Episode 23 Homes Under the Hammer


Episode 23

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Transcript


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It's not just properties in poor condition that end up at the auction.

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And in today's market, you might be surprised by what you find.

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So, we've trawled the auction catalogues and brought you a selection for today's show.

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If you're looking for a quick buy, an auction room can be a great place to start.

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When the gavel falls, you know the property is yours, if you come up with the cash.

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So let's see what inspired the buyers today on Homes Under The Hammer.

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In Crewe, have I sniffed out a bargain or a problem in this property?

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When you go round the house, use all your senses. There's definitely a smell of damp.

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We return to a story we first showed you five years ago.

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There were ambitious plans for this south London property,

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and you're going to see the fabulous finished result.

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And there's a shop in Basingstoke that's small but beautifully proportioned.

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HE LAUGHS

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It's not exactly big.

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All these properties went to auction. We'll find out who bought them and what they paid

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when they went under the hammer.

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You've bought it, sir.

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For our first property that went to auction, we've come to the market town of Crewe.

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Once home to a major railway works, it's now famous for the Bentley cars that are manufactured here.

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This is Browning Street, pretty close to the town centre.

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Up for auction was a three-bedroom detached house with a guide price of 60,000 quid.

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Not bad, and you know what?

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It looks all right from the outside.

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The condition of the exterior of this Victorian property doesn't look too bad.

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It once belonged to the church next door, so I'm praying that it'll be fine when we see the interior.

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Once you get in, there's a small hallway leading to a reception room at the front of the house.

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So, decent-sized sort of living room.

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But something... HE SNIFFS

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If you smell - and I've told you about this before -

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when you're going around a house, use all your senses.

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There's definitely a smell of damp, so that's got me thinking.

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And sure enough, down here, underneath the window, yes, that feels damp.

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My guess is that the damp-proof course has broken down.

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It's not a major issue to sort out - get a firm in here,

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they'll do an injection damp-proof course in there for you.

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Not hugely expensive, but it's having some knock-on effects,

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and you must be careful it's not affected the floorboards if there are any.

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The decor is also dated and tired, as an estate agent would say, so a complete overhaul is required.

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Through to the rear living room area.

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Again, it smells of damp, and all over the walls a lot of signs of that.

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Some good things. We have got double glazing, but I reckon when you come to restore this place,

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once you start taking the paper off, you'll have lots of plastering to do.

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Through into this area here, you've got your kitchen.

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Again, it's definitely in need of a bit of tender loving care.

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All the units want replacing. The boiler looks reasonably new. Maybe that's another good thing.

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But, overall, it's going to take some money to sort this place out, but nothing too major.

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The general state of the place inside is pretty good.

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The property also comes with some outside space, but that's limited.

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Out the back here you'd think that the boundary of the property ended just here.

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But a really nice added bonus is that you've got about an extra metre.

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It stretches all the way down there, so a real nice thing to have.

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There's also this little courtyard.

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Clearly in a bit of a state.

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But, a bit of local history.

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That there, apparently, is an old air raid shelter,

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where the kids from the local Sunday school used to go.

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One point to note is that the legal pack states that the new owner is responsible

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for building and paying for a wall to divide their yard from the church next door.

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Also that no building work is allowed on Sundays, so as not to disturb the church service.

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That's the sort of crucial information to look out for in a legal pack.

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Back inside, it's time to check out the three bedrooms.

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Up here it continues to be grimy. But what's the layout?

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Well, we've got one bedroom there, bedroom number one.

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We've got a bathroom and loo upstairs, always a big bonus.

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And then bedroom number two.

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"But where's bedroom number three?"

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I hear you shout at your television or computer screen.

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Well, it's here. Not ideal, you have to walk through bedroom two to get through to bedroom three.

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Clearly that's not good at all. So, the alternatives?

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The obvious thing is to think about putting a corridor,

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partition wall in here separating off the two bedrooms.

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The only problem with that,

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you're then left with two very small rooms. So, either way,

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not ideal.

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Well, the house right next door to the church went to auction

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guided at £60,000. What does an estate agent

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make of its prospects, and is there any other interesting

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local information about this property?

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The property was originally constructed

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as the caretaker's house, and it's unusual in the fact that

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it's detached - most of the houses round here are terraced.

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It still could be an ideal home for anyone who's got an involvement with the church.

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So, if the place was done up, what could its rental value be once modernised?

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If this property were to be marketed for rental purposes, as a house,

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then I'd be recommending an asking rent of £450 per calendar month.

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'How about resale value? Once the property was renovated, how much could it be worth?'

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From a resale value point of view,

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this property would achieve in the region of £75,000 if left as it was,

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and just updated and modernised.

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Well, all in all, pretty solid house.

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I like the fact it's located so close to the town centre and the fact it's detached is a real bonus.

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So, remember, at a guide price of just 60,000 quid.

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Let's find out what happened when it went under the hammer.

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This is a detached house, it's well located for

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the town centre and all the areas of employment.

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What shall we say, then, for lot 13? Can I say 50?

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45, then? Start me at 45?

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Thank you, 45 I'm bid.

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50, thank you. At £50,000.

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55 is it? I'll take one if it helps.

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£51,000. 52? 52.

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53, 54, 55, 56.

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At £56,000, 57 is it?

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New bidder at 57.

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£58,000. At 58,000.

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£59,000, seated left.

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New bidder on the back, 59,500.

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60 is it? £60,000. Another half. 61?

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Yes, 61...

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61,500. 62?

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62. 62,500.

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63, sir?

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63. 63,500.

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64. 64,500.

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65? 65. 65,500.

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66, sir?

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Yes, 66. He's shaking his head now.

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£66,000 seated.

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The bid's here at £66,000.

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Coming back in?

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No, shaking his head. Bid's here then at 66. I'm selling at 66 for the first time.

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At 66 for the second time.

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Third and final time at £66,000?

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Your lot, sir, well done.

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That successful bid of £66,000 for the house next door to a church

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was made by Oliver, who's based in Cheshire.

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He's bought the house with his son Adam.

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I met up with the father and son team back at their new property to find out their plans.

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Adam, Oliver, lovely to meet you both. Congratulations.

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Why did you want to buy this house?

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It's in the right area, where we'd like to buy.

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The guide price was cheap enough, so we thought we'd go for it.

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-Tell me about you two.

-I'm a joiner, I work at a joinery manufacturers in Crewe

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Monday to Friday, then I tend to do this sort of thing at weekends.

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-Right. And?

-I work for myself.

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I'm a joiner also, but doing building work, extensions and all sorts of building work.

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-But it's father and son, right?

-Yes.

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Did you inherit this interest in joinery from your dad?

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-Yes.

-Yes, Adam used to come to work.

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Both my sons used to come to work with me in the school holidays.

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Oliver and Adam have been developing houses as a sideline for about three years now.

