Mystery buyer pays £m for 1,219sq ft luxury three-bed Sandbanks flat that hasn’t even been BUILT yet

A mystery buyer has paid a record price of £2.2million for a luxury three-bed flat in Sandbanks which has not even been built yet as the millionaire’s playground lives up to its reputation as the UK’s most pricey seaside town.

The apartment boasting stunning views of Poole Harbour will have 1,219sq ft of living space, meaning the sale price equates to £1,776 per sq ft – a record for the small peninsula in Dorset. 

It will make up one of eight – seven of which have been sold – in a brand new apartment block that will not be finished until spring 2023. 

Currently just a building site, millionaire property developer Ashley Faull spent £6m on buying the luxury house, that had an indoor swimming pool, and turning it into the flats. 

He is now set to recoup £19m from the sale of the flats, making a £13m profit of the apartments within sight of golden beaches. 

Experts say the reason they have been snapped up so quickly is down to a huge demand for seaside homes post-Covid and a drastic shortage of waterfront property on the market in the area. 

Sandbanks known as the ‘Palm Beach’ of the UK has an average price edging close to £1million and has been a hotspot for quite some time and has reportedly the seventh highest land value by area in the world. 

A mystery buyer has paid a record price of £2.2million for a luxury three-bed flat in Sandbanks which has not even been built yet (pictured artist impression of the apartment block called The Harbour) as the millionaire’s playground lives up to its reputation as the UK’s most pricey seaside town

Work under way on the site today (May 10) showing that there is not even a roof on the property yet. The apartment boasting stunning views of Poole Harbour will have 1,219sq ft of living space, meaning the sale price equates to £1,776 per sq ft - a record for the small peninsula in Dorset

Work under way on the site today (May 10) showing that there is not even a roof on the property yet. The apartment boasting stunning views of Poole Harbour will have 1,219sq ft of living space, meaning the sale price equates to £1,776 per sq ft – a record for the small peninsula in Dorset

Currently just a building site, millionaire property developer Ashley Faull spent £6m on buying the luxury house, that had an indoor swimming pool, and turning it into the flats. He is now set to recoup £19m from the sale of the flats, making a £13m profit of the apartments within site of golden beaches. Pictured: CGI plans for the finished property showing the getty onto Poole Harbour and a luxury beachhouse

Currently just a building site, millionaire property developer Ashley Faull spent £6m on buying the luxury house, that had an indoor swimming pool, and turning it into the flats. He is now set to recoup £19m from the sale of the flats, making a £13m profit of the apartments within site of golden beaches. Pictured: CGI plans for the finished property showing the getty onto Poole Harbour and a luxury beachhouse 

Sandbanks known as the 'Palm Beach' of the UK has an average price edging close to £1million and has been a hotspot for quite come time and has reportedly t he seventh highest land value by area in the world. Pictured: The CGI plans show how impressive the interior of the flats will look when complete

Sandbanks known as the ‘Palm Beach’ of the UK has an average price edging close to £1million and has been a hotspot for quite come time and has reportedly t he seventh highest land value by area in the world. Pictured: The CGI plans show how impressive the interior of the flats will look when complete

The record price for property for Sandbanks has been shattered following the sale of a luxury apartment that hasn't been built yet. Pictured: CGI plans show the incredible views residents will be able to enjoy

The record price for property for Sandbanks has been shattered following the sale of a luxury apartment that hasn’t been built yet. Pictured: CGI plans show the incredible views residents will be able to enjoy

Here is how the property is looking before most of the construction takes place
This is how the property will look

Work under way on the development site at Dorset Lake Avenue in Poole, on left, and slide across to see how it will look according to CGI plans for the finished property

Sandbanks homeowners did include former football manager Harry Redknapp. Graeme Souness, computer magnate Sir Peter Ogden and celebrity interior designer Celia Sawyer are thought to still have homes there.  

Robert Dunford, of Sandbanks estate agents Tailor Made, said: ‘The sales of seven apartments have been agreed, at asking price or very close to. I can confirm that the record price has been achieved, with one of the sales going through at £1,776 per square foot.

‘Property demand remains high for the area, in particular for waterfront and beachfront locations.

‘A lack of supply and high levels of applicants are enabling sellers to achieve very strong money at the moment.’

One ground floor level apartment is still on the market and is being valued at £3million ahead of sales.

