Despite the £8 million ($15.3 million) worth of renovations it underwent back in 2012 — and the rich near-150-year history it retains — Spitbank Fort has recently been acquired for just a fraction of that during a recent Savills auction.
This iconic maritime property, which sits in the mouth of Portsmouth Harbour, changed hands for a heavily discounted £1.01 million (AU$1.9 million). For context, the median house price in Sydney is currently a touch over $1.6 million.
The neighbouring No Mans Land Fort, situated between the Isle of Wight and Portsmouth coastline, faced a similar fate — sold for £1.12 million ($2.1 million) against the original £4.25 million ($8.1 million) price tag.
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“We are thrilled to have found two new custodians for Spitbank Fort and No Mans Land Fort,” said Robin Howeson, Head of Savills.
“Our pricing strategy generated significant interest leading up to the auction, resulting in competitive bidding and ultimately securing two committed buyers on the day.”
Howeson added: “Having been available on the market for a number of years with different agents and auctioneers, we are delighted to have produced a strong result for our clients and we look forward to observing the onward journey of these iconic structures.”
In 1878, Spitbank Fort was among one of the four armoured military structures designed by Captain E. H. Stewart — all completed at a total cost of £167,300. They eventually fell into disuse after the 1956 abolition of British coastal artillery and served as tourist attractions throughout the 80s.
Somewhere along the way, after a brief stint as a museum, Spitbank Fort enjoyed a second and third life as a nightclub and boutique hotel, respectively. Fun fact: at one stage, OG drum & bass act Pendulum actually performed a live set here.
So what exactly does £1.01 million buy you in this corner of the world?
Aside from the aforementioned renovations and history, in its current form, we’re dealing with 33,000-square feet, three storeys, nine bedroom suites, and unparalleled privacy.
This unique offering also features an entire array of adult delights to keep you occupied in the middle of nowhere — there’s the obligatory inclusion of a pool, spa, sauna, roof terrace, fire pit, and sun deck; complemented by the not-so-obligatory inclusion of a library to unwind, training centre to stay fit, and corporate offices to TCOB (take care of business).
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Additionally, you’ll find two full kitchens and a dining room capable of accommodating 60 guests, a wine cellar to stock with plenty of grog, an outdoor lounge and expansive courtyard that’s ideal for entertaining, as well as a casino (yes, really).
Catch a glimpse of the goods below.