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This will be their fifth project together.

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-What do you do with the properties? Hold on to them and rent them?

-We keep hold of them and rent them out.

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Yes, they're all rented out.

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So, why this one, then? What are you going to do with it?

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Hopefully split it into two flats.

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Flats? OK. Have you worked out the economics of it?

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Yes, obviously it'll cost to turn into flats, but it'll still be paid for quicker doing it that way.

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What are you going to do to it?

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Well, from the roof downwards, everything will be brand-new.

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-How d'you mean?

-Take the roof off, re-slate it.

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New plaster, new doors, new windows.

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Two new kitchens, two new bathrooms. We're going to turn it into two flats. Everything brand-new.

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And how much of the work you actually do yourself?

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We normally do all of it. Apart from things that we can't do - electrics,

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damp coursing.

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-The plumbing as well.

-We don't to the plumbing, yes.

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But more or less everything else.

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Adam has already drawn up some plans for the proposed layout of the two new flats.

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So, Adam, talk me through the plans here.

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This is the proposed ground floor.

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New staircase leading up to upstairs.

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-That means you're swapping the stairs from this way to that way?

-Yes.

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-A big job?

-Yes.

-But it enables you to achieve what you want?

-Yes.

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Not very expensive, because I'll make the staircase myself.

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And then the new entrance to the downstairs flat will be via a new front door here.

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We've got a new kitchen and bathroom.

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-Bedroom is over here, which is quite a good size.

-OK.

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Then this is the first floor now.

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We've come up the stairwell into the living room.

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Again, it more or less mirrors the downstairs flat.

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Kitchen, we've got to build a tiny bit of an extension there.

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-How long do you think this will take?

-Four months, maybe five months.

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Right. Any idea of roughly how much it's going to cost?

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£40,000 - £50,000. Something like that.

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-Good luck with it.

-Thank you.

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And congratulations.

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Ambitious plans. They've already paid

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£66,000 to buy the house, and plan to spend at least £40,000 more converting it.

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So, Adam and Oliver have certainly got the experience to take on the project.

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But converting it into flats is certainly something I hadn't considered,

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and to be honest, I'm not sure the economics stack up.

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How are they going to get on? You can find out later in the show.

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We're going back in time now to a place we first showed you in 2004.

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A time when property prices seemed to just keep on going up.

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It was in Streatham, south-west London, and the house had a guide price of £240,000.

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Just over a mile away from all the action of Streatham is this really pretty street.

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It's Ribblesdale Road, and I'm here to see 115.

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Here we are, so far so good. It looks well-maintained from the outside.

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But let's hope it doesn't lose its looks once we go in.

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And at that guide price of 240,000, it looked good value.

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Yes, I'm getting a good feeling about this place.

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-And I thought

-I

-had a lot of junk mail!

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If you clear it all out of the way, look...

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You can see the most beautiful tiles on the floor here.

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This is what I love to see.

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Well, so far, so good.

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Now this is going to be a great living space for somebody.

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I love the way that all the old features are still intact, look at that beautiful ceiling rose.

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We've got the lovely old, original sash windows.

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They look like they're in good condition.

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I don't think you'll need to replace those, so you save money there.

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And look at this.

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Beautiful marble surround fireplace.

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Look at these tiles, 6 x 12, these are really unusual.

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If you look closely, it's a really romantic scene.

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But, if you're looking to save money while you're developing property,

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I always say exposing and restoring what you've got can save you a bomb.

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Lovely old floorboards down there.

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If you sand those up, they'll just come up beautifully.

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And also, it'll add value to your property.

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At the back of the house there's a large dining room, with doors leading to the back garden.

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Then there's a back room that leads into a kitchen, which has definitely seen better days.

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Now, people buying property today love to see large open spaces.

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This would be great as one big kitchen/diner.

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Knock this wall down, but you'd need to comply with building regulations.

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It'll be a good idea to talk to a structural engineer perhaps,

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who would calculate the size of the beams that may be required for this job.

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Upstairs there are three bedrooms and a bathroom.

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Two of the bedrooms are very small and the bathroom with separate toilet isn't exactly huge either

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but bedroom one is a different story altogether.

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This is a large, bright bedroom.

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Another fantastic feature fireplace over there.

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You don't even get rooms this big in large detached, Georgian houses.

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The good news with that is that you can afford to lose a bit of the bedroom space over here,

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continue that staircase up to the loft so you make this a four-bedroomed two-bathroom house.

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That can only add value.

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Brimming with potential, this house has lovely original features just waiting to be restored.

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With a guide price of 240 grand, I think it's a good buy.

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You certainly get value for money living in Streatham.

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In terms of your living space, you get a bigger house, a bigger plot, a lovely garden like this one.

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If you did want to convert the loft, you can see quite a few of the neighbours

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have done that, so there shouldn't be any problems there,

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but for a guide price of £240,000, you get a lot of house.

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I think there's a good level of profit in this one. Let's go to auction.

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Here in London, will it be investors or first-timers

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looking to buy our Victorian house?

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Well, let's see.

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We come out to lot 59 to the west of Tooting station,

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an attractive terraced house in need of repair.

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A cellar and a rear garden. Nice property, offered on behalf of the London Borough of Wandsworth.

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Who'd like to start me off at 175 for it?

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175, sir. 185, can I see?

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185. All right, sir?

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185. 195?

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205. 215.

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Looking for 210. 210 in a new place.

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Any further advancing on 2... 215, sir. 220.

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Do you want to make it... ? 225. 225.

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230.

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235.

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240. 245.

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250?

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What's this? 255? 260.

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265.

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Yes. 270.

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275.

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271 then.

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271. 272.

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273.

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No?

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Your bid at £272,000, all right?

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£272,000 for the first time.

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273 in a new place. 274.

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275. 276.

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277. 278.

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279.

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280.

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281. 282.

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283?

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284?

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No? It's with you then at £283,000 standing at the back. It's against you sitting down.

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Is that a bid? 284.

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Would you make it 287,500?

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290.

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It's with you at 287,500, standing at the back of the room for the first time.

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£287,500, for the second and final time.

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HE BANGS HAMMER

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And with a bid of £287,500, the new owner is property developer Paul.

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He actually lives in an identical property only a few doors along, so I met him there for a chat.

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-Hello, Paul!

-Hi, Lucy!

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-Great to meet you.

-Nice to meet you, too.

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-I can't wait to look around.

-Please.

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I can really see why you bid for the property down the road.

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Where do you think your passion for property has come from?

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I think it started about 1985, somewhere around there.

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My mother had a large house, she sold it, there were some funds left.

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My brother and I and my sister invested on another property

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and we converted it into two flats and we went forward from there.

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Paul was responsible for renovating the house he currently lives in,

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and the work has been carried out to a very high standard.

