Forward funding of building pre-let to Inventve Leisure Limited (Now Revolution Bars Plc) for a term of 25 years.
The purchase price reflected 8% NIY
Blackpool is located in the County of Lancashire, approximately 50 miles north-west of Manchester, 45 miles north of Liverpool and 18 miles west of Preston. It remains the country’s premier seaside resort. With a resident population of 140,000 the town is the principle commercial and administrative centre for the Flyde Coast.
The premises include the ground floor and basement of a 4-storey midterrace property with a 3-storey extension at the rear. It is estimated that Inventive Leisure spent between £2m and £3m upon occupation in February 2011 for a comprehensive Revolution Bar & Restaurant fit-out. The upper floors are not included within the demise and are subject to a 125 lease from 1999 at a peppercorn.
Prestigic Holdings recognised the improving pitch which was proven by the substantial uplift in rent at the first 5 yearly review. The property has frontages on to both Market Street and the Promenade. In addition, the cost of the fit out by the tenant gave Prestigic Holdings comfort on the tenants commitment to the property.
The property has a licenced capacity of 1,400 and is understood to trade regularly at full capacity.