'Not a great demand for £1m penthouses in Sheringham' says estate agent boss
PUBLISHED: 18:07 01 October 2019 | UPDATED: 18:21 01 October 2019
The chairman of an estate agent body has said he thinks a £1m pricetag for a penthouse in the converted Burlington Hotel could be too steep and there isn't 'a great demand.'
Nick Taylor, chairman of the NDAEA, the Norwich & District Association of Estate Agents, representing more than 30 local members, said he thought £1m for the penthouse at 26, Burlington Place, converted from the Victorian Burlington Hotel, was too ambitious.
"According to the Land Registry, only one property of any kind has ever sold in Sheringham for more than £1m. I don't believe there is a great demand for £1m penthouses in Sheringham.
"For the same money you could buy a rectory with land in a fashionable Norfolk village."
The new development on The Esplanaade has 26 apartments including the luxury penthouse measuring more than 3,100 sqft.
But Matt Mason, property consultant with Norwich-based property investment firm Estateducation, marketing the development, defended the price. He said: "We looked with the developer at nearby sales prices and the penthouse is really big, and the apartment underneath it, which is half the size, is for sale for £550,000, so about half the price. He added they had already had a lot of interest in the development including some reservations on apartments by people who had been walking past.
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Mr Mason also said when they got a buyer for the penthouse, possibly there would be some negotiation on car parking - currently for sale for an extra £10,000 per space.
Former owner of the hotel, Steve McDermott applied to North Norfolk District Council for planning permission back in 2015.
The penthouse is currently the most expensive property in Sheringham, with a handful of detached homes on the market at the top end including The Laurels, Cremers Drift, a luxurious three bedroom bungalow with a double garage, backing onto woodland, for sale for £795,000 and a five bedroom modern home is for sale for £685,000.