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He maintained original features where possible,

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and has already converted the loft into a spacious double bedroom.

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So what did you learn from doing this house that you're not going to do with the house up the road?

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I think I'd try and do it all in one go, because I actually lived here at the time,

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so I lived in this room and maybe another room and then did the loft, and then moved all my stuff upstairs,

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whereas I'd like to get that one finished and move straight in.

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Shall we go and have a look at your other property just along the way,

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-and see what work you're going to do?

-OK.

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Paul certainly won't have to travel far to keep an eye on how his new property is progressing.

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Although it may only be down the road, it's streets apart in condition.

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This is the lounge, so let's have a look.

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Quite a difference from your lovely warm house up the road!

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Are you going to change anything in here?

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Er... Yes, slightly, definitely!

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I have one wall to come out between the rooms.

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I wanted to convert the loft area, definitely get one large bedroom,

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maybe two, and an en-suite bathroom

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and I'll combine the bathroom upstairs and the separate WC

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cos that will give me space to put a shower unit in there.

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New kitchen, new bathroom suite, rewiring, central heating. Basically, everything.

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Everything you've done to your house up the road.

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Yes.

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You've done it once before, how much money do you think

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it's going to cost you to do this property?

0:20:500:20:52

I've budgeted about 60, but I hope to spend about 50, so I've got a safety margin.

0:20:520:20:58

For all the work that Paul wants to do, 50 to 60 grand,

0:20:590:21:02

I think it seems a little tight, but looking at his current home, he's obviously done it all before.

0:21:020:21:08

Are you going to live here?

0:21:080:21:10

I'm not sure.

0:21:100:21:11

Ideally I'd like to live here, I'd like to sell my house and move here,

0:21:110:21:15

but I don't know, because I'll have two houses. I don't want two houses.

0:21:150:21:18

I'll sell one and keep the other one - I'm not sure which one yet.

0:21:180:21:22

It depends when it's finished and how I feel.

0:21:220:21:24

I can't wait to come back and see what you've done. See you in a few months' time.

0:21:240:21:28

Thank you.

0:21:280:21:30

Join us later to see why when we first returned, despite all Paul's talents, things were on hold.

0:21:300:21:37

I have a main job, and I consider this as a hobby and a lot of people

0:21:390:21:43

say I've got an artistic bent, as people refer to, and this is my way of showing that.

0:21:430:21:50

Well, delays aren't unusual but stay tuned to see how stunning the house now looks five years later.

0:21:500:21:57

Coming up - in Basingstoke, there's not much work required in this former sweet shop.

0:22:010:22:06

It's got a big window and it's in reasonable condition. The floor certainly is.

0:22:060:22:11

We go back to Streatham, South-west London, to show you how this

0:22:110:22:15

property looks now after several years of lavish refurbishment.

0:22:150:22:19

It's been well worth the wait.

0:22:190:22:22

But first we return to Crewe where hard graft was needed on this house.

0:22:220:22:27

The biggest problem we've had here is finding time to come.

0:22:270:22:31

Earlier in the programme, back in Crewe, Adam and his dad Oliver paid £66,000 for this detached house.

0:22:330:22:41

It was originally the caretaker's house of the neighbouring Methodist Church.

0:22:410:22:46

Like his dad, Adam is a joiner by trade.

0:22:460:22:50

In the past, Oliver has built his own house,

0:22:500:22:53

but now he and Adam are building a portfolio of buy-to-let properties.

0:22:530:22:58

This is their fifth, which they'd planned to convert into two flats.

0:22:580:23:02

Ten months have passed, and we're back in Crewe to see the results.

0:23:020:23:08

There's now a wide front door to greet you,

0:23:080:23:11

but once you get inside, progress looks to have been a bit slow.

0:23:110:23:15

In the front room, the walls have been stripped and filled.

0:23:150:23:18

The dining room has been completely replastered.

0:23:180:23:22

The kitchen has got all-new appliances.

0:23:230:23:26

But upstairs, things have not moved on much at all.

0:23:280:23:31

No sign yet of the two flats.

0:23:350:23:37

Weren't they planning to get it all done in six months? Why the change of plan?

0:23:370:23:42

The original timescale had elapsed, we were going to try to do it in four to five months

0:23:430:23:47

but as it happened, we didn't start work here till at least six months after I first drew the plans.

0:23:470:23:53

We had another property to finish, time was running out,

0:23:530:23:56

money was a bit of a problem, so we just kept it as one nice, big house.

0:23:560:24:01

The biggest problem we've had here was finding time to come.

0:24:010:24:04

All the work's been done on a Saturday,

0:24:040:24:09

and maybe a few days in the week, but not many.

0:24:090:24:12

Just so busy with our own jobs, sort of thing,

0:24:120:24:17

and perhaps rather doing social activities as opposed to coming here.

0:24:170:24:22

Ah, yes, that old problem(!)

0:24:220:24:24

Although Adam and Oliver have done a lot of the work themselves, they also

0:24:240:24:28

employed experts for the jobs they weren't qualified to do.

0:24:280:24:32

The help we've had in is a heating engineer, a plumber, electrician,

0:24:320:24:38

we obviously get an electrician to do all that

0:24:380:24:40

because that has to be up to regulations, and all the plastering, that has to be done.

0:24:400:24:47

About the only things we've had to have done.

0:24:470:24:50

Not surprisingly, these two joiners have replaced the doors, the skirting and the architraves.

0:24:500:24:56

Now, remember, this former caretaker's house had a covenant

0:25:020:25:06

in the legal pack that required the new owner to build a wall between the Methodist church and the back garden.

0:25:060:25:12

And a new wall has also been built inside on the first floor.

0:25:140:25:18

So to get into bedroom three, which I'm standing in, we had to walk through bedroom two,

0:25:180:25:24

so we've built this corridor here, separate door on, so then we just have a little corridor here

0:25:240:25:30

and we've got two separate bedrooms, which we obviously think is much better to do it this way.

0:25:300:25:36

As you can see, this is a complete new kitchen, new units, new worktops.

0:25:360:25:42

There's space for the fridge-freezer here. New oven, new hob.

0:25:420:25:45

Electricians put them in for us.

0:25:450:25:46

Plumbers helped us with the sink.

0:25:460:25:50

Finishing touches now - magnolia walls and white ceilings.

0:25:500:25:54

Adam and Oliver paid £66,000 on auction day for the detached house,

0:25:540:25:58

which they'd originally planned to convert into two separate flats.

0:25:580:26:02

As they have not done this, it's meant much less work, so what effect has that had on the budget?

0:26:020:26:09

The flats, we thought, would cost between 40 and 50 grand.

0:26:090:26:12

As we haven't done that now, we haven't actually had a budget as such. So we paid 66 for it.

0:26:120:26:19

All in, I think we'll have spent 10, 12 grand on it,

0:26:190:26:24

-so max is an £80,000 outlay.

