 to Kirkham and Preston, the A587 and A585 to Fleetwood, the A586 to Poulton-le-Fylde, Garstang and Lancaster and the A584 and B5261 which both lead to Lytham St Annes. The Blackpool Tramway runs from Starr Gate in Blackpool to Fleetwood and is the only surviving first-generation tramway in the United Kingdom. The property is located 5 minutes walk from the sea. Occupiers close by include number of restaurants, supermarkets, pubs and hair salon/barbers.