Fives: Landmark Preston building put on the market for £999,950

The former Fives building in Guildhall Street has gone on the market for offers over £999,950 with Blackpool-based Duxburys Property Consultants Limited, but could be leased in parts.

"Sight to be seen"

Adam Taylor, director at Duxburys Commercial Property Consultants, said he was "delighted" to bring the Grade II-listed property to market.

He said: "The property is presently fully vacant and we have received immediate purchase enquiries, these include within the present use for Food and Beverage but also for change of use, subject to planning.

READ here why Smokin Vs Real Barbecue closed down after renting the basement

"Rental wise, the building can be leased with the lower ground floor section separate to the ground, first and Second floors. It can also operate a whole single building.

"The internal existing fit out, fixtures and fittings, are a sight to be seen and internal viewings are highly recommended by any party looking to purchase or lease this exceptional building."

Rental figures quoted are £50,000 for the first year and £80,000 for the second year onwards.

History

The Grade II Listed and restored property was built in 1878, originally as the Preston Central Conservative Club, but in recent years has become known for eating, drinking and dancing.

The venue traded as nightspot Fives until 2006, reopening in 2007 as the Cocktail Factory in the basement, and became Vintage Bar and Priory Bar upstairs.

The building closed in 2011 and was purchased by Preston businessman Edgar Wallace in 2002 who had been working up to making the building a casino before selling the building to Simon Rigby in 2016.

Mr Rigby, who died in August 2020, oversaw its renovation before leasing it to Shaun Patchett, a London-based operator, who reopened it as Fives bar in 2017.

This business closed down on New Years' Eve 2018, and he later listed it for sale for £1.25m in February 2020.

Comedy Club ROFL began a lease of the top floor in summer 2021, but this has since come to an end, and until January, the basement of the building had been leased by steakhouse Smokin Vs Real Barbeque, but this closed due to the cost of living crisis.