Flat on north Norfolk's 'Champagne coast' sells for £1 million
- Credit: Estateducation / EDP
A flat in Sheringham has sold for £1 million, a developer has claimed.
Norwich-based property investment firm Estateducation said it had "achieved the impossible" by selling 26 Burlington Place - a four-bedroom penthouse spread over two floors - around two-and-a-half years after it was first listed for sale at the price.
Ben Smith, Estateducation's chief investor, said he was not surprised the apartment had sold for so much.
He said: “There’s nothing else like it in the whole of north Norfolk. I knew I was bringing a product to Sheringham that was top end.
"Sheringham is a top market - it’s the Champagne coast of the UK. If you build quality and get the finishes and look right you’ll always achieve."
Burlington Place consists of 26 flats in a former hotel - the Burlington - built in 1899. The development includes a 'newbuild' addition on the western side, and construction is expected to be done by May.
Mr Smith said they were granted a Section 73 consent - needed to make amendments to the originally approved design - from North Norfolk District Council in December.
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He said some of the flats had already been sold, mostly to people buying them as second homes.
When the penthouse was first put on the market in 2019, Nick Taylor, managing director at Norwich-based agents Hadley Taylor, said the £1 million price tag was "too ambitious".
Reacting to the sale, Mr Taylor stood his ground, and said: "No property should be on the market for two-and-a-half years unless it's overpriced. There are outliers all the time, but the fact that it took two-and-a-half years to sell proves my point."
Real estate agent Amanda McGee from Coast and Country Sheringham - which was not involved in the sale - said she was not surprised at the price as demand had been so strong.
She said: "Everything that comes onto the market is getting so much interest. There's just not enough supply to meet demand.
"We're selling apartments now for a lot more than we would have done not long ago.
"Even in between Christmas and New Year, we've been rushed off our feet."