Council buys department store earmarked for business space leasing

Tuesday, March 30, 2010

Refurbishment of a department store could create business space leasing opportunities as part of a 'mixed-use' premises

By Ashley Brunskill

Blackpool Council has made a significant property investment by buying a former department store for £1.4 million.

The 28,500 sq ft building was purchased from Irish investment firm Friends First Life Assurance, Public Property UK reported.

A refurbishment of the premises is already underway to create a mixed-use facility including office space. Blackpool Coastal Housing is understood to be in negotiations to take 15,000 sq ft of the four-storey building.

In addition, the housing corporation will base its Home Stop Shop in part of the ground floor business space leasing, with further tenants set to be announced in the coming weeks.

It is just one in a series of key real estate acquisitions by local authorities after the council bought the iconic Blackpool Tower and Winter Gardens for around £40 million.

Those purchases are central to the council's intention to "create an exciting, world-class leisure destination for the future", according to a statement on its website.

Source: ask-re The Property People LLP