-Yeah.

0:26:240:26:28

I'd be chuffed if we get £90,000 for it in the current market.

0:26:280:26:33

Well, this is number five in their property portfolio, all of which are rented out.

0:26:330:26:37

So is that still the plan here, now that it's a house rather than two flats?

0:26:370:26:43

We might put it on the market for sale, but at the same time see if we can get a tenant in,

0:26:430:26:50

and if we get the tenant in first, that's what will happen - it'll stay rented as long as we can.

0:26:500:26:57

Time to see what two local estate agents

0:26:570:26:59

think of this former caretaker's house next to the church.

0:26:590:27:02

I think the workmanship is very good.

0:27:060:27:08

I think the property has been well converted.

0:27:080:27:11

Obviously there's more work to be done,

0:27:110:27:13

so it would be nice to come back and see the finished product.

0:27:130:27:16

It was an excellent idea to insert a corridor upstairs,

0:27:160:27:19

because it now means that you'll be able to get to

0:27:190:27:22

the bathroom without going through a bedroom,

0:27:220:27:24

and it adds that extra bedroom facility to the property.

0:27:240:27:27

I think, if it's going to be one dwelling, it needs to be three

0:27:270:27:30

bedrooms to get the best rental or market return, and I think the three bedrooms are still a good size.

0:27:300:27:36

In my opinion, value-wise, I would say it was

0:27:360:27:39

a good idea to keep it as a house rather than to try and split it up.

0:27:390:27:44

I would have advised them to get permission for two flats.

0:27:440:27:47

I think the return would have been somewhat greater than they'll get for one property.

0:27:470:27:52

Short-term, they've saved money by not converting the house into flats.

0:27:520:27:57

But how much could they expect to get for it?

0:27:570:28:00

Once finished, I would expect this property to achieve between £450 to £475 per calendar month.

0:28:000:28:07

I'd be asking £500 per calendar month.

0:28:070:28:10

That's quite good, isn't it?

0:28:100:28:12

Yeah, it is. Very good, actually, yes.

0:28:120:28:14

Is the plan still to have a two-pronged attack on the market,

0:28:140:28:18

looking for a tenant at the same time as a purchaser?

0:28:180:28:21

Well, we'll still do both, try and sell it and rent it out, whatever comes first.

0:28:220:28:28

Definitely whatever comes first.

0:28:280:28:31

Time to discover what the house could fetch on the open market.

0:28:310:28:34

You'll remember that they spent a total of around £78,000 on it,

0:28:340:28:39

and would be happy with anything over £90,000.

0:28:390:28:43

Once fully fitted out and completed, I would expect this property

0:28:430:28:46

to achieve in the region of £95,000 to £100,000 upon the open market.

0:28:460:28:51

Resale valuation, once completed, would be around £99,000.

0:28:510:28:55

That's a good result.

0:28:550:28:57

Quite a bit higher than what we thought.

0:28:570:29:00

Yes, maybe £10,000 more.

0:29:000:29:02

If we got about 99 for it, yeah, maybe...

0:29:020:29:06

I'm happy to take the extra 10,000, though.

0:29:060:29:09

And why not?

0:29:090:29:10

I love a story with a happy ending.

0:29:100:29:13

And the smiles continued, because a tenant did turn up before a buyer one month later.

0:29:160:29:21

They've now moved in and are paying 475 quid a calendar month.

0:29:210:29:27

Basingstoke in Hampshire. Sometimes known as Doughnut City because of the number of roundabouts there are here.

0:29:310:29:38

But it's really well located in terms of transport links.

0:29:380:29:41

It's easy to get to London, Reading and Southampton.

0:29:410:29:46

Apart from the usual big high-street shops, the town also

0:29:460:29:50

has some charming courtyards where older business properties are in use.

0:29:500:29:56

I'm here in Basingstoke to talk business.

0:29:580:30:01

I know I normally do,

0:30:010:30:02

but in this case it's a retail unit that was up for auction.

0:30:020:30:05

It's in this building here. It's ground floor.

0:30:050:30:08

It was freehold with vacant possession.

0:30:080:30:10

Had a guide price of 20,000 to 25,000 quid.

0:30:100:30:13

It seems to make financial sense to me.

0:30:130:30:16

Ah, well... CHUCKLES

0:30:160:30:17

It's not exactly big.

0:30:190:30:21

That could explain the price tag.

0:30:210:30:24

It's basically one room. This is it.

0:30:240:30:26

Very limited facilities at the back.

0:30:260:30:28

You've got a loo, basically,

0:30:280:30:30

and a little kitchenette / preparation area there.

0:30:300:30:33

But er...

0:30:330:30:37

Big windows, he says, trying to find something positive.

0:30:370:30:39

And it's in reasonable condition.

0:30:390:30:41

The floor certainly is, the walls.

0:30:410:30:44

A bit of internal messing around with required.

0:30:440:30:47

But, overall, I guess one of the positives of it being small

0:30:470:30:49

is that you don't have too many square metres

0:30:490:30:53

of anything to paint or whatever.

0:30:530:30:56

This shop used to be an African artefacts shop,

0:30:580:31:01

selling items from that part of the world.

0:31:010:31:03

It's now moved out of Basingstoke, which is why this retail opportunity

0:31:080:31:12

has become available to another entrepreneur. But a word of caution.

0:31:120:31:16

Before you start any business in a premises, you really need

0:31:160:31:19

to do your research to find out what might work in the location.

0:31:190:31:23

I've come into the neighbouring street

0:31:230:31:25

to see what kind of businesses are here.

0:31:250:31:28

A real mish-mash.

0:31:280:31:29

We've got an Italian restaurant, a pizzeria, a hairdressing salon.

0:31:290:31:33

So, it seems like anything might work.

0:31:330:31:36

It's currently got planning permission to be A1 use,

0:31:360:31:39

which basically means you could have

0:31:390:31:41

something like a hairdresser's, a shop, a newsagent's,

0:31:410:31:44

maybe an estate agent's.

0:31:440:31:46

So what I would do is research what there is demand for

0:31:460:31:49

before I opened that shop.

0:31:490:31:52

# Oh, there's lots of opportunities... #

0:31:520:31:57

The shop is just over 18 square metres.

0:31:570:32:01

With a bit of a rejig, this could be a great commercial property,

0:32:010:32:04

especially at the guide price of £20,000 to £25,000.

0:32:040:32:08

The building work next door is another good sign.

0:32:110:32:15

People are clearly investing in the area.

0:32:150:32:18

I asked a local expert for the low-down on property in Basingstoke.

0:32:210:32:28

Basingstoke is a thriving town.

