A four-bedroom house has become one of the most expensive properties sold on ‘Millionaire’s Row’ in Sandbanks after a businessman bought the waterfront bungalow for a record $13.5million of pounds sterling.
The cottage had been passed down from generation to generation in the same family for the past 117 years, after a Victorian botanist bought land on the peninsula in Poole Harbour, Dorset, for around £1,000 in 1906.
Called North Haven Point, the bungalow was expanded in the 1950s and now has a floor area of just 2,909 square feet.
The price paid for it works out to £4,640 per square foot, beating the value of property in sought-after locations such as Monaco, Hong Kong and New York.
Called North Haven Point, the bungalow was extended in the 1950s and now has a floor area of just 2,909 square feet
The four-bedroom house has become one of the most expensive properties sold on ‘Millionaire’s Row’ in Sandbanks (pictured)
Its proud new owner is Tom Glanfield, a self-made multi-millionaire who started a recruiting business 20 years ago on a student loan.
Mr Glanfield, in his early 40s, described the property’s potential as “enormous”. It occupies a 1.4 acre corner lot, by far the largest piece of real estate on Millionaires’ Row.
He plans to demolish the bungalow and replace it with a luxurious eco-home that will cost at least £5million to build.
The investment will also see the modernization of the sea defense walls at the bottom of the garden.
The North Haven Point Lounge, on Millionaire’s Row in Sandbanks
Due to its corner location, the property will have stunning 270 degree views of Poole Harbour, the second largest natural harbor in the world behind Sydney.
Mr Glanfield posted on social media: ‘Proud to take my own little slice of Sandbanks. It’s nothing fancy, but I fought hard for it and the potential is huge. I have work to do, like fixing all the sea defenses.
“But I immediately fell in love with the view and its rustic charm, I was able to sit at the end of the garden and never want to move again.”
Sandbanks – Britain’s answer to Miami Beach – has been one of the UK’s most desirable places to live for over 20 years.
In 2000, the strip of land was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London.
Harry and Sandra Redknapp have owned two homes there while Sky Sports pundit Graeme Souness lives nearby. Famous interior designer Celia Sawyer also lives in Sandbanks.
The property’s new owner, Tom Glanfield, plans to demolish the bungalow and replace it with a luxury eco-home that will cost at least £5million to build.
According to a 2022 survey by estate agents Savills, Monaco was the most sought-after location in the world for a property which sells for the equivalent of £4,374 per square foot.
Hong Kong was next at £3,775, followed by New York (£2,150), Geneva (£1,875), Tokyo (£1,850), Shanghai (£1,850) and London (£1,741).
Robert Dunford, of estate agents Tailor Made, who handled the sale, believes demand for waterside properties around Poole Harbor has increased further since the pandemic.
He said: “About 20 years ago Sandbanks was the fourth most expensive place in the world to buy residential property
“Since then, other parts of the world have risen up and overtaken the region.
“But demand and prices for waterfront properties in Britain rose rapidly after Covid.
“People realized they could work from home and didn’t need to be tied to an office in London.
“They have reassessed their work-life balance and places like Sandbanks seem to be even more desirable now and this sale reinforces that.
‘The location brings with it the lifestyle. You have Poole Harbour, award-winning sandy beaches and the Jurassic Isle of Purbeck as your playground.
“The new owner of North Haven Point purchased the home for its location, size and the privacy of the plot with its expansive harbor frontage. I think he’s looking to embrace the green credentials, to work with the protected trees and to create something really special.
“The course is over 1.4 acres, in the beautiful South West section of the Sandbanks Peninsula, it is truly the best corner course I have ever had the pleasure of representing locally.
“It’s a dual aspect corner plot that captures the sun all day.”
The bungalow belonged to four generations of the Hooker family. The land was purchased by Sir Joseph Dalton Hooker who was one of the most important botanists of the 19th century, a friend of Charles Darwin and the first warden of Kew Gardens.
The ground floor has a living room, dining room and kitchen, laundry rooms, storage room, pantry and office. The first floor, which was extended in the 1950s, includes the master bedroom with en-suite bathroom, a master suite and two further bedrooms.
The outgoing owner said: “The uninterrupted views are stunning.