KAYS are delighted to have completed the sale of the Queens Mansions Residential Apartments situated in a superb position on Queens Promenade at Norbreck overlooking the Irish Sea.
The eleven self contained one bedroom quality apartments had the benefit of parking for 11 cars plus 2 garages and was only brought to the market due to the pending retirement of the vendors who had operated the business for the past 25 years. The purchasers from Dorset appreciated the high quality of the apartments together with the level of strong occupancy achieved through excellent management producing a solid 11.5% yield.
The property was brought to the market in June 2017 with an asking price of £595,000 and sold for an undisclosed sum in October 2017.
The New Harmany Chinese Restaurant on Red Bank Road in Bispham has changed hands and is undergoing major refurbishment to the restaurant and kitchens. Kays acted on behalf of the landlord in securing the tenants on a new lease. The new operators are local business men who also operate the Yum Zing Chinese restaurant in Cleveleys. After the major investment the premise will reopen as The Oriental Village a modern contemporary restaurant and cocktail bar
One of the Town Centers best known hotels has recently changed hands. The 71 bedroom Ruskin Hotel on Albert Road with an asking price just below 1 million pounds has been acquired by Blackpool Promotions who have four other hotels in Blackpool. Kays Commercial Estate Agents acted for the long established owners who had developed and operated the business successfully for the past 30 years. Blackpool promotions intend to invest around £500,000 on top of the purchase price to extend and upgrade including the addition of new spa facilities. David Nolan Sales Director said ” it was a very positive sign that an existing operator has the confidence in Blackpool as an all year round resort to invest in and to continue to develop their business”
New research from online property investment firm LendInvest has named Blackpool as the second best seaside postal area to be a landlord in England and Wales.
In its latest LendInvest Buy-to-Let Index, the firm looked specifically at coastal towns to find which areas offered the top average rental yields to landlords.
Hull came out on top and property investors who buy within the Hull postcode area can enjoy rental yields of up to 10.7 per cent in seaside resorts like Withernsea.
The next best postal area for landlords was Blackpool.
Landlords who invest in property in the town itself can enjoy rental yields of 8.2 per cent, while tenants can make the most of being just a matter of minutes from the Pleasure Beach and donkey rides.
Llandudno in North Wales takes third spot with buyers in Colwyn Bay getting rental yields of 6.1 per cent.
Christian Faes, co-founder and CEO of LendInvest, said: “When you think about investing in property in a seaside town, many will immediately think of places like Brighton and Eastbourne. But investing in the right Northern seaside towns could prove a lot more lucrative.
“Seaside towns often enjoy strong demand from renters, whether that’s for year-long tenancies or for a couple of weeks in the holiday months.”
Read more: http://www.blackpoolgazette.co.uk/news/business/blackpool-is-second-best-for-rent-earnings-1-7978571#ixzz4CPPURvIv
Kays are delighted to announce the sale of The Kenley Hotel at South Shore. The hotel had been operated by Mike and Tony since 2008 and was only put on the market due to pending retirement. The quality Hotel is decorated and furnished to an exceptional standard and held the number 1 spot on Tripadvisor. The new owners Mark and Josie come from a restaurant background and are looking to continue offering quality B&B accommodation with the possible introduction of a quality evening meal in due course. We wish them all the best in their new venture.
KAYS really can sell anything however this is not all it may seem….The Hole in the Wall is a Cafe located in the Promenade and Sea Wall at Gynn Square. The well established leasehold business sells a range of teas, coffees, snacks and beach products to both visitors and locals. Our clients had operated the business for 10 years and the decision to sell was to enable them to retire. A local family has acquired the business and we wish them all the success in their new venture.
Mixed commercial and residential investment on Red Bank Road at Bispham. The commercial aspect was let to a long established Hairdresser with 2 residential apartments above let separately and producing a total rental income of £16,500 pa. A sale was agreed to an investor down South who was pleased with his 12% yield.
Kays where acting for an old established client in disposing of the substantial corner property consisting of two shops and a residential flat above. The seller was taking a lease back on her Hairdressing Business with the adjoining Barbers Shop already let and additional income from the flat. The purchaser from the Cornwall area was delighted with his 10% return.
This commercial investment was on the market for £125,000 and was occupied by a Beauty Salon Business on a 5 year FR&I lease with a passing rent of £11,000 pa. An investor from Cornwall acquired the property pleased with its 9% yield.
Kays have recently been involved in the sale of The Comrades Club in Blackpool Town Centre. The Club had ceased trading and in conjunction with Pugh & Co Auctioneers the property sold from a guide price of £125,000 to £140,000.