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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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Hotel Indigo debuts in Austria

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Hotel Indigo opened its first hotel in Austria, Hotel Indigo Vienna – Naschmarkt. Located a short walk from the city’s historic center, the hotel offers 158 guest rooms, a rooftop garden resembling an urban jungle, a restaurant, and a lobby bar.

 

Taking inspiration from a famed local architect, Otto Wagner, a key member of the Secessionist movement, guests will find touches of gold used throughout the fixtures in the bathrooms as well as intricate patterns, made famous by Otto, woven into the carpet design in the hallway, and the tiles behind reception. Otto’s love for gold, Art Nouveau design, and ornate patterns can also be seen at famous local buildings such as the Majolikahaus, a short walk from the hotel. From ground level, the building looks innocuous, but as guests look skywards, they will see the top floors are decorated with exquisitely sumptuous floral motifs in brightly colored porcelain and gold leaf, a hallmark of the new style.

 

Stefanie Augustin, General Manager, Hotel Indigo Vienna – Naschmarkt, commented: “We are pleased to open our doors and accept our first guests into the first Hotel Indigo in Austria. We sit in the heart of the surrounding neighbourhood and strive to make all the locals proud, by helping to bring a bit of that external story in so guests can truly experience what Vienna has to offer.”

 

 

 

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Tolent secures Newcastle resi project (GB)

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Tolent will put up 135 ‘ultra-modern’ system-build homes, with designs selected from an architectural competition. Sunderland’s new Vaux neighborhood, being built on the site of an old brewery, will eventually have 1,000 homes, according to the plans, as part of a drive to double the number of people living in the city centre. The homes will stand alongside The Beam and City Hall – the latest development to rise from the ground at Riverside Sunderland. Construction work on the scheme is expected to start within weeks, forming the first of the new distinct neighbourhoods that will create city centre housing for up to 2,500 residents.

 

The properties are based on the winning designs in the Homes of 2030 competition, which was launched in March 2020, and managed by the Royal Institute of British Architects, to encourage the design of environmentally-friendly homes that support people in leading independent, fulfilling lives as society ages.? Construction work on the development is due to start this summer and the first tranche of homes should be completed by the end of 2023.

 

Sunderland City Council leader Graeme Miller said: “We’re absolutely thrilled to have taken this final step to get work started on our flagship residential scheme at Riverside Sunderland. The housing developments on Riverside Sunderland will be world-class, and Tolent is an ideal partner to deliver them, based locally and capable of building these aspirational homes.”

 

Tolent chief executive Paul Webster said: “Vaux neighbourhood is an amazing project that showcases the strides being taken in Sunderland to modernise the city centre. The world-class houses being built will provide a community fit for the future and an archetype for sustainable housing. As a truly local business, we are proud to be involved in the project and to showcase our ability to meet and exceed the capabilities of national contractors on a local level. The project will complement a number of local landmarks that we have constructed including The Beam, Beacon of Light and Echo Building. We have been working closely with the entire team since being appointed preferred bidder back in September and we can’t wait to get started.”

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BlackRock acquires Dagenham urban logistics development (GB)

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A joint venture (JV) between Chancerygatea fund managed by Credit Suisse Asset Management, and Hines has forward sold a 172,000ft² urban logistics development in Dagenham to a fund managed by BlackRock for an undisclosed sum. Dagenham Council has approved plans to speculatively build 15 Grade A urban logistics and industrial units at the development which is called Zephyr Park. The units range from 5,490ft² to 34,670ft² and are available leasehold and freehold. Construction is due to commence in August this year. The six-acre site was previously owned by wholesale electrical distributor Rexel UKSituated on Rainham Road between the A12 and A13, Zephyr Park is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed €348.5m (£300m) film and TV studios.

 

Chancerygate managing director, Richard Bains, said: “Zephyr Park will be an outstanding urban logistics development which will generate continued investment and job creation for Dagenham. Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also a testament to the high specification, a sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow. We look forward to working with Hines and BlackRock to deliver Zephyr Park and expect to achieve practical completion in summer 2023.”

 

Greg Cooper, Hines managing director, industrial and logistics, added: “We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high-quality logistics developments. It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.”

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