Thu, 29 May 2014 | COMMERCIAL PROPERTY
A collection of hotels and restaurants in Blackpool has gone up for sale with an asking price totalling £20 million.
There are a total of 100 commercial properties that are currently empty in the seaside resort as it is struggling with the after effects of the recession. The hotels, shops, takeaways and restaurants all relied on a heavy influx of tourists from across the UK but as the population became more frugal and competitions became fiercer, many businesses have failed to stay afloat.
There are 73 hotels up for sale, which together would sell for a figure of over £17 million. According to the Blackpool Gazette, among the properties on the market is The Kensington Hotel on Blackpool’s South Promenade, which is valued at £1 million; the Bedford Hotel on New South Promenade, which is on the market for £975,000; and the Silversands Hotel, which is for sale at £875,000.
With economic prosperity returning to the UK, it is hoped that the tourism industry will soon get a new lease of life. The abundance of commercial property for sale in the Blackpool makes it an attractive proposition for investors looking to move into the hospitality sector.
Jonny Cuddy, of Michael Cuddy Estate Agents, said: “There seems to be an increasing number of vacant guest houses that people are looking to get rid of so there doesn’t seem to be much of a market for people running guest houses any more.
“We’ve been through just about the worst recession in 100 years so not as many people can afford to come to Blackpool like they used to, plus cheaper flights have made it easier for people to go abroad. It’s Catch 22 though, do you hold on in the hope some sort of trade comes back or cut your losses and sell up?”
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