This bungalow might not seem much to look at but it has just been valued at a huge £1.3million for its desirable location.
The tired-looking property near Poole Harbour, Dorset, commands its unlikely price tag because of its location in the middle of the Sandbanks peninsula.
Built in the 1950s, it has seen Sandbanks become one of the most desirable places in the world to buy property.
On average a home in the area sold for more than £800,000 in the last year, rising to £1.6million for detached houses according to Rightmove.
This property therefore represents a ‘compelling opportunity’ to build a luxury home in one of Britain’s most exclusive neighbourhoods.
While most waterfront mansions on Sandbanks are on a busy one-way road, this property is on a quiet residential street.
Boasting a large plot and five bedrooms, the bungalow could see redevelopment with an extension upwards to a first floor, which could give its new owners glimpses of Poole Harbour.
Alternatively, they could demolish the property and start from scratch.
The tired-looking property on the edge of Poole Harbour, Dorset, commands its unlikely price tag because of its location in the middle of the Sandbanks peninsula
Occupied by the same family since the 1950s, it has seen Sandbanks become one of the most desirable places in the world to buy property
It is being sold using sealed bids, where potential buyers do not know other bidders’ offers, in a process managed by Sandbanks estate agents Tailor Made.
The deadline for sealed bids is 5pm on Friday.
Robert Dunford, of Tailor Made, said: ‘With fewer and fewer properties left that are available for redevelopment or remodelling on Sandbanks, this is a great opportunity to create a high-quality contemporary residence in one of the most desirable coastal locations in the country.’
He added the bungalow was on a ‘quiet inner road’ on Sandbanks and its ‘sense of space’ was ‘increasingly rare within the peninsula’.
Boasting a large plot and five bedrooms, the bungalow could see redevelopment with an extension upwards to a first floor, which could give its new owners glimpses of Poole Harbour
Mr Dunford speculated with another floor of the right design, the property could be worth ‘in the region of £2.2million’.
‘Local contractors have looked at the works involved and a ballpark figure has been given of £600,000 which will produce an excellent design and spec, future proofed for the next generation living,’ he added.
‘Interest in it has been very positive with anticipated offers in the region of the guide price of £1.25m.’
The home has five double bedrooms, two reception rooms, a double garage and level front and rear elevations.
There are gardens at the front and back with a ‘wide driveway’ according to Mr Dunford.