0:32:280:32:30

It's very, very popular in that

0:32:300:32:32

it's less than an hour from London for commuters,

0:32:320:32:35

but it's also got a lot of modern businesses,

0:32:350:32:37

insurance and the like, that have moved into the town

0:32:370:32:40

over the last 20 or so years.

0:32:400:32:41

Sounds like this place could be a good investment despite being a bit small.

0:32:430:32:48

I think this unit is likely to have an appeal

0:32:500:32:52

either to a commercial-investor buyer,

0:32:520:32:54

somebody who's going to buy it with a view to

0:32:540:32:57

tidying it up a bit and then finding a tenant.

0:32:570:33:01

Or somebody looking for a starter unit to run their own business,

0:33:010:33:04

a hairdresser's or a niche business, something of that nature.

0:33:040:33:08

So, the location could suit what's known as a destination business.

0:33:100:33:14

That's somewhere people are happy to travel to occasionally

0:33:140:33:18

to buy something specific.

0:33:180:33:19

But could it be expensive to get the property ready to start trading?

0:33:190:33:23

Not going to need a huge amount doing to it.

0:33:240:33:27

It looks very ragged and tired, but a good decorate,

0:33:270:33:30

tidy up and clean and you'd be surprised how quickly

0:33:300:33:34

and cheaply you could turn that into quite an attractive rental proposition.

0:33:340:33:38

That's fantastic news.

0:33:380:33:39

This would be great for a starter business,

0:33:390:33:42

especially if it went for around the guide price.

0:33:420:33:45

What sort of rental income could the shop generate?

0:33:450:33:48

Rental value on this one,

0:33:490:33:51

once it's been tidied up, would be in the region of £5,000, £6,000 per annum.

0:33:510:33:55

So, in theory, buying this, doing it up and then renting it out

0:33:550:33:59

could produce a good rental income.

0:33:590:34:02

What about selling it on?

0:34:020:34:03

The resale value on this is going to be driven

0:34:030:34:06

by the amount of rent it's achieving.

0:34:060:34:09

The way to maximise the potential of this property

0:34:090:34:11

would be to tidy it up, find a tenant, perhaps on a five or a ten-year lease,

0:34:110:34:15

and then you'd be looking, I would imagine, at achieving

0:34:150:34:18

a resale value of something around £50,000, £60,000.

0:34:180:34:22

Not much to say about this place

0:34:270:34:29

other than the fact that the low guide price

0:34:290:34:31

probably meant it was an attractive proposition to a local entrepreneur.

0:34:310:34:35

Still, money to be spent to get it up to scratch,

0:34:350:34:39

so let's see who fancied it when it went under the hammer.

0:34:390:34:42

And 136 now is 6 Queens Parade, New Street in Basingstoke.

0:34:420:34:48

It's a vacant freehold retail unit.

0:34:480:34:50

Good little lot there. Start me where you will.

0:34:500:34:54

Got a guide of 20 to 25 and Anyone going to come in at £20,000?

0:34:540:34:58

Your own shop, £20,000.

0:34:580:35:00

£20,000, can I say? Give me 18, then?

0:35:000:35:03

£18,000 bid I've got. And 20 now do I see?

0:35:030:35:08

£20,000, back row.

0:35:080:35:10

22? Sir, it's against you. 22? 21?

0:35:100:35:13

And 22? And 23?

0:35:130:35:15

At £22,000 on the back row I have. 23 I want. 23 by the coffee.

0:35:150:35:21

24 in the back row? 24. Thank you.

0:35:210:35:25

25? It's here to be sold. 25?

0:35:250:35:28

25. And 6? 26?

0:35:280:35:32

26. And 7?

0:35:320:35:34

No. £26,000 bid I have again to the lady in the back row.

0:35:340:35:39

At £26,000 I have. 27 I'm looking for.

0:35:390:35:41

If we're all done at £26,000, I will sell for the first time.

0:35:410:35:45

Coming in again? £26,000 for the second time.

0:35:450:35:48

Third and final time, lady in the back row, all done, £26,000.

0:35:480:35:52

And your number, please, is? 8431. Thank you.

0:35:520:35:55

That the winning bid of £26,000 came from Anne-Marie,

0:35:550:36:00

who knows a great deal about the local area.

0:36:000:36:04

I met up with her back at her new shop

0:36:040:36:05

to find out the history behind her purchase.

0:36:050:36:09

# Working nine to five what a way to make a living... #

0:36:090:36:13

-Anne-Marie, lovely to meet you.

-And you, too. Thank you.

0:36:130:36:16

Congratulations. Tell me why you wanted to buy this little shop.

0:36:160:36:20

Well, it was for two reasons, really.

0:36:200:36:23

One was for business, and one was for sentimental.

0:36:230:36:25

And I know that's going to sound like a recipe for disaster,

0:36:250:36:29

you mustn't let your heart rule your head.

0:36:290:36:32

But I've known this shop all my life.

0:36:320:36:35

It was the most wonderful sweet shop right next-door to my dad's chemist.

0:36:350:36:41

He rented the shop for many years from the landlord and he lived above

0:36:410:36:47

in the maisonette with my mum and my sister.

0:36:470:36:50

And then eventually, after about 30 years -

0:36:500:36:53

it's a staggering amount of time to rent it,

0:36:530:36:56

he was given the chance to buy it.

0:36:560:36:58

And now it's still remaining in the family.

0:36:580:37:01

-Just to clarify, you own the whole building?

-We do now.

0:37:010:37:05

-We didn't before.

-This was the final piece of the jigsaw?

0:37:050:37:08

Yes, because it was like owning three legs of it,

0:37:080:37:11

but not the fourth one.

0:37:110:37:12

When you own the fourth, you can then decide what you do.

0:37:120:37:17

So Anne-Marie paid £26,000 for the property

0:37:170:37:20

next to her dad's old chemist shop and maisonette.

0:37:200:37:24

She currently lets the corner store out to a Caribbean grocery

0:37:260:37:30

and owns a number of other properties.

0:37:300:37:32

This former sweet shop, was until now,

0:37:320:37:35

the only part of this building missing from her collection.

0:37:350:37:37

-And you remember it as a sweet shop?

-Yes.

0:37:370:37:40

-With all the old-fashioned jars?

-Absolutely.

0:37:400:37:42

For three big, old, brown pennies, the lady would weigh them out

0:37:420:37:48

of big jars into a paper bag then

0:37:480:37:50

and it would be bursting with gobstoppers

0:37:500:37:54

and liquorice bootlaces and bulls-eyes, all manner of things.

0:37:540:38:01

For a child, it was absolutely wonderful.

0:38:010:38:04

But, unfortunately, because the town has moved two or three streets away

0:38:040:38:09

into a great big shopping mall,

0:38:090:38:12

it's very difficult for the traders here to survive.

0:38:120:38:17

And we thought, well, if we have this small shop as well

0:38:170:38:21

and knock the two together,

0:38:210:38:23

it could make a very viable proposition for a specialist shop.

