Investors in big property gamble

One Greater Manchester firm has this week bought more than 100 flats across the resort close to the beach front which it intends to turn into exclusive residential property.

But its investment relies on Blackpool being awarded the UK‘s first regional casino – something which will be announced next year.

The resort is one of eight towns and cities in the UK which is bidding for the casino and the right to become the countries first Las Vegas-style casino centre.

Worlsey-based Sagon Holdings is one of a number of companies which is buying up property in the town and hoping to cash in on the future.

With visitor numbers down and the last few years seeing a dip in tourists to the town, property bosses are investing in the regeneration of Blackpool.

The Blackpool masterplan is ploughing GBP 1.4bn into the town to turn it into a first-class resort again and investors hope the new properties will have more people wanting to live in the area.

Properties have been snapped up in South Shore, North Shore, Foxhall and the town centre.

Mike Beaumont, property partner at KBL solicitors whose client is Sagon, said: „The supercasino would increase numbers to Blackpool which would boost the whole economy including tourism, retail and employment levels.

„This in turn should have a knock-on effect on property values.

„Sagon believes Blackpool Council’s initiatives for a massive GBP 1.4bn redevelopment of the town over the next 15 years will go a long way to improving the area and will increase house prices.“