The eight flats will each have three bedrooms and views of Poole Harbour from the main living space and principal bedroom.

It will also have a communal gym, sauna, outdoor hot tub, games room, summer house, boat store and paddle boards and kayaks for residents.

The new flats are being built on the site of a 22-year-old seaside mansion that was demolished to make way for the development. 

Canny property developer Ashley Faull spent £6m on buying the luxury house (before being destroyed), that had an indoor swimming pool, but is now set to recoup £19m from the sale of the flats, making a £13m profit

Canny property developer Ashley Faull spent £6m on buying the luxury house (before being destroyed), that had an indoor swimming pool, but is now set to recoup £19m from the sale of the flats, making a £13m profit

The millionaire businessman flattened (the home being demolished in picture) the 20-year-old four-storey, 19-room house for the apartments to meet the increasing demand for housing

The millionaire businessman flattened (the home being demolished in picture) the 20-year-old four-storey, 19-room house for the apartments to meet the increasing demand for housing 

The indoor pool in the £6million mansion which has now been demolished. As well as a pool, gym and cinema, the now demolished house had four bedrooms, four reception rooms, a bar, a dressing room and a garage

The indoor pool in the £6million mansion which has now been demolished. As well as a pool, gym and cinema, the now demolished house had four bedrooms, four reception rooms, a bar, a dressing room and a garage

The master bedroom in the former home, overlooking the sea. Substantial houses built relatively recently are being demolished to make way for either two or three homes one same plot to blocks of flats

The master bedroom in the former home, overlooking the sea. Substantial houses built relatively recently are being demolished to make way for either two or three homes one same plot to blocks of flats

The cinema in the mansion which has now been demolished. Mr Faull said: 'Even though the house we had was only built in 2001 we decided to demolish it as we wanted to create more first homes or sea front homes for people'

The cinema in the mansion which has now been demolished. Mr Faull said: ‘Even though the house we had was only built in 2001 we decided to demolish it as we wanted to create more first homes or sea front homes for people’

A view of the garden from the seaside mansion which has now been flattened to make way for eight new flats

A view of the garden from the seaside mansion which has now been flattened to make way for eight new flats

The games room, which previously featured a pool table and gym equipment, in the property. Mr Faull and his family had lived in harbourside home for 12 years before it was knocked down

The games room, which previously featured a pool table and gym equipment, in the property. Mr Faull and his family had lived in harbourside home for 12 years before it was knocked down

Canny property developer Ashley Faull spent £6m on buying the luxury house, that had an indoor swimming pool, but is now set to recoup £19m from the sale of the flats, making a £13m profit. 

The millionaire businessman flattened the 20-year-old four-storey, 19-room house for the apartments to meet the increasing demand for housing.

The half-an-acre plot backs onto Poole Harbour and overlooks the exclusive peninsula in Dorset.

Mr Faull, a former ITV executive, said the majority of the buyers are wealthy people living in London or the Home Counties looking for a second home or planning their retirement.

He said: ‘I think the reason for why they have sold so quickly is due to a mix of their stunning design, the location and the high levels of demand.

‘I think part of the demand is the hangover from covid and people reassessing their lives and wanting to be by the sea.

‘Our buyers are a mix of people who want a second home and those who will make them their first home in a few years time after they retire.

‘There is a shortage of new waterfront property on the market at the moment.. Nobody is building.

‘I think developers are put off by the rising interest rates. If you have a two to three year project, it is very difficult to forecast what the rates will be in that time.

‘The cost of building materials has gone up significantly as well. Yes developers can add that to the asking prices but can they be sure people will pay?’

CGI plans show the gym that residents in the eight apartments will benefit from including the sauna, weightlifting area and treadmills and cycle bikes

CGI plans show the gym that residents in the eight apartments will benefit from including the sauna, weightlifting area and treadmills and cycle bikes 

CGI plans show how impressive the interior of the flats will look when complete with a sleek modern design that looks out at stunning views of Poole Harbour

CGI plans show how impressive the interior of the flats will look when complete with a sleek modern design that looks out at stunning views of Poole Harbour 

Work under way on the development site at Dorset Lake Avenue in Poole, Dorset in the summer of 2021 before more construction was completed on the site

Work under way on the development site at Dorset Lake Avenue in Poole, Dorset in the summer of 2021 before more construction was completed on the site 

The site  (seen today) is not set to be completed until 2023 but buyers have already snapped up apartments

CGI plans for the finished property show the floors of the apartments, the jetty out to the sea and the outbuilding in the front beside other millionaire mansions

The site (seen today left) is not set to be completed until 2023 but buyers have already snapped up apartments. CGI plans (right) for the finished property show the floors of the apartments, the jetty out to the sea and the outbuilding in the front beside other millionaire mansions

He previously said: ‘Even though the house we had was only built in 2001 we decided to demolish it as we wanted to create more first homes or sea front homes for people.

