Readers of the Glastonbury Property News may recall I wrote an article about Dunstan Park 3 years ago (original article here) and so much has changed since then that I thought it was time to take a fresh look at this development. The last property on Dunstan Park has now been sold and the roads within the development will imminently be handed over to Somerset County Council so 9 years after the original developers Bryant Homes arrived at the site it is now complete. Bryant Homes were acquired by Taylor Wimpey and the brand phased out in 2010.
Dunstan Park consists of 260 dwellings in 8 thoroughfares. The first property sales recorded on Dunstan Park were 6 & 7 Godney Close which sold on 18th December 2009 for £135,000 and £134,745 respectively. The most recent property sale recorded was 44 Sharpham Road which sold on 4th January 2018 for £220,000.
The most expensive transaction that has been recorded on Dunstan Park to date was for 63 Sharpham Road which sold on 27th May 2016 for £340,000.
Pros and Cons
The pros and cons of property on Dunstan Park have not changed since my original article. The properties are good value for money, but the narrow roads and parking remain issues on most parts of the development.
Capital Growth
Even though there are 260 dwellings in Dunstan Park, only 214 have been registered with the Land Registry. There are 31 recorded transactions for properties that have been re-sold post new-build with an average Compound Annual Growth Rate (CAGR) of 2.3%. One property (14 Walton Close) was purchased on 22/09/2015 for £170,000 and sold 2 years later on 06/10/2017 for £200,000 netting the original owner £30,000 profit or 8.3% CAGR.
Rents
Looking at the asking rents for property on Dunstan Park over the last 18 months:
- 2-bed apartments/coach houses – £625 to £675 – average of £646 per calendar month (pcm)
- 3-bed houses – £795 to £895 – average of £833 pcm
Not a lot of people know that…
The developer made the roads in the development too narrow, limiting visibility on the junctions so when the Highways Authority surveyors surveyed the newly laid roads at the end of phase 1, the developers were forced to buy back pieces of land from properties that had a corner plot – many of the corner plots in phase 1 & 2 have their land chopped off at the front at 45 degrees. Thankfully for the developers many of the plots in phase 2 had not yet been sold.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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