0:00:02 > 0:00:03Hello, welcome to the show.
0:00:03 > 0:00:05Have you fancied buying a property at auction,
0:00:05 > 0:00:07but just don't know where to start?
0:00:07 > 0:00:10Perhaps we can show you some tricks of the trade.
0:00:10 > 0:00:12Yes, join us now as we follow brave buyers
0:00:12 > 0:00:15buying their Homes Under The Hammer.
0:00:41 > 0:00:44Auction houses aren't intimidating places, ANYONE can buy there,
0:00:44 > 0:00:47all you need is the money to be available.
0:00:47 > 0:00:50Today we talk to intrepid buyers who've taken the plunge,
0:00:50 > 0:00:54will they sink or swim? Here's what they bought.
0:00:55 > 0:00:59In Manchester, there are worrying signs in this semi.
0:00:59 > 0:01:02Looks like this whole thing is actually giving way,
0:01:02 > 0:01:04hence that diagonal fracture.
0:01:05 > 0:01:10There's also cause for concern at this unusual lot in London.
0:01:10 > 0:01:14The bad news is, no matter how hard I try, I can't get into this garage!
0:01:14 > 0:01:17And the traditional kitchen/bathroom layout
0:01:17 > 0:01:21in this Plymouth terrace is hardly desirable.
0:01:21 > 0:01:25So, this is where you're going to have to focus your effort.
0:01:26 > 0:01:28All these properties went to auction,
0:01:28 > 0:01:30we'll find out who bought them
0:01:30 > 0:01:33and what they paid when they went under the hammer.
0:01:33 > 0:01:35It's yours.
0:01:39 > 0:01:42For the first property sold under the hammer, I've come to Blackley,
0:01:42 > 0:01:45just three miles north of Manchester.
0:01:47 > 0:01:51Well, I'm just about four miles north of Manchester city centre.
0:01:51 > 0:01:53The property I'm here to see sounds pretty good -
0:01:53 > 0:01:57three-bedroom semi-detached with a garage
0:01:57 > 0:02:00and a guide price of 60,000 quid.
0:02:00 > 0:02:03It's got a garden at the front, it's looking all right from the front,
0:02:03 > 0:02:06let's see what it's like inside.
0:02:06 > 0:02:10It has an elevated location, a garage and a parking space, too.
0:02:10 > 0:02:13The outside looks OK, although there are signs
0:02:13 > 0:02:15of potential structural problems
0:02:15 > 0:02:18with the gable end that will need to be looked at.
0:02:20 > 0:02:24Well, nice little double-glazed sort of porch there,
0:02:24 > 0:02:28but after that, I'm afraid, it starts to go a bit downhill.
0:02:28 > 0:02:31Into the front sitting room, as you can see,
0:02:31 > 0:02:35I don't think it's been decorated for a while. Lots of light coming in
0:02:35 > 0:02:37through the windows, which is nice.
0:02:37 > 0:02:39Obviously, it's been knocked through...
0:02:39 > 0:02:44I love the fact you've got these angled sides, sort of very Aztec.
0:02:45 > 0:02:49I'm seeing some things, which I haven't seen before,
0:02:49 > 0:02:51I mean, look at this.
0:02:51 > 0:02:55This is, I guess, original from the 1960s, 1950s,
0:02:55 > 0:02:56whenever it was this house was built.
0:02:56 > 0:03:00Um...a divider in between this room here, your living room,
0:03:00 > 0:03:03or rear living-room and the kitchen. I don't know, I know it looks shabby
0:03:03 > 0:03:06I know it's probably going to be taken away, but I like it,
0:03:06 > 0:03:09I think modernised or putting back something like that,
0:03:09 > 0:03:12would be a really good design idea. Note that one, it's quite good.
0:03:12 > 0:03:16The other thing I would do in here clearly is put a set of patio doors
0:03:16 > 0:03:19going out onto the garden and then you've got a really, really,
0:03:19 > 0:03:22lovely style to the property. But it does need work.
0:03:22 > 0:03:27# I've seen everything I've seen everything... #
0:03:27 > 0:03:31Just when I thought I'd seen all types of unusual construction over many years
0:03:31 > 0:03:35on this programme, along comes this house...
