Run-down bungalow with rotting front door, overgrown garden and no sea views hits the market for £1.5million - because it's in the heart of Sandbanks
It's the millionaire's playground where celebrities luxuriate in their opulent mansions with breathtaking ocean views.
And such is the exclusivity of the Sandbanks peninsula, even this run-down bungalow with a rotting front door, overgrown garden and no sea views has hit the market for £1.5million.
Located in the middle of the Poole Harbour peninsula and surrounded by sprawling mansions and swanky apartments, this moss and lichen-covered bungalow is a far cry from its neighbouring properties.
Yet it can still command a seven-figure asking price because of the unique postcode and the lifestyle that comes with it.
The estate agents say the chalet bungalow is in an 'enviable position' on a quiet inner road on Sandbanks and has 'so much potential'.
There is an 'opportunity to refurbish and extend' to create a 'dream home by the sea'.
Experts say it will make no financial sense for the new owners to demolish it and build a bespoke modern home from scratch as they won't make their money back.
Instead, they are more likely to spend about £700,000 on modernising and extending the bungalow which will have a top value of £2.25million when complete.
This run-down bungalow in the exclusive area of Sandbanks has gone on the market for £1.5million
Despite being covered in moss and lichen, it has generated a seven-figure asking price due to its location
As well as enjoying the Sandbanks life, the new owners will also count celebrities such as Harry and Sandra Redknapp, designer Celia Sawyer and Graeme Souness as neighbours.
The 1950s chalet bungalow has 2,337sq ft of floor space.
In its current layout, there is a kitchen, dining room, sitting room, bedroom and conservatory on the ground floor with four bedrooms and two bathrooms upstairs.
The property is being sold by local estate agents Tailor Made.
Robert Dunford, of Tailor Made, said: 'This bungalow represents a great opportunity for somebody to turn it into their dream seaside home.
'We think the future in it lies with remodelling and extending it by adding another floor.
'The work would cost about £700,000.
'It doesn't really make financial sense to pull it down because the build costs will be about £1.2m and the re-sale price for it would still be about £2.25m
In its current layout, there is a kitchen, dining room, sitting room, bedroom and conservatory on the ground floor with four bedrooms and two bathrooms upstairs.
'The vendors have had it for a long time they have enjoyed it and used it as a second home quite a lot.
'We think it will either carry on being used as a second home or it will be a relocation home for someone.
'Since Covid we have seen a shift in the number of people moving from London and the Home Counties to the coast.'
Sandbanks is an affluent pocket of Britain's south coast and is home to a golden sand beach and crystal clear waters.
In 2000 Sandbanks was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London.
In November, a waterfront Sandbanks property sold for just under £16m - shattering the previous record for the area.
The previous price record in the area was £13.5m, paid by entrepreneur Tom Glanfield for a bungalow on a large plot on Sandbanks in 2023.
