A wealthy buyer has purchased a 30-foot strip of grass overlooking the exclusive Sandbanks resort for a staggering £ 3.5 million.
The empty lot of overgrown grass and uneven concrete runs to the edge of Poole Harbor in Dorset.
It has one of the most beautiful views of Millionaire & # 39; s Row – where mansions sell for up to £ 10 million. It also has a slipway for launching boats straight onto the water.
The new owner, who paid full price for the property, must obtain planning permission before they can build their own luxury pad. It is believed that the cost of construction would be more than £ 1 million.
The empty lot pictured, with overgrown grass and uneven concrete, is behind two houses and has one of the finest views of Millionaire & # 39; s Row in Sandbanks, Dorset
An aerial view of the highlighted vacant lot that sold for £ 3.5m after the new owner paid full price for the area that has a boat launching slipway
The staggering numbers are natural for the Sandbanks region, which is the fourth most expensive place in the world to buy real estate after London, Manhattan and Tokyo.
And although this 1 acre property is about 1.6 km from the exclusive peninsula, oceanfront properties around the port are still in high demand.
It is believed that the ongoing uncertainty surrounding Brexit and the coronavirus is causing people to want to buy vacation homes here rather than abroad.
Buyers based in London are now said to have their network further away from the capital as the Covid-19 pandemic has shown that they can work from home.
Tom Doyle of Sandbanks real estate agent Lloyds Property Group, who sold the property, said, “It seems insane to anyone outside the area to pay £ 3.5 million for an empty lot.
“But people pay a premium on land on the waterfront, and houses on this street sell for £ 6-7 million. It attracts wealthy individuals.
& # 39; It's a very busy market at the moment. Why is that? Many people are seriously thinking about not having a second home abroad and focusing on securing something exciting in the UK.
“Working and living outside of London is also a factor. The mindset seems to be to go to town one day a week and then work from home for the rest. & # 39;
An aerial view of sandbanks with the property in the upper left in the distance. It is because buyers based in London are now supposed to throw their net further away from the capital
He added: “The new owner will build a house there himself to live in. He won't put it up for sale again when it's ready. He already lives on site, but he wants a waterfront home the way it will be. & # 39;
The property is located on Dorset Lake Avenue and faces southwest.
On their website, Lloyds Property Group states that it is a prime waterfront location at the "Gateway to Sandbanks".
Prices in the area have risen and potential buyers can get even more bang for their buck in London's exclusive Mayfair.
The popularity of sandbanks is attributed to its remoteness. Every house in the community is within walking distance of the beach. Most of them enjoy a breathtaking view over the harbor or the English Channel.
An aerial view of Poole Harbor and the property, pictured far right. The area is the fourth most expensive place in the world to buy real estate after London, Manhattan and Tokyo
Houses were first built on sandbanks in the late 19th century, but it wasn't until the 1960s that the peninsula, which was less than half a square mile, was increasingly built on by a real estate boom and filled into a millionaires row with luxurious beachfront villas.
The real estate market on the peninsula has skyrocketed in recent years. Many homes have been demolished and replaced with innovative new properties to meet demand.
In July 2009, 1,393 square feet of vacant land on the peninsula went up for sale for £ 13.5 million – nearly £ 10,000 per square foot.
In May 2014, a bungalow that was bought almost a century ago for just £ 1,000 (around £ 40,000 in today's money) has now been reported that a luxury vacation home is now worth £ 5 million – an increase of 500,000 percent in value.
In early 2014, a dingy three-bedroom sandbanks bungalow from the 1950s that was only worth £ 200,000 in most other parts of the country went up for sale for a staggering £ 2.25 million.
In 2013, 15 homes were sold for a total of £ 80m as Sandbanks' reputation continued to grow.
Millionaire & # 39; s Row: An exclusive lot with Harry Redknapp and Russian millionaire Maxim Demin, once dubbed the most expensive in the world
Dorset's Sandbanks Peninsula has become a millionaires playground in recent years, and it also continues to keep Miami and Monte Carlo off the list of ultimate waterfront destinations.