0:03:35 > 0:03:37# I've seen everything... #
0:03:37 > 0:03:41I wonder what other surprises it may have to reveal?
0:03:42 > 0:03:45Upstairs, in this three-bedroom house
0:03:45 > 0:03:48that went to auction guided at £60,000,
0:03:48 > 0:03:52the bathroom's not huge and needs a new suite and retiling.
0:03:52 > 0:03:54# I've seen everything... #
0:03:54 > 0:03:58The back bedroom's big enough, but what's going on under that window?
0:04:00 > 0:04:03So, good-sized double bedroom at the back, bit of a boxroom there,
0:04:03 > 0:04:06and then through into a reasonable-sized double...
0:04:07 > 0:04:09..at the front.
0:04:11 > 0:04:13That's not good, is it?
0:04:13 > 0:04:16That's very interesting, because that...
0:04:16 > 0:04:18is an internal wall.
0:04:18 > 0:04:20If there was subsidence in the property,
0:04:20 > 0:04:24I would not expect to see that on an internal wall
0:04:24 > 0:04:27and yet it looks like this whole thing is actually giving way
0:04:27 > 0:04:32and hence that diagonal, well, fracture, as you can see.
0:04:32 > 0:04:36I don't remember seeing a supporting wall underneath here downstairs.
0:04:36 > 0:04:40If that's the case, this whole wall isn't supported
0:04:40 > 0:04:43and if there was a piece of wood supposed to be holding this up.
0:04:43 > 0:04:46which has rotted over time...
0:04:46 > 0:04:50this thing could actually collapse. At any minute.
0:04:50 > 0:04:54# Lights go out Walls come tumbling down
0:04:54 > 0:04:58# Yes, they do Yes, they do... #
0:04:59 > 0:05:02Of course, you mustn't ignore something as potentially
0:05:02 > 0:05:03serious as this.
0:05:03 > 0:05:06No need to panic, but do get experts in.
0:05:07 > 0:05:11A structural engineer's report will help you work out how bad
0:05:11 > 0:05:14the damage is, how to rectify it and, of course,
0:05:14 > 0:05:16how much that will impact on your budget.
0:05:18 > 0:05:21Time to check out what is going on downstairs
0:05:21 > 0:05:25with that supporting wall. Or rather the lack of it.
0:05:26 > 0:05:28Yes, pretty much as I anticipated.
0:05:28 > 0:05:31A few clues on the floor here.
0:05:31 > 0:05:35You can see a differentiation in colour in the floorboards
0:05:35 > 0:05:38and some markings on the ceiling, which mean there was probably a wall
0:05:38 > 0:05:40here at some stage in the past.
0:05:40 > 0:05:43That has been taken away without proper support put in its place
0:05:43 > 0:05:46and, as a result, that wall has given way.
0:05:46 > 0:05:48It's not that big an issue to sort it out.
0:05:48 > 0:05:50Basically, put some proper support in and replace that wall,
0:05:50 > 0:05:53but it's a nasty expense if you're not expecting it.
0:05:55 > 0:05:59This is also a very good example of why Lucy and I often warn against
0:05:59 > 0:06:05knocking down walls without checking whether they are supporting first.
0:06:05 > 0:06:09So, there are a few issues to sort out throughout this house.
0:06:09 > 0:06:11I wonder how it looks out at the back.
0:06:13 > 0:06:17Well, at the rear of the property, a really huge garden,
0:06:17 > 0:06:19which is great to have.
0:06:19 > 0:06:22It also gives you the scope for potentially an extension.
0:06:22 > 0:06:25There's a garage and the extension that is there at the moment,
0:06:25 > 0:06:29as you can see, it really is a complete bodge job.
0:06:29 > 0:06:31So, that needs to be replaced. At the same time,
0:06:31 > 0:06:35yes, think about something a bit more substantial, perhaps.
0:06:35 > 0:06:37But at least having the space here,
0:06:37 > 0:06:39you've got some options to do whatever you want.
0:06:39 > 0:06:41We asked a local estate agent
0:06:41 > 0:06:43to come and have a look
0:06:43 > 0:06:45at the property and give his opinion on it.
0:06:45 > 0:06:46Obviously,
0:06:46 > 0:06:48the property needs a lot of work doing to it.
