Sandpiper Holiday Apartments, 577 New South Promenade, Blackpool, Lancashire FY4 1NG

Description

Freehold block of 10 holiday apartments, predominantly let as self-catering holiday apartments. All apartments are self-contained. Externally there is forecourt parking to the front and yard plus garage(s) to the rear.

Accommodation

Ground Floor: Apt 1 – studio to front, comprising bedroom with lounge area and separate shower room; Apt 2 – 2 bed; Apt 4 – 1 bed/managers flat. First Floor: Apt 3 – 2 bed with sea/promenade view; Apt 5 – 1 bed; Apt 6 – 1 bed. Second Floor: Apt 7 – 1 bed (front); Apt 8 – 1 bed; Apt 9 – 1 bed; Apt 10 – 1 bed.

Location

Fronting the New South Promenade adjacent to Blackpool Pleasure Beach and less than ½ mile from The Sandcastle Waterpark.

Tenure / Property Information

Investment Analysis

Same-promenade completed sales provide only broad evidence because the comparable property sizes and accommodation are not supplied. The £297,500, £315,000 and £320,000 sales support an indicative subject GDV range of £297,500–£320,000, with £315,000 used as the base estimate. The £950,000 sale is not relied upon because its scale and accommodation are not sufficiently comparable. This is not a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional income-producing holiday-apartment/freehold block purchase after reviewing the legal pack, ASTs, lawful-use certificate, trading records and inspection evidence. Do not rely on the two disclosed ASTs alone to justify the guide price.

Works Required

No condition defects or refurbishment requirements are evidenced. No works budget is therefore quantified; the legal pack and inspection should confirm condition, compliance and any works required for the apartments, parking, yard and garages.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base indicative GDV, 75% refinance is £236,250. A BRRR assessment cannot be completed because refurbishment costs, full operating income, buyer premium, finance costs and other acquisition costs are not supplied. The disclosed AST income alone would not demonstrate sufficient refinance affordability for the whole block.

Buy-to-Let Analysis

Only Apartments 8 and 9 have evidenced AST income: £400 per month each, or £9,600 per year combined. This produces a 3.84% gross yield against the £250,000 guide, before finance, operating costs, vacancy, tax and auction costs. Income for the remaining apartments is not supplied, so whole-property BTL yield cannot be established. The AST terms and lawful use should be verified.

Flip Analysis

The base indicative GDV is £315,000 against a £250,000 guide. However, no refurbishment allowance, supported selling allowance, buyer premium or full acquisition-cost budget is available. A reliable flip surplus and maximum bid therefore cannot be calculated. The £6,875 administration charge at 2.75% of the guide is known, subject to the stated minimum, but other charges remain uncertain.

Investor Risks & Due Diligence

• Holiday-apartment income for eight apartments is not supplied, so total revenue and operating profitability cannot be assessed.

• The two evidenced ASTs produce only £800 per month combined and are described as all-inclusive.

• Buyer premium, disbursements, sellers' costs, legal fees, transfer fees and other auction charges may apply but are not quantified.

• Property condition and any required refurbishment are not evidenced.

• The certificate of lawful use and the actual permitted use of each apartment should be verified.

• Apartment 4 is occupied by the manager as part of remuneration, which may affect vacant possession and operating arrangements.

• Comparable sales are not sufficiently detailed to confirm equivalent size, unit count or condition.

Recommendation

Proceed only as a conditional income-producing holiday-apartment/freehold block purchase after reviewing the legal pack, ASTs, lawful-use certificate, trading records and inspection evidence. Do not rely on the two disclosed ASTs alone to justify the guide price.

Strategy Rating

Analysis Confidence

Several same-promenade completed sales and two AST rents are supplied, but comparable accommodation, holiday-apartment income, condition, buyer premium, operating costs and full acquisition costs are not evidenced.