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£1,161 per square foot of empty land on exclusive UK beachfront

Posted by: In: Real Estate 20 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,
£1,161 per square foot of empty land on exclusive UK beachfront

Millionaires’ playground Sandbanks, in Dorset, has outdone itself as a £6.25million patch of dirt hits the market.

An empty plot measuring 89ft by 59ft is being sold by Tailor Made in Sandbanks for £6.25million – £2million more than it was worth when it had houses on it. If the site is sold at asking price, it will equate to £1,161 per square foot. For comparison, a completed property in the exclusive SW3 postcode of London averages at around £1,900 per square foot.

Top to bottom: Banks Road, where the plot is located; ground floor plan of the possible property; the chain ferry which connects Sandbanks to Studland. Source: Tailor Made

The Sandbanks peninsula is said to be the fourth most expensive place to buy property in the world –behind only London, Manhattan and Tokyo. A property boom started in the area during the 1960s and has shown no signs of abating. The 0.39 sq mi spit of land, home to wealthy retirees like football manager Harry Redknapp and his son Jamie, is a perfect example of demand well exceeding supply. Prices are driven up – 19% over the last year, according to Rightmove – as properties are bought, demolished and rebuilt using every square metre of the space available. Last year, 15 homes were sold for a total of £80million.

The area benefits from its seclusion and the fact that homes are at most a fews minutes’ walk from the beach. Rightmove says that flats are the most popular type of property, with an average price of £738,068. Detached houses go for an even more eye-watering £1,800,809 average.

The area was hit by the recession from 2007-2010, but recovered quickly. In July 2009 a 14,994 square foot plot of land was put up for sale for £13.5million – around £580 per square foot. This year, a property on the same road went for £5million, or £1,250 per square foot.

The £6.25million patch of land is so expensive partly because of its location on the island; it sits on one of the narrower parts of the peninsula and therefore could take advantage of sea views on both sides. The site has planning permission for two four-bed, four-storey houses with their own gym and swimming pool.

By Francine Carrel, international property reporter, OPP

Source: OPP


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