0:06:48 > 0:06:51My biggest concern would be the structural elements of it,
0:06:51 > 0:06:54from possible underpinning, wall ties
0:06:54 > 0:06:57and there is some quite hefty bulges to the side gable.
0:06:57 > 0:06:59But, obviously,
0:06:59 > 0:07:01if they're going to do any extensions,
0:07:01 > 0:07:03which there is a physical potential for doing that,
0:07:03 > 0:07:06then that would be cured at the same time.
0:07:06 > 0:07:09What income does he think could be generated here
0:07:09 > 0:07:11if it was let the tenants?
0:07:11 > 0:07:15Rental, without the extensions,
0:07:15 > 0:07:19would probably be in the region of about £500 per calendar month.
0:07:19 > 0:07:24If they added a further bedroom to make it to four bedrooms,
0:07:24 > 0:07:27then it would probably go up to about £650 per calendar month.
0:07:27 > 0:07:31What about a resale valuation for this house after
0:07:31 > 0:07:33a refurbishment from top to bottom?
0:07:35 > 0:07:37I would say this property fully modernised
0:07:37 > 0:07:41would be in the region of £115,000 and £120,000.
0:07:41 > 0:07:45And if we had the extension, we have an internal garage and, obviously,
0:07:45 > 0:07:47a fourth bedroom above the garage,
0:07:47 > 0:07:49it would be approximately £135,000, £140,000.
0:07:50 > 0:07:54Well, this is a classic example of why you must always look
0:07:54 > 0:07:57at auction properties before you buy them, because from the outside,
0:07:57 > 0:08:00from the picture in the auction catalogue, it looks OK.
0:08:00 > 0:08:03But the inside tells a different story.
0:08:03 > 0:08:05Still, it is a solid house.
0:08:05 > 0:08:07So, let's see who fancied the challenge of sorting it out
0:08:07 > 0:08:09when it went under the hammer.
0:08:09 > 0:08:11OK, lot 30.
0:08:11 > 0:08:13Vacant, three-bedroom, semi-detached house.
0:08:13 > 0:08:15What is it worth? Who is going to give me 50?
0:08:15 > 0:08:1950,000. 40? I will take 40. £40,000.
0:08:19 > 0:08:23Bid £40,000. Any advance on 40? 45 anywhere?
0:08:23 > 0:08:2745 bid. Thank you, then. 45,000 I have. Do I see 50?
0:08:27 > 0:08:30It's 50,000 I'm looking for. Bid £50,000. 51?
0:08:30 > 0:08:3351. 51 I have. 52?
0:08:33 > 0:08:36At 52,000. 53 now.
0:08:36 > 0:08:38At £53,000. Do I see 54?
0:08:38 > 0:08:4154. 55 now. At 55.
0:08:41 > 0:08:4355,000. 56.
0:08:43 > 0:08:45At 56. 56.5.
0:08:45 > 0:08:4756.5, 57 will do.
0:08:47 > 0:08:5057. 57.5. 58.
0:08:50 > 0:08:5458, 58.5. 59. 59.5.
0:08:54 > 0:08:5660. At £60,000.
0:08:56 > 0:08:5960.5. I want to sell at 60,000.
0:08:59 > 0:09:0260.5. Good grief, you've got to be quick. 61.
0:09:02 > 0:09:0461. 61.5.
0:09:04 > 0:09:0762. 62.5. 63.
0:09:07 > 0:09:0963. 63.5. 64.
0:09:09 > 0:09:1264. 64.5.
0:09:12 > 0:09:1564,500. Do you want to round it up? 65.
0:09:15 > 0:09:1765.5. 66? No.
0:09:17 > 0:09:20At 65.5 then for the first time.
0:09:20 > 0:09:24At 65.5 for the second and final time. Are we all done at 65,500?
0:09:24 > 0:09:25There we go.
0:09:25 > 0:09:30'That final bid of £65,500 came from Eddie.
0:09:32 > 0:09:34'He lives locally in Greater Manchester
0:09:34 > 0:09:38'and runs his own plastering company with his two sons.
0:09:38 > 0:09:42'But it was Eddie and his hairdresser daughter, Sam, I met
0:09:42 > 0:09:45'back at the property to hear about their plans.'