It is quite brave to demolish the house as it was worth over £6million before we demolished it and obviously a worthless pile of rubble once demolished.

‘We lived on that land for about twelve years in a large house and loved it, we particularly loved the access to the water.

‘We think the Evening Hill area is better than Sandbanks because there is less traffic and has better views. It is the most magnificent and magical spot.’

By 1999, Mr Faull was executive director of broadcasting at ONdigital, which became ITV Digital and folded in 2002. The BBC later used his plan to make core channels free with the aim of building foundations for film and premium sports packages, according to MoneyWeek.

He formed Sit-Up Limited with John Egan, who also stepped down as a director at ONdigital, in 1999. The pair continued their venture in 2004, setting up Price Drop TV – the first TV channel to hold reverse auctions – where sellers bid for the prices they are willing to sell their goods.

More recently, Mr Faull has vested an interest in jewellery, co-founding Postgoldforcash.com, where experts advise sellers on prices for their gold, in 2009, and later playing a role in price comparison website www.comparejewellery.com. 

The last apartment still on the market is at ground floor level and is valued at £3m. The eight flats that will each have three bedrooms and views of Poole Harbour from the main living space and principal bedroom

The last apartment still on the market is at ground floor level and is valued at £3m. The eight flats that will each have three bedrooms and views of Poole Harbour from the main living space and principal bedroom

Dorset Lake Avenue in Poole, Dorset opens onto Poole Harbour by the Sandbanks Peninsula (demolished building)
Thebrand new apartment block (right, CGI) that which won't be finished until spring 2023

Dorset Lake Avenue in Poole, Dorset opens onto Poole Harbour by the Sandbanks Peninsula (left demolished building) and the brand new apartment block (right, CGI) that which won’t be finished until spring 2023. The last apartment still on the market is at ground floor level and is valued at £3m

In 2000 Sandbanks ranked only behind Tokyo, Hong Kong and London for the price of real estate with an average of £689 per sq ft at the time. The £1,776 per sq ft price now puts Sandbanks behind Monaco, Hong Kong, New York, Geneva, Tokyo and Shanghai. Pictured:  CGI plans show the incredible views residents will be able to enjoy

In 2000 Sandbanks ranked only behind Tokyo, Hong Kong and London for the price of real estate with an average of £689 per sq ft at the time. The £1,776 per sq ft price now puts Sandbanks behind Monaco, Hong Kong, New York, Geneva, Tokyo and Shanghai. Pictured:  CGI plans show the incredible views residents will be able to enjoy

Sandbanks is the most expensive seaside area in the UK with an average property price of £929,187

Sandbanks is the most expensive seaside area in the UK with an average property price of £929,187 

The most amount paid for a house on Sandbanks stands at £10m for Harry Redknapp’s former Tudor-style mansion.

Properties in the picturesque peninsula resort near Bournemouth now sell on average for an eyewatering £929,187, according to Halifax’s annual seaside towns review, which tracks house price movements in nearly 200 locations across Britain. 

Russell Galley, managing director of Halifax, said in April: ‘Our ongoing love affair with living by the sea shows few signs of abating. 

‘Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence is where people choose to live.

‘The average seaside home cost £287,087, up eight per cent on the previous year. Whether it’s a lifestyle sought, the scenery or the sea air, when it comes to buying homes; we really do love to be beside the seaside. 

‘The seaside towns that attract the highest prices overall are dominated by locations across the south coast, with Sandbanks in Dorset taking the title of most expensive seaside town from last year’s winner, Salcombe in Devon. Both towns have average house prices of over £900,000.’

In 2000 Sandbanks ranked only behind Tokyo, Hong Kong and London for the price of real estate with an average of £689 per sq ft at the time.

The £1,776 per sq ft price now puts Sandbanks behind Monaco, Hong Kong, New York, Geneva, Tokyo and Shanghai.

Read more at DailyMail.co.uk

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