Historic hotel sale shows confidence in Blackpool

A historic Blackpool pub and a £1.2m portfolio of various properties has been sold by a Blackpool commercial property firm which says confidence in the resort is rising.

By The Newsroom
Thursday, 5th October 2017, 1:15 pm
Updated Tuesday, 12th December 2017, 9:15 am
The Empress Hotel
The Empress Hotel

Kenricks of Church Street has overseen the sale of the Empress Hotel which was once graced by movie stars and political giants.

It said the sales had come from a new partnership with auctioneers Pattinson and the results showed a growing interest in Blackpool’s property both from the South of England and locally.

Paul Crossley, (pictured) managing director of Kenricks, said: “We have been getting a lot of interest from outside the area with our properties and I think it reflects the growing confidence in Blackpool.

Sign up to our daily newsletter

“The person who bought the £1.2m portfolio, which had properties from North Shore all the way through town, 29 flats, a three bedroomed house and a former care home, was a local person who was pleased to invest in the town.”

He said property investors from London and the South East were looking at Blackpool due to the low prices and the good return on their investment.

“It was a good portfolio, all well refurbished and as a result the client got a good return on their investment.

“If a property is a good one at the right price it will sell.

“Our partnership with Pattinsons works well, there are regular auctions at Blackpool Football Club.

“The client get a good deal as the buyer pays the fees, and under auction rules they have to complete within 28 days.

“It also gets people coming to Blackpool. They stay at the local hotels overnight and eat in the town.

"People have to be motivated to sell and have a realistic price, but with a reserve price it protects the client. Very often we find people making offers before the day of the auction and, of course, in an auction it is exciting and often the price rises as people bid against each other.”