On an 850-foot street in one of the UK's most exclusive enclaves, there are just 13 harbor villas valued at £ 93 million.
The narrow parcels between 40 and 60 feet wide on Panorama Road previously made it the most expensive stretch of coastline in the world in terms of price per square foot.
Maxim Demin, the Russian millionaire from Premier League club AFC Bournemouth, lives in the luxurious area.
Former Tottenham manager and 2019 I'm a celebrity winner Harry Redknapp also lives around the corner.
The 13 properties in Sandbanks, which are valued at £ 93 million
The villas on the peninsula in Poole Harbor, Dorset, offer incomparable views over the second largest natural harbor in the world.
There is almost complete privacy to the front of the lots while the rear gardens extend to the water's edge.
This is the "super prime level" of the sandbanks market. Two state-of-the-art properties with indoor pools were once bought in quick succession for a total of £ 15.6m.
One, a sprawling state-of-the-art mansion, sold for over £ 8 million while the other sold for £ 7.5 million before the sales brochure came out.
Adrian Dunford of Sandbanks real estate agent Tailor Made said in 2018, “We now believe that this part of Sandbanks is the most expensive stretch of coast in the world in terms of price per square foot.
“The multi-million dollar mansions in Miami and Monte Carlo will be on much larger lots than on sandbanks.
“The thing about sandbanks is that it’s a peninsula, so we’re trapped. You can't increase the number of properties, and supply and demand drive prices.
& # 39; This row of properties is in the most enviable part of Sandbanks. The houses have direct access to the water and also overlook the busiest part of the harbor.
& # 39; The southwest aspect allows for sensational views of Old Harry Rocks, Poole Harbor, Brownsea Island and the Purbeck Hills.
“Sometimes the bigger properties with headline prices take two summers to sell.
“So having two at the top of the market goes as fast as they said a lot about the state of the local market.
"The properties were bought by buyers from London and that may reflect what will happen with Brexit."
The Changing Face of Sandbanks: How windswept wasteland was cut off from the rest of the country has become one of the most sought-after addresses in the world
Before the rich and famous moved in, Parkstone-on-Sea, as it was then called, moved from a deserted landscape to Britain's answer to Monte Carlo
100 years ago, before it became one of the most exclusive and expensive addresses in the world, the Sandbanks Peninsula in Dorset was little more than a windswept wasteland, cut off from the rest of the country and not recognizable by the gleaming coastal town that exists today.
And while the mega-rich are now competing to build bigger and better houses by the harbor and buy land as soon as they become available, in 1880 the tiny enclave in Poole housed only a single hotel on the southern tip of the peninsula that accommodated guests could get away from the rest of civilization.
Sandbanks, or Parkstone-on-Sea as it was called, has moved from a deserted landscape to Britain's answer to Monte Carlo.
A proper road between the peninsula and the mainland wasn't built until after World War I, when many former soldiers returned from battle to become unemployed.
The highway made Sandbanks more accessible and of course it became more and more popular with vacationers and day-trippers.
Larger houses were built on the previously untouched land. A wealthy banker and father of eight, Dr. Edward Andreae became Sandbank's first real estate tycoon by building eight houses on the peninsula – one for each of his children.
Descendants of the family still own one of the Dr. Andreae, who was of German descent, built land.
Another wealthy guy who built and owned a main residence was Lord Leonard Lyle MP, the chairman of sugar giant Tate and Lyle.
The sand dunes in the center of the peninsula were once up to 100 feet high, but gradually flattened out as larger, permanent homes were built in the years between the two world wars.
However, the area's progress was halted by World War II when it became a fortified military base and it was not until the 1960s for development to really begin on the peninsula.
The remaining vacant waterfront lots have been snapped up by buyers, and some of the older lots have been demolished and built on.
Although Sandbanks was a very affluent place, it remained relatively affordable to locals with apartments selling for less than £ 100,000 in the 1980s.
But some smart marketing in the 1990s by local real estate agents put sandbanks on the world map, turning them overnight from a quaint coastal suburb to Poole into something of a millionaires row.
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