0:38:230:38:27

And Dorothy, who's next door, she said to me,

0:38:270:38:30

"I'm absolutely bursting at the seams for space.

0:38:300:38:35

"If ever you get the chance, please take on the shop next door."

0:38:350:38:40

So, tell me what you're going to do with it now.

0:38:400:38:42

I've had a builder in and he said to me that we could

0:38:420:38:48

knock through just on my right here

0:38:480:38:51

under the stairs so that there's a sort of thoroughfare for people.

0:38:510:38:54

We can't move the stairs because that's part of the flat

0:38:540:38:59

and it would be major and not cost-effective.

0:38:590:39:03

We're going to keep the little room which is a toilet, but make it a lot smaller.

0:39:030:39:09

Then she will be able to come into the stockroom which is behind me.

0:39:090:39:12

So you'll get rid of this loo?

0:39:120:39:14

Yes. At the moment she hasn't got anywhere for stock.

0:39:140:39:16

And that's always been a problem with these shops here.

0:39:160:39:20

They are very small.

0:39:200:39:21

So, her tenant's grocery store that was struggling for space is now set to expand.

0:39:210:39:29

Coming from a retail family, Anne-Marie has lots of tips

0:39:290:39:32

to pass on to her tenant, Dorothy, who's looking for that pot of gold.

0:39:320:39:39

# Somewhere over the rainbow... #

0:39:390:39:44

What kind of budget have you set aside for sorting this place out?

0:39:440:39:47

Well, I've been on to the builder and, to do all those things which

0:39:470:39:51

I've said and paint it, it's just £2,000.

0:39:510:39:55

-Including knocking through?

-Yes.

-You've got a good builder!

0:39:550:39:58

Yes, he's wonderful.

0:39:580:40:00

He costed it all out for me in the week,

0:40:000:40:02

and also to paint outside and paint in here.

0:40:020:40:05

And what kind of timescale for sorting it out?

0:40:050:40:08

I did speak to the builder, and he thought that a couple of months is fine.

0:40:080:40:14

What will be the most exciting thing?

0:40:140:40:16

To see it up and running, and all nice and decorated

0:40:160:40:22

and knocked through, and I can really be proud of it again, you know?

0:40:220:40:26

That means a lot to me, and I think it would mean a lot to my mum and dad,

0:40:260:40:32

who unfortunately aren't here now, they've gone to heaven.

0:40:320:40:35

So, I feel that they'll be guiding me and hopefully all will be well.

0:40:350:40:40

We wish you all the very best.

0:40:400:40:42

-Thanks very much.

-A lovely story.

-Nice to talk to you.

-You too.

0:40:420:40:46

# Somewhere over the rainbow skies are blue... #

0:40:460:40:55

Well, what a lovely story,

0:40:560:40:59

and with Ann-Marie's help two shops are going to become one.

0:40:590:41:03

Still, I'm a bit concerned about that £2,000 budget -

0:41:030:41:06

for two months' work, for a builder?

0:41:060:41:08

I don't think so. And these are tough times in the retail world,

0:41:080:41:13

so will the new, improved and enlarged shop survive?

0:41:130:41:18

You can find out later in the show.

0:41:180:41:20

So, have the tides changed for our property purchasers?

0:41:230:41:27

Have their experiences been plain sailing?

0:41:270:41:29

Did they sink, or did they manage to swim to shore with the profit?

0:41:290:41:33

Time now to go back to Streatham

0:41:330:41:35

in south west London, to a property we first saw in 2004.

0:41:350:41:40

Developer Paul had paid £287,500 for this three bedroom house.

0:41:400:41:46

It was only a few doors from where he lived,

0:41:460:41:49

and was identical in style and size.

0:41:490:41:52

Having refurbished his own house and converted the loft,

0:41:520:41:55

he decided it was time to change this place.

0:41:550:41:58

But when we first returned, there wasn't a lot of difference.

0:41:580:42:02

It's been three months since

0:42:040:42:05

you first came here, so during that time we've put in for planning.

0:42:050:42:10

We've had various problems with that,

0:42:100:42:12

mainly I think on the type of application that was made originally

0:42:120:42:16

and the way it was interpreted by the local authority.

0:42:160:42:20

Then they wanted some changes in the actual style of the loft,

0:42:200:42:23

and so that has basically delayed everything.

0:42:230:42:26

So Paul was unable to show us any structural alterations,

0:42:260:42:31

but his architect's modified plans had been approved

0:42:310:42:34

for the loft conversion and the ground floor.

0:42:340:42:37

My plans for the downstairs involved taking out the wall

0:42:370:42:41

between the kitchen and the extension

0:42:410:42:43

which would be built, so you've got a large area.

0:42:430:42:45

The extension will have the whole part of it facing the garden all glazed,

0:42:450:42:49

and there would be sky lights in the roof to let in light.

0:42:500:42:52

The planned extension sounded fantastic,

0:42:520:42:56

it just needed to be built.

0:42:560:42:58

It's now five years since our first visit,

0:43:020:43:04

and we've come back to see the fabulous house where Paul now lives.

0:43:040:43:08

The wait has certainly been work it.

0:43:110:43:14

The loft conversion is truly stunning, but we'll see that later.

0:43:170:43:21

Because the first impression any visitor gets is downstairs.

0:43:210:43:25

Paul's managed to retain a lot of the original features

0:43:250:43:28

in the living room, while also totally refurbishing it.

0:43:280:43:31

At the back, the extension lets so much light in.

0:43:350:43:38

The kitchen and the living area really opens the house out onto the garden.

0:43:380:43:43

Up on to the first floor,

0:43:480:43:50

the level of finish in the bedrooms is equally impressive.

0:43:500:43:54

The Victorian fireplaces have been lovingly restored,

0:43:560:43:59

and Paul's made one of the rooms into an office.

0:43:590:44:02

Paul has moved in and made it home.

0:44:090:44:12

He must be very pleased with the results.

0:44:120:44:16

Well, the area at the back of the house is very good,

0:44:160:44:18

because it's an open space now.

0:44:180:44:20

Before you had two rooms which were divided and quite small,

0:44:200:44:23

so that's been opened out.

0:44:230:44:25

That goes into the extension, and then it also goes into the kitchen,

0:44:250:44:28

so there's the equivalent of four rooms made into one area,

0:44:280:44:31

which is quite nice.

0:44:310:44:33

I kept up part of the original wall to give it

0:44:330:44:35

a bit of a break to the area, because I thought that would help.

0:44:350:44:39

Paul's managed to create more space in this Victorian house

0:44:390:44:43

than the similar property he lived in a few doors away.

0:44:430:44:46

He has now sold that one and moved in here to live.

