A HALF-built home on the UK’s most expensive street has been sold for a record £2.16million – but it won’t be finished for two years.
The luxury apartment, that hasn’t been built yet, is rising from the ashes of a 22-year-old seaside mansion in Sandbanks that was demolished.
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The stunning property in Dorset was knocked down to make way for the development of an extravagant apartment block.
But buyers will have to take quite the financial hit to bag one of the fabulous flats, as they cost around £1,776 per square foot.
The recent pricey deal of over £2.16million has now broken the record for the most expensive sale in the sought-after location.
Situated in one of the UK‘s most exclusive enclaves, Sandbanks is known as the millionaire’s playground thanks to its affluent residents.
Wealthy buyers have already snapped up seven of the eight homes up for grabs, despite the fact they won’t be completed until spring next year.
They will enjoy incredible views of Poole Harbour after property developer Ashley Faull completes the extraordinary transformation.
The eight apartments will each have three bedrooms and remarkable views of the water from the main living space and principal bedroom.
The lucky buyers will also have a communal gym, sauna, outdoor hot tub, gams room and summer house to revel in.
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Residents can also take advantage of their surroundings thanks to the boat store, paddle boards and kayaks.
Mr Faull only has one flat left to sell after expertly flogging the rest off-plan – with his seventh going for a record-breaking amount.
And he will be laughing all the way to the bank when construction is completed, after securing himself a tidy £13million profit.
The former ITV executive spent £6million purchasing the mansion on the peninsula, which had an indoor swimming pool, before bulldozing it.
He is now set to recoup a whopping £19million in total from his flats as the well-to-do battle it out for his remaining waterfront pad.
Mr Faull said of his extravagant endeavour: “I think the reason for why they have sold so quickly is due to a mix of their stunning design, the location and the high levels of demand.
“I think part of the demand is the hangover from Covid and people reassessing their lives and wanting to be by the sea.
POST PANDEMIC BOOM
“Our buyers are a mix of people who want a second home and those who will make them their first home in a few year’s time after they retire.
“There is a shortage of new waterfront property on the market at the moment. Nobody is building,” he added.
“I think developers are put off by the rising interest rates. If you have a two to three year project, it is very difficult to forecast what the rates will be in that time.
“The cost of building materials has gone up significantly as well. Yes, developers can add that to the asking prices but can they be sure people will pay?”
The last apartment still on the market is at ground floor level and is valued at £3million.
Experts believe the apartments flew off the property shelf due to a huge demand for homes by the sea post-Covid.
Robert Dunford, of Sandbanks estate agents Tailor Made, said: “The sales of seven apartments have been agreed, at asking price or very close to.
PENINSULA PARADISE
“I can confirm that the record price has been achieved, with one of the sales going through at £1,776 per square foot.
“Property demand remains high for the area, in particular for waterfront and beachfront locations.
“A lack of supply and high levels of applicants are enabling sellers to achieve very strong money at the moment.”
The largest price tag on a house on Sandbanks stands at an astonishing £10million, after Harry Redknapp sold his former Tudor-style mansion.
After the area earned the title of the fourth most expensive place in the world to buy residential property based on the average price per square foot, local estate agents have used it as a barometer for prices.
Sandbanks was only ranked behind real estate royalty Tokyo, Hong Kong and London in 2000 for the price of real estate with an average of £689 per square foot at the time.
The £1,776 per square foot price 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.
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