Blackpool flats sites set to go under the hammer

Two prime Blackpool sites are going up for auction for more than a quarter of a million pounds.

Thursday, 26th May 2016, 10:30 am
Updated Thursday, 26th May 2016, 11:13 am
Property for auction in Blackpool in Moon Avenue
Property for auction in Blackpool in Moon Avenue

A block of flats and a parcel of land cleared for the building of apartments are due to be sold next month.

The first up for sale is eight flats in Moon Avenue, South Shore.

With a guide price of £550,000, the modern apartment block contains seven, two-bedroom apartments and one, one-bedroom apartment as well as four garages which can be let.

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Richard Reed, head of property at John Pye Property Auctions, said: “This property in Moon Avenue is just a short distance from the promenade in a good rental area.

“We expect that it will generate approximately a 9.75 per cent gross yield and is going to auction freehold.

“Currently, the eight flats are fully tenanted and generate a total annual income of £53,560.”

The second lot in the auction is for land in Nelson Road.

It had previously been a hotel but Blackpool council granted planning permission in 2012 for it to be demolished and replaced with four self-contained apartments.

The hotel was taken down and the land cleared, but no construction was carried out.

Mr Reed said: “It has full planning consent and will offer a unique development opportunity for buyers with a guide price of £65,000.

“The land is in a great position, close to the Promenade in between the South and Central piers and less than a mile from Blackpool Tower.

“As a result the flats, once built, will be in extremely high demand for either long-term lettings for residents or as holiday flats.

“In the summer months and during the world-renowned Illuminations we expect that they would demand in excess of £900 per week.

“The Gross Development Value of the plot will be in the region of £300,000.”