0:44:460:44:48

His architect's or original plans for this place were rejected simply because

0:44:480:44:52

too much of this house was being modified,

0:44:520:44:55

so the changes were scaled back and the plans were approved.

0:44:550:44:59

With the planning consent, what we actually went for was the loft conversion and the extension.

0:44:590:45:04

The good thing about it is we actually got that, so I was happy about that.

0:45:040:45:08

It meant that the side return at the rear of the house could be built on,

0:45:080:45:11

right up to the neighbour's boundary.

0:45:110:45:13

A party wall agreement was obtained, and then the superb kitchen extension began to take shape.

0:45:130:45:20

The kitchen, there was a door here that led into the kitchen, and a window that was outside,

0:45:200:45:26

so this would have been the outside of the building.

0:45:260:45:29

So you'd come out and go into an outside toilet, so this wall's gone, and this wall's gone.

0:45:290:45:34

It's being supported by two RSJs, because it comes back at an angle.

0:45:340:45:39

So there's one there and one comes back this way.

0:45:390:45:42

There's a skylight that brings light in and there's quite a lot of light coming through here.

0:45:420:45:46

Then we put a window in at the end. So I'm really happy with this area, it works well.

0:45:460:45:50

It's how I would like to have a kitchen and I think what people would like as well.

0:45:500:45:55

I tried to think of what's good space, because one day,

0:45:550:45:57

ultimately, you want to sell it or you want to rent it.

0:45:570:46:00

Paul runs his own property management company, with buy-to-lets

0:46:040:46:08

as well as properties he's refurbished and sold on.

0:46:080:46:11

Whether he rents or sells in the future,

0:46:130:46:15

I'm sure this loft conversion will prove a big attraction.

0:46:150:46:19

This is the converted loft area. I've got some eave storage here, there's a window to the front here, the Velux.

0:46:220:46:29

There's a built-in wardrobe here.

0:46:290:46:33

It's done as one large area, one large room, I prefer that.

0:46:330:46:36

Some people put two rooms in to make a five-bedroom house, but I don't

0:46:360:46:39

think there's a market here for five bedrooms, people prefer more space.

0:46:390:46:43

Then there's a walk-in bathroom there, en suite with a shower.

0:46:430:46:47

The roof's actually a Mansard conversion, so it's not a typical roof like that...

0:46:470:46:51

You've got a dormer that comes up at an angle. That was part of the planning, what they wanted.

0:46:510:46:57

It's spacious, that's what I like, a lot of brightness in here having the two windows.

0:46:570:47:01

There's another window at the side for more lighting, but that's a fire escape.

0:47:010:47:05

You have to have that as part of the planning and the building regulations.

0:47:050:47:10

When Paul originally bought the place for £287,500 in February 2004,

0:47:100:47:16

he had a hunch the area was about to take off.

0:47:160:47:20

Since then there has been a credit crunch and a depressed property market.

0:47:200:47:25

But there are now clear signs that the area is attracting more businesses and house-hunters.

0:47:250:47:30

But how much has Paul spent? Did he manage to stick to his budget?

0:47:300:47:35

When I first bought this house I had a budget of between 50-60,000.

0:47:350:47:39

I think at the end I came closer to the 60,000, but I don't know

0:47:390:47:42

exactly how much, but it was probably around about 60,000.

0:47:420:47:46

So, on top of the £287,500 he paid at the auction,

0:47:480:47:54

that takes Paul's spend to just under £347,000.

0:47:540:47:59

It's been a lengthy project, but he's pleased with the outcome.

0:47:590:48:03

As a project and an investment, it's done quite good here, because

0:48:030:48:08

the property has improved in price from what I originally paid for it, so that's an investment here.

0:48:080:48:13

So when I do sell, I know there's considerable equity in the property,

0:48:130:48:18

which I can move on to another property, or remortgage and pull some money out.

0:48:180:48:22

Or the alternative is to keep this house and to let it,

0:48:220:48:25

because the rental market has improved a lot in the area.

0:48:250:48:28

Let's see if Paul's confidence is reflected in the value.

0:48:300:48:33

What do two local estate agents think of this property?

0:48:330:48:37

I think it's an absolutely lovely family home.

0:48:390:48:41

It's been finished to a fantastic standard and it's just perfect

0:48:410:48:45

for the market round here.

0:48:450:48:47

First impressions of the house - it's fantastic, very beautifully done.

0:48:470:48:50

The kitchen extension at the back's a very good job and very clever.

0:48:500:48:53

What he's done is use the space really well.

0:48:530:48:55

The extension at the back, absolutely superb.

0:48:550:48:58

You've got a lovely, big, kitchen family-living space with a formal reception at the front.

0:48:580:49:02

The loft conversion's brilliant.

0:49:020:49:04

A lot of people with loft conversions try to get too much out of it.

0:49:040:49:07

They try to split that room into two rooms then make the rooms too small to be usable.

0:49:070:49:12

The loft conversion is superb. It's a nice, big, bright room.

0:49:120:49:14

You've got a walk-in wardrobe, en suite bathroom. I'd like to sleep in here.

0:49:140:49:19

Well, a vote of confidence from the agents, but what could it be worth?

0:49:190:49:23

Remember, Paul spent £347,000 here.

0:49:230:49:28

How much could you sell it for if he put it on the market now?

0:49:280:49:31

If I was to put this property up for sale, I would market it at £575,000.

0:49:310:49:36

I'd put it onto the market around the £500,000 mark.

0:49:360:49:40

Quite a range, I think somewhere between the two, probably about 550.

0:49:400:49:45

Price-wise, I'm happy with that.

0:49:450:49:46

I thought it'd be around there in a good market, so it's good to see the price has come back.

0:49:460:49:51

I've made some money, it's been a good investment, but I thought that when I saw the property,

0:49:510:49:56

so I'm glad that I've still managed to make some money.

0:49:560:50:00

What about rental income? If Paul did decide to move out and not sell the house,

0:50:000:50:03

how much rent could it generate?

0:50:030:50:06

For rent, I believe it would achieve around £1,700 per calendar month.

0:50:060:50:10

If we were to rent this property, similar properties have rented on

0:50:100:50:13

this road from between £2,000 - £2,200 per calendar month.

0:50:130:50:17

The rental figures were very good as well, it means there's an option to rent,

0:50:170:50:21

because the mortgage is quite low here. So that's an option I may consider.

0:50:210:50:25

I may re-mortgage, pull some money out, and keep the property. That's another option.

0:50:250:50:30

All in all, it's been a good adventure, being somewhere and having a house done, then move here.

0:50:300:50:35

I'm very happy with it, the whole thing has been a good experience.

0:50:350:50:39

A bit slow at the beginning, but I'm happy with it overall.

0:50:390:50:42

We're going back to Basingstoke now, where, earlier in the programme,

0:50:460:50:50

Anne-Marie had paid £26,000 for this empty shop next door to one she already owned.

