The majority of enquiries we receive are from investors making their first acquisition on The Fylde Coast. We set out below a number of pointers that will require consideration to assist you in making your choice and finding your future.
If you are considering Blackpool for the first time we would advise an initial scouting mission to gain a picture of the different properties, areas and prices, prior to making appointments to view.
If it's a hotel you are looking for it is commonly considered that a first time venture to produce a full time income will require in the region of 8/9 en suite letting bedrooms, especially if full funding is required to complete the purchase. A size below will necessitate an additional income or be on a semi-retirement basis or cash purchase.
Commercial and Residential property investment returns are subject to fluctuations in the price of borrowing, and anticipated returns depend on the purchaser's requirement to borrow or buy with cash. If the purchase is subject to finance the investment should cover itself up to a loan to value ratio of 70%.
The Fylde is a coastal plain in western Lancashire, England. It is roughly a 13-mile square-shaped peninsula, bounded by Morecambe Bay to the north, the Ribble estuary to the south, the Irish Sea to the west, and the Bowland hills to the east. The coastal plain offers a number of differing properties and areas all popular within the market place for various reasons, e.g. semi-residential, busy, quiet, town centre, close to railway station, motorway, Pleasure Beach, etc.
Blackpool and the surrounding area is very much an all year round resort although a majority of hotel/guest houses and holiday related businesses such as restaurants only operate during the season by choice.
Arrangement of finance is subject to sight of business accounts. Profit and Loss accounts will be made available for inspection on the majority of properties once a viewing has taken place.
Survey/Valuations are a necessity. If finance is required in order to purchase the property then lending institutions have their own panel valuers and will instruct as and when necessary.
Prices quoted, unless otherwise stated, include the property, goodwill, furniture and equipment, a list of furnishings and equipment will be provided.
For a hotel purchase finance can be provided by the High Street banks to an level of around 50%, subject to survey, accounts, experience, etc. Advice can be made available on request. Empty or non trading properties will not generally qualify for finance, unless there is an existing additional income.
Depending on a purchaser's circumstances it might be advantageous to establish a Special Purpose Vehicle with which to make the investment.
If you are purchasing a hotel with a licence then the licence will need to be transferred. In recent times stricter measures have come into force requiring purchasers to be in possession of a BIIAB certificate (successful completion of Licencing course) and also to be personally licensed within their home town. Courses for the National Licensees Certificate can be taken at most Colleges of Further Education and in particular at the Blackpool & Fylde College (Tel No: 01253 352352 - extension 4151). More details will be available from your local authority
Address
Kays Commercial Estate Agents
Church Street,
Blackpool
FY1 3PZ