A £4million house in one of the country's wealthiest areas is to be demolished - to make way for three properties worth three times as much. Sandbanks in Poole, Dorset, has long been one of the most exclusive addresses in Britain with the super rich fighting over coveted space on its water's edge. With wealthy footballers and businessmen vying for a spot on the small peninsula, house hunters have been known to snap up dated, old-fashioned properties to knock down and rebuild. The 1980s house is no different, with developers keen to make the most of its 3.5 acre plot. The property in Sandbanks in Poole, Dorset, is to be demolished and replaced with three other modern houses worth a combined £12million . The property, which lies in one of the country's most exclusive postcodes, no longer has 'architectural merit' after lying derelict for so long . The house's empty indoor swimming pool is filled with debris and leaves. Each of the new houses will have its own pool and four bedrooms . Local groups expressed no desire to maintain the original property which, if left untouched any longer, would have become entirely ruined . Debris and scattered roof tiles now fill the house's empty swimming pool. The house was bought for £4million by property developers . The property previously boasted manicured lawns and an impressive fountain in the centre of its driveway. It is pictured before workers began tearing it down . Work has already begun in tearing down the house which has five bedrooms, four bathrooms, four reception rooms and an indoor swimming pool. Having been left derelict for years it is now filled with rubble and debris and no longer has 'architectural merit', said the estate agents involved in its sale. Adrian Dunford, of Tailor Made Estate Agents, said: 'The large detached property that is there now has got no architectural merit. It isn’t a particularly pretty property at all and the way its sits on the plot isn’t ideal. 'There has been no appetite among local conservation groups such as the Sandbanks Association for it to be given listed status.' The 3.5 acre plot borders a nature reserve and will be divided up to make way for the three contemporary homes worth  £4.8m, £4m and £3.25m. Gardeners will uproot 50 trees as part of the plan, but plant 40 saplings in their place. All of the new flat-roofed properties will have four bedrooms and two will be split over three levels and have indoor swimming pools. Its current layout has been a waste of space, said developers who are eager to capitalise on its vast gardens. 'It is almost a four acre site and there is no reason to have just one house on it,' added Mr Dunford. 'Couples in this area don’t require a house of 30,000 square foot where they will be in separate parts of it most of the time and only see each other at dinner. 'One of the main attractions of this area is the outdoor lifestyle it offers and couples prefer to do that together. An artist's impression of one of the houses that will be built on the 3.5 acre plot of land. Each property will be split over three levels and have its own swimming pool . The second house, illustrated in a computer generated image above. Developers said the three houses would make more of the outdoor space on the site than the previous house . The third property on the site which will be priced at £4.8m, £4m and £3.25m once completed by developers working on the site now . The house was awkwardly positioned on the land, said developers, with its previous lay out not making the most of its space . Among developers's plans is to work on the property's vast grounds to make the most of its green space. Fifty trees will be felled as part of the project with gardeners planting 40 saplings in their place . The property has sweeping views of the harbour on one side and a golf course on the other. It is among around 70 on the peninsula where some Britain's most coveted homes lie . 'We expect these properties to attract couples whose children have grown up and left home.' Nick Blakemore, a director of developers Excellare, said: 'The house that is there is not how it was in its heyday and has become quite run down. 'It is not the style of house that people are looking for now. 'It was spread out across the width of the site, you could probably accommodate 10 houses on it if you wanted but three makes much better use of the space. 'The site borders a nature reserve on one side and a golf course and looks down on the harbour. 'The approach we have taken is to very much work within the environment and not just create a concrete jungle.' Over the last two decades Sandbanks has become a millionaire’s playground with dozens of luxury harbour-front homes worth as much as £12m springing up. The peninsula is home to former Premier League football manager Harry Redknapp, West Bromich Albion boss Tony Pulis, SKY TV soccer pundit Graeme Souness and Maxim Demin, the Russian millionaire owner of Championship club AFC Bournemouth. Last year two luxury homes squeezed onto a plot meant for one went up for sale on Sandbanks for £13million - three times the value of the former property. In 2013 a property sold for the equivalent of £1,275 per square foot, a record for the area.
The 1980s property boasts five bedrooms, four bathrooms, four reception rooms and a swimming pool . But, set in 3.5 acres of land, developers are to knock it down and create three modern houses in its place . Each of the properties is to have its own indoor swimming pool and will be sold for at least £3.25million . Sandbanks in Poole, Dorset is one of the most expensive spots in the country for property .