Summary - 15 Reads Avenue, BLACKPOOL FY1 4BW
30 bed 1 bath Mixed Use
Large mixed-use block near Blackpool town centre with immediate income but notable lease and area risks.
Total contracted rent £72,000 per annum
30 bedrooms across flats, studios and HMO units
Short 3-year FRI leases (from 05/11/24) — refinance risk
Mortgage lenders likely to refuse due to short lease terms
Located adjacent to proposed Blackpool Central Leisure development
Very high local crime; area classed as very deprived
Victorian terrace stock — fixer-upper; refurbishment likely needed
Excellent mobile signal and fast broadband
A large mixed-use block on Reads Avenue, minutes from Blackpool town centre and the proposed Blackpool Central Leisure development. The portfolio comprises multiple retail/coffee shop units, 11 holiday/studio apartments, several self-contained flats and HMO rooms producing a combined contracted rent of £72,000 per annum under two Full Repairing & Insuring leases.
The assets are let to the same tenant on short-term 3-year FRI leases (commencing 05/11/24) and are offered as a whole, with the vendor open to splitting Block A and Block B. Good digital connectivity and an established income stream suit an investor seeking hands-off cashflow near a major leisure regeneration site.
Important risks are clear: only three years remain on the leases and the leases are short-term, so many mortgage lenders will refuse lending. The location sits within a very deprived area with very high crime rates; parts of the buildings are Victorian terrace stock and described as fixer-uppers, so maintenance and refurbishment will likely be required. Buyers should factor lease renewals, funding constraints and potential catch-up works into valuation and exit planning.
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