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The Sandbanks garage that could end up as a house worth £1.3m

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Could this GARAGE end up as a house worth more than £1million? The simple plot for sale in Sandbanks – one of the world’s priciest property markets

  • Offers are being invited on the garage in the expensive area of Sandbanks 
  • It has potential to be developed into a family home, says local estate agent
  • The average house price in Sandbanks is £1,239,904, up £60,000 in a year

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

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

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

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

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

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 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

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

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

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.

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Could equity release be used to help more younger homebuyers?

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Younger first-time buyers could be given more financial help from the Bank of Grandma and Grandad, through the use of improved equity release products, a new report suggests.

The document written by Tom McPhail, of consultancy The Lang Cat, claimed that younger buyers are missing out because older members of their family are unable to satisfactorily tap into their property wealth.

Mr McPhail said: ‘Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations.

‘An equity release by grandparents of say £20,000 now, could be transformational for a 20 something struggling to raise a deposit and get on the housing ladder but would make only a very modest dent to the value of the grandparent’s house.’

Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations, says new report

Releasing some of the equity in a property means older homeowners can choose when and how they share their wealth with younger generations, says new report

The report acknowledged that equity release has endured a poor reputation in the past after customers suffered ‘severe’ financial knocks.

The sector has been criticised for encouraging people to take on debt, particularly later on in life.

There has also been other concerns about equity release, such as customers falling into negative equity where the value of a property is less than the loan taken out against it when house prices fall.

The report suggested that while the equity release sector has since begun to put ‘its house in order’, it is ‘still not perfect’ and some regulatory safeguards need to be strengthened.

It called for several issues to be looked at, including early redemption charges on equity release products.

It said that most providers apply a simple sliding scale of charges, for example 10 per cent in year on to 1 per cent in year 10.

However, it claimed that some providers apply an early redemption charge based on prevailing gilt rates at that time, putting customers at an ‘unfair disadvantage’.

This is because the fees are not transparent as there is no way a customer can know in advance whether they’d be liable for a charge and if so, how much. 

In the past, customers have also fallen foul of the small print on their equity release loans when it comes to early-redemption penalties – such as couples who must pay an exit fee unless both of them need to go into care.

The report also raised questions about interest rates on equity release products. It said providers should be consistent with their lending criteria and not move the goalposts after customers have taken out a loan, as this can make it harder for them to access a top-up loan in the future, potentially forcing them to remortgage. 

Equity release products could help people access their property wealth to help younger members of their family onto the property ladder

Equity release products could help people access their property wealth to help younger members of their family onto the property ladder

The report argued that equity release products could help people access their property wealth to help younger members of their family onto the property ladder.

Mr McPhail added: ‘Raising a deposit has become an increasingly significant barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations.

‘Releasing some of the equity in a property allows older homeowners to choose when and how they share their wealth with the younger generation.

‘This more targeted approach gives them greater control to use their assets to the maximum benefit at the point of need.’

Raising a deposit is a barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations, says the report's author Tom McPhail

Raising a deposit is a barrier to getting on the housing ladder, with increasing numbers of first-time buyers having to rely on financial help from older generations, says the report’s author Tom McPhail

Equity release: How it works and advice

To help readers considering equity release, This is Money has partnered with Age Partnership+, independent advisers who specialise in retirement mortgages and equity release. 

Age Partnership+ compares deals across the whole of the market and their advisers can help you work out whether equity release is right for you – or whether there are better options, such as downsizing. 

Age Partnership+ advisers can also see if those with existing equity release deals can save money by switching. 

You can compare equity release rates and work out how much you could potentially borrow with This is Money’s new calculator powered by broker Age Partnership+.* 

 * Partner link

Jonathan Harris, of mortgage broker Forensic Property Finance, said: ‘Equity release has historically been viewed as a ‘murky’, high-risk sector, fuelled by minimal regulation, poorly-qualified advisers, only a handful of lenders and extortionately high interest rates.

‘Fast forward to today and we see a dramatically transformed sector, benefiting from strict regulation, highly-qualified advisers, multiple lenders and access to very competitive interest rates. 

‘Not surprisingly, equity release is now a viable and growing market for older borrowers looking to utilise the gains seen on property prices to bolster lifestyles, as well as pass on wealth to children when they need it.

‘Those considering equity release should make sure they understand the implications and involve family in any decision-making. It is always important to seek advice from suitably-qualified advisers.’

It comes as a separate report by Legal & General suggested that one in every £90 spent by retired Britons is funded by equity release.

It said that equity release funded an estimated £3billion in retirement spending last year, although it didn’t mentioned the money going to younger generations towards buying a property.

Instead, the report’s survey of 2,000 homeowners found that those with equity release have most frequently used the product to finance home improvements, at 26 per cent.

It said equity release is also being used to support costs such as medical expenses at 17 per cent, maintaining living standards in retirement at 16 per cent, and paying off personal debt at 16 per cent, for example paying off interest-only mortgages. 

It suggested that equity release is likely to play an increasingly important role in financing care-related expenses, with 19 per cent of prospective homeowners citing it as a consideration.

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Allianz Real Estate buys prime office building in Rome (IT)

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Allianz Real Estate, advised by Dils, has acquired an office property in the centre of Rome. The transaction, worth circa €175m, is one of the most important to have been carried out on the real estate market in Rome in recent years.

 

The building, consisting of eleven storeys, comprising nine above-ground and two underground, has a gross lettable area of circa 22,000m² and has undergone a major refurbishment, offering the highest environmental sustainability and energy efficiency standards (LEED Gold Certification). The strategic location, between the CBD and Termini Station, is enjoying great success, especially among corporate occupiers. 

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NCC sells Valby office scheme (DK)

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NCC is selling Kontorværket 1 office project in Valby, Copenhagen to Industriens Pension. The building will become biotech company Genmab’s new headquarters and will meet high environmental standards for both the building and the area. The transaction will be conducted as a company divestment, based on an underlying property value of approximately €81.9m (SEK875m). Transfer of the project and payment of the purchase consideration is expected to result in a positive earnings effect in the NCC Property Development business area in the first quarter of 2023.

 

“We are now selling Kontorværket 1, the first phase of our development project in Valby in the central parts of Copenhagen. Here we have developed property with an optimal infrastructure and appealing architecture, and I am pleased that Industriens Pension is now taking over,” said Joachim Holmberg, Business Area Manager, NCC Property Development.

 

Kontorværket 1 encompasses 16,000m² of lettable area and also includes a basement featuring a parking garage next to the building, with space for 280 vehicles and facilities for parking bicycles.

 

“This is an attractive and future-proof office property, located in an area with very good infrastructure, a motorway, a nearby metro and S-train station. The 15-year lease with Genmab fits well with our strategy as a long-term owner, and we expect the property to contribute a stable return for our members for many years to come. We look forward to welcoming Genmab’s experts in biotechnology,” said Soren Tang Kristensen, Head of Real Estate Investments, Industriens Pension.

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