£3.5m house is bulldozed to make way for flats
After spending £3.5million on a luxury house built just ten years ago, the last thing you'd expect the buyer to do is send in the bulldozers.
But in upmarket Sandbanks - where land can be worth much more than the buildings on it - this is a regular event.
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Coming down: The detached property, with six bedrooms and a gym, was built only ten years ago
A developer has bought the sixbedroom property with its own gym so he can knock it down to build flats.
The detached house is the latest in the area of Poole, Dorset, to fall victim to "flipping".
This describes the process of buying a home, obtaining consent for a bigger property to take its place then selling for a large profit.
Previous examples include a Sandbanks house which was just seven years old when it was bulldozed to make way for four detached properties.
A nearby bungalow which sold for £2.7million 14 months ago is now on the market for £4million, complete with planning permission, of course.
The house now being demolished was bought last year for £2.4million by a developer who sold it at a £1.1million profit soon after winning consent for 11 flats.
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Dream kitchen: But it will soon make way for 11 flats worth £9 million
The latest owner, another development company, will build the flats and hopes to put them the market for a total of £9million.
Francis Payne, of Tailor Made, a local estate agency, said:
"It doesn't matter how new and luxurious properties are, if you can get planning permission to demolish and rebuild something even better it will be worth a lot more.
"It is happening more and more in sought-after locations like Poole."
