A RUN-DOWN garage on Dorset’s exclusive Sandbanks Peninsula sold for over Â£ 600,000 – a whopping four times the price of an average house in County Durham.
The humble storage unit sits on a prime real estate plot in the heart of the millionaire’s playground and just yards from its sandy beach.
The new owner, a wealthy water sports enthusiast, beat the competition of 17 other serious bidders for the 1950s-built garage, reports the Daily Echo.
It is believed that he plans to store his jet ski and other water sports equipment there for the time being.
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But he could end up applying for a building permit to demolish the one-story garage and build a ‘cute little beach house’ worth Â£ 1million in its place.
For the same amount paid for the Sandbanks garage, the new owner could have bought a six-bedroom detached house in the North East or an eight-bedroom house with a gite on the Isle of Mull in Scotland.
Over the past year, house prices have increased significantly, including in the North East. In County Durham, the average price paid for a family home over the past 12 months was Â£ 151,957 – up 10.54%, according to Zoopla.
The average price of a semi-detached property in County Durham is just Â£ 94,397, meaning investor Dorest could have snatched six properties for the price he paid for a shabby garage. But he probably couldn’t jet ski in the backyard of a terraced property in Shildon, could he?
The Dorset Garage is 19 feet wide and 95 feet long and has been owned by a family for over 60 years who own a vacation home on Sandbanks.
Since it is not possible to take out a mortgage on the garage, it was only offered to cash buyers through sealed offers.
Giles Hilliard, Lloyds Estate Agents of Poole, told Echo: âThe winning bidder is a water sports enthusiast from Hampshire who visits the area a lot to use the water.
âWe had 18 offers on the table for the garage and it sold for over Â£ 600,000.
âIt’s a huge amount to pay for a garage, but we’ve gotten used to ownership on Sandbanks changing hands for huge sums.
âThe garage is a bit run down and there is no running water or electricity.
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âIt is also hidden between a building and a detached house.
âBut it’s literally a stone’s throw from the beach, so it’s great for keeping water sports boats inside.
âOver time, the new owner might introduce a planner app to set up a cute little beach house on the site, but for now, he’ll be using it for storage and keeping all his water sports toys there.
The garage is on Banks Road and is close to Harry and Sandra Redknapp’s former home. The celebrity couple sold and left the peninsula last year.
Sandbanks often refers to the British version of Miami Beach.
It is said to be the fourth most expensive place in the world to buy real estate, behind Hong Kong, Tokyo and Belgravia in London.
Its waterfront mansions sell for over Â£ 10million, while holiday apartments empty most of the year are worth up to Â£ 4million.