It’s not much to look at, but a garage for sale in Sandbanks could end up being worth £1.3million if it is transformed into a family home.
The potential fully-developed price for a home on the simple plot is based on properties in the sought-after area on the south coast that have sold during the past year.
The garage doesn’t feature an asking price – and instead invites bids from potential buyers – but it sits on Rightmove around other properties in the £400,000 bracket.
And despite its nondescript looks, it could prove to be in high demand. Sandbanks is known for having some of the most expensive and in-demand property in the world, with many homes bought to be knocked down and replaced with new buildings that make the most of every square inch of the plot.
For sale: Offers are being invited on this garage in the sought-after area of Sandbanks in Dorset
Sandbanks in Dorset is known for having some of the most expensive property in the world
There are only 70 or so homes around the edge of the peninsula in Dorset, making a location on the seafront highly sought-after.
Celebrities who live in the area include former Tottenham Hotspur, West Ham and QPR boss and I’m a Celebrity winner Harry Redknapp.
The average price of a property on Sandbanks is £1,239,904, up almost £60,000 during the past year, according to property website Zoopla. It is almost four times the average £316,516 price of a British home.
Properties that have sold in the area during the past year, include a five-bedroom new home in Banks Road, which is one of the roads on the seafront – for £6,850,000.
That property stretched across 6,865 sq ft, producing a price per sq ft of £1,000.
If the same price per sq ft is applied to the garage once it is extended and developed into a family home, it could end up being worth more than £1million.
The garage is also on Banks Road – although it is not on the seafront side of the street.
A popular location near the seaside: The detached garage is on Banks Road in Sandbanks
The garage is currently 650 sq ft and sits on a plot of land extending to just 0.089 acres
Could the property be developed? The narrow plot of land extends back behind the garage
The figure is based on planning consent being obtained to develop the property into a family home that is twice the size.
It could perhaps see one or two extra floors added, creating a three or four-bedroom house.
The garage is currently 650 sq ft and sits on a plot of land extending to just 0.089 acres.
If the garage could be doubled in size to 1,300 sq ft, it could mean the finished developed home could be worth £1.3million.
The property could be turned into a three or four-bedroom home, subject to planning consent
The garage is on Banks Road, which is one of the sea front streets on the Dorset peninsula
Could it be a family home? The inside of the garage is currently being used as a storage space
It is a popular area among those who enjoy watersports as Sandbanks Beach is minutes away
Scott Taylor, of estate agents Lloyds Property Group – which is handling the sale of the property – said: ‘This detached garage, measuring in excess of 600 sq ft presents one of the most unique opportunities ever to be seen on the peninsula.
‘The detached garage provides ample space for multiple vehicles to the front aspect, with a large rear garden with no tree preservation orders. Subject to planning permission, the building could be turned into a residence with the potential to extend.’
The agent described it as a ‘lifetime opportunity to purchase a detached building on the peninsula’ due to its potential.
Sandbanks Beach is accessible by foot in less than a minute. Rick Stein’s Sandbanks restaurant is only 90 metres from the property, while there is also a Tesco express that is a short walk away..
The plot is being offered for sale by informal tender, with offers to be received in writing to the agent by midday on March 5. Only unconditional cash offers only being considered.