0:50:500:50:56

She has several other properties in her portfolio, but this shop had special significance.

0:50:560:51:01

# Sweets for my sweet

0:51:010:51:03

# Sugar for my honey... #

0:51:030:51:05

I'd known this shop all my life.

0:51:050:51:07

It was the most wonderful sweetshop, next door to my dad's chemist's.

0:51:070:51:14

And he lived above, in the maisonette.

0:51:140:51:16

Anne-Marie planned to knock a hole in the wall between what was once the sweetshop,

0:51:160:51:21

and her dad's former chemist, to give her Caribbean grocery tenant more space.

0:51:210:51:26

Well, two-and-a-half months later, this building now looks so vibrant,

0:51:290:51:33

it's more like the Caribbean than Basingstoke!

0:51:330:51:38

Remember how it was? It was all a horrible, drab brown colour.

0:51:380:51:44

All the glass was broken, the door was broken.

0:51:440:51:48

And it really was not inviting at all.

0:51:480:51:51

You could not possibly expect passers-by to want to go into the shop.

0:51:510:51:55

So now we've made it these lovely sunny colours, that we hope represents the Caribbean.

0:51:550:52:01

And we can be seen, actually, from miles away!

0:52:010:52:05

It's certainly colourful!

0:52:050:52:07

It would be very hard to miss this.

0:52:070:52:09

What about the inside?

0:52:090:52:11

Has the conversion worked?

0:52:110:52:14

Well, here we are, in the nice little space we've knocked through,

0:52:140:52:17

so that the customers can have a walkway and go from one place to the other.

0:52:170:52:21

And also, Dorothy can have her till.

0:52:210:52:24

Then over here, we've put a door on to what was the old toilet facilities.

0:52:240:52:29

And we've made a nice little stockroom in there for her.

0:52:290:52:32

Then over here, as you can see, this lovely area is in a beautiful

0:52:320:52:37

yellow colour to represent the sunny colours, we hope, of the Caribbean.

0:52:370:52:42

Apart from sentimental reasons, Anne-Marie bought the former sweetshop to try and reverse

0:52:420:52:48

a decline in local shopping since her dad ran the chemist's here.

0:52:480:52:53

Building work had to take place only on Sundays, when the shop was closed, but now it's finished.

0:52:560:53:02

All that's missing is the stock and displays.

0:53:020:53:05

So, did Anne-Marie stick to her ambitions £2,000 budget, which included that sunny paint job?

0:53:070:53:13

Yes, we stuck to the original budget.

0:53:160:53:18

And we're really pleased about that.

0:53:180:53:20

And it's all thanks, really, to the builder because they really kept us to it.

0:53:200:53:26

And that's very important, I think, because it can eat into your profit.

0:53:260:53:30

You will remember that at the auction, Anne-Marie paid £26,000 for the former sweetshop.

0:53:300:53:35

She's had the usual legal expenses, but has only had to spend £2,000 converting it.

0:53:350:53:42

Time to see how two commercial property experts,

0:53:430:53:47

familiar with the local market, will rate this retail opportunity.

0:53:470:53:50

If this retail unit was kept as a single unit, it's a small unit, it's

0:53:530:53:57

a fringe location, I would say there would be an limited number of uses.

0:53:570:54:02

Having the two units together, is a big benefit for the street because it has tidied up the corner.

0:54:020:54:08

So there's a nice transition between the residential and the retail element of the town.

0:54:080:54:14

Externally, she has certainly improved the appearance of the shop.

0:54:140:54:17

She has made made the whole parade look a bit more vibrant.

0:54:170:54:20

It will help when they finish the residential development next door.

0:54:200:54:24

The whole place will look a lot better then.

0:54:240:54:26

The way that the unit has been incorporated into the main unit here,

0:54:260:54:30

I think could be quite easily reversible.

0:54:300:54:32

So it does give her flexibility at a later date if she wants to let the two units separately.

0:54:320:54:37

Anne-Marie's sentimental purchase is now producing an extra £1,500 a year income.

0:54:370:54:44

But is that a fair rent?

0:54:440:54:46

How much would the experts suggest?

0:54:460:54:49

As a single unit, I would estimate the rental to be in the order of about £2000 - £2,500 per annum.

0:54:490:54:56

As a single unit, I would probably think she should get about £80 per week.

0:54:560:54:59

It would probably give her about £240 a month.

0:54:590:55:02

So between £2,500 - £3,000 a year.

0:55:020:55:05

So, could a bit more income be coming Anne-Marie's way?

0:55:050:55:09

Oh, that's marvellous. Absolutely marvellous, yes.

0:55:090:55:12

We have already settled a rent of £30 a week, which is £1,500 a year.

0:55:120:55:18

And, I can't really go back on my word, and I wouldn't want to.

0:55:180:55:21

But I'll keep it in mind, obviously, maybe if Dorothy goes or even in years to come.

0:55:210:55:26

Taking that long-term view is sensible.

0:55:280:55:30

But what about the value of the shop now?

0:55:300:55:33

Has it increased since she bought it at the auction?

0:55:330:55:37

At retail for the single unit, reinstated to its original size,

0:55:370:55:42

I would estimate the value to be £26,000.

0:55:420:55:45

She paid about £26,000 for it.

0:55:450:55:47

I think she'd probably get certainly that, maybe a little bit more.

0:55:470:55:51

No profit, then, but it was already a bit of a bargain.

0:55:510:55:55

Yes. Well, I was very pleased, because it was on at 50,000 in the beginning, two or three years ago.

0:55:550:56:01

And we felt that that was really far too much.

0:56:010:56:05

And so that's really vindicated that.

0:56:050:56:07

It's quite nice to know that an expert has thought that as well.

0:56:070:56:11

Anne-Marie's determined to fight for small shopkeepers in the local area and maintain her family's commercial

0:56:110:56:19

interests that started all those years ago with her dad's chemist's.

0:56:190:56:23

I'm absolutely delighted. And I know that he would be too.

0:56:230:56:27

After all, he was here for so long, and living above, and we're carrying on the tradition.

0:56:270:56:32

We can't get beaten, you know, we must keep going on.

0:56:320:56:35

Mustn't let all these big moguls and big companies which are gobbling everybody up. We must keep going.

0:56:350:56:42

You know, we are a little force. We must keep going. Off we go!

0:56:420:56:46

For more auction room action, join us next time on Homes Under The Hammer.

0:56:520:56:56

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:560:56:59

Subtitles by Red Bee Media Ltd

0:57:130:57:16

E-mail [email protected]

0:57:160:57:19

Martin Roberts and Lucy Alexander visit a property in Crewe, the finished result of a house they first saw in 2005 in south London and a shop in Basingstoke. All of these properties have been sold at auction and we'll find out who bought them and what they paid when they went under the hammer.


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