Half-built home on millionaire Sandbanks playground sells for record £2.16million
A half-built house in the UK’s most expensive street has sold for a record £2.16million – but it won’t be finished for two years.
The luxury build rises from the ashes of a 22-year-old seaside mansion in Sandbanks, Dorset, which was demolished.
The stunning property has been demolished to make way for the development of an extravagant apartment block.
But buyers will have to take a big financial hit to buy one of the fabulous apartments, as they cost around £1,776 per square foot.
The recent pricey transaction of over £2.16million has now broken the record for the most expensive sale in the sought after location.
Located in one of the UK’s most exclusive enclaves, Sandbanks is known as a millionaire’s playground thanks to its affluent residents.
Wealthy buyers have already purchased seven of the eight homes up for grabs, despite the fact that they will not be completed until spring next year.
They will enjoy incredible views over Poole Harbor after property developer Ashley Faull completes the extraordinary transformation.
The eight apartments will each have three bedrooms and remarkable water views from the main living space and master bedroom.
Lucky buyers will also have a communal gym, sauna, outdoor hot tub, games room and summer house to revel in.
Residents can also enjoy their surroundings through the store of boats, paddle boards and kayaks.
Mr Faull has just one apartment left to sell after expertly whipping the rest off plan – with his seventh for a record sum.
And he’ll be laughing all the way to the bank once construction is complete, having secured himself a handsome £13m profit.
The former ITV executive spent £6million to buy the mansion on the peninsula, which had an indoor swimming pool, before bulldozing it.
He is now set to recoup a total of £19m from his flats as the well-to-do fight for his remains at the water’s edge.
Mr Faull said of his extravagant effort: “I think the reason they sold out so quickly was due to a mix of their stunning design, location and high levels of demand.
“I think part of the demand is the Covid hangover and people are reassessing their lives and wanting to be by the sea.
“Our buyers are a mix of people who want a second home and people who will make it their first home a few years after retirement.
“There is a shortage of new waterfront properties on the market right now. No one is building,” he added.
“I think developers are put off by rising interest rates. If you have a two- to three-year project, it’s very difficult to predict what the rates will be at that time.
“The cost of building materials has also increased significantly. Yes, developers can add that to asking prices, but can they be sure people will pay?”
The last apartment still on the market is on the ground floor and is valued at £3million.
Experts believe apartments have flew off the property shelf due to huge demand for beachfront homes after Covid.
Robert Dunford, estate agents at Sandbanks Tailor Made, said: “Sales of seven apartments have been agreed, at or very close to asking price.
“I can confirm that the record price has been reached with one of the sales coming in at £1,776 per square foot.
“Real estate demand remains high for the area, particularly for beachfront and beachfront locations.
“A lack of supply and high levels of candidates are making sellers very large revenues right now.”
The highest price for a house in Sandbanks stands at £10million, after Harry Redknapp sold his former Tudor-style mansion.
After the area won the title of fourth most expensive place in the world to buy residential property based on average price per square foot, local real estate agents used it as a price barometer.
Sandbanks was only ranked behind property royalty Tokyo, Hong Kong and London in 2000 for house prices averaging £689 per square foot at the time.
The price of £1,776 per square foot now puts Sandbanks behind Monaco, Hong Kong, New York, Geneva, Tokyo and Shanghai.
In 2020, we told how an empty plot of overgrown grass and uneven concrete overlooking Sandbanks sold for £3.5million.