0:09:45 > 0:09:48- Eddie, Sam, lovely to meet you both. - Pleased to meet you.
0:09:48 > 0:09:50- Congratulations.- Thank you.
0:09:50 > 0:09:52Tell me why you wanted to buy this place.
0:09:52 > 0:09:56Well, we seen it in the auction. We got the booklet.
0:09:56 > 0:09:58And I come and had a look at it, viewed it,
0:09:58 > 0:10:00and I fell in love with the place.
0:10:00 > 0:10:02I thought there was a lot of potential in it, you know,
0:10:02 > 0:10:04to do it up. I know there's a lot needed doing to it,
0:10:04 > 0:10:07but I know I can do it because I've done it before.
0:10:07 > 0:10:11- So, what about you, Sam? What do you think of it?- I really like it.
0:10:11 > 0:10:13I think there is a lot of potential in here.
0:10:13 > 0:10:15- It's got scope, hasn't it? - Yeah.- It's big.
0:10:15 > 0:10:18- I do like it. - So, why have you bought it?
0:10:18 > 0:10:20Well, we bought it cos...
0:10:20 > 0:10:23I've done three houses up before this, this is my fourth one.
0:10:23 > 0:10:25It is for me and my wife Liz
0:10:25 > 0:10:27- to move into.- Great.
0:10:27 > 0:10:30You know, we'll see how we go on, but we will do it up
0:10:30 > 0:10:33and we'll probably live in it anyway rather than sell it. Depending,
0:10:33 > 0:10:37- you know, see what profits are at the end of it.- Right.
0:10:37 > 0:10:41- You'll make the decision at that time.- Absolutely, yeah.
0:10:41 > 0:10:45'Eddie's plastering skills will come in handy for this place.
0:10:45 > 0:10:49'He does a lot of work for the local council with his two sons, Jed
0:10:49 > 0:10:50'and David.
0:10:50 > 0:10:54'And this is the fourth property they will be helping out on.
0:10:54 > 0:10:57'But it is not just the boys who'll be lending a hand
0:10:57 > 0:10:58'on this renovation project.'
0:11:00 > 0:11:02So, what is your involvement in it going to be, Sam?
0:11:02 > 0:11:06Well, more like the decor and things like that, design.
0:11:06 > 0:11:10Painting, fittings and fixtures, you know, things like that.
0:11:10 > 0:11:13- And have you done any of this kind of stuff before?- Yeah,
0:11:13 > 0:11:15and I did my own house, which was the last house my dad bought.
0:11:15 > 0:11:18What did you think about the interesting design features here
0:11:18 > 0:11:21when you saw them? For instance, this amazing thing in the kitchen.
0:11:21 > 0:11:24Yeah, I did like this, cos it's very retro.
0:11:24 > 0:11:27But then again my dad wasn't really liking it cos it's a bit old
0:11:27 > 0:11:30and looks like it's going to fall down or something.
0:11:30 > 0:11:33- I think it is holding the ceiling up.- I do like it.
0:11:33 > 0:11:35Yeah, it's pretty funky.
0:11:35 > 0:11:36It's something different.
0:11:36 > 0:11:39It'll be funky in the skip when they get the skip.
0:11:39 > 0:11:41So, tell me what you're going to do to sort it out.
0:11:41 > 0:11:43I'm going to strip it all down, back to the bare brick.
0:11:43 > 0:11:45I'm going to make sure all the joists
0:11:45 > 0:11:48and the soffits and the beams are all in their right places,
0:11:48 > 0:11:51they're holding everything up. Then get it rewired, replastered.
0:11:51 > 0:11:54Obviously, the plumbing needs done. A new kitchen.
0:11:54 > 0:11:55We'll put an extension on the back,
0:11:55 > 0:11:58wrap it round the back, maybe to the side.
0:11:58 > 0:12:01So, make it a bit wider here so we can push the kitchen further back.
0:12:01 > 0:12:03Is that a two-storey extension you are thinking about putting up?
0:12:03 > 0:12:05No, just a single storey.
0:12:05 > 0:12:07We've got enough upstairs - three bedrooms and a bathroom.
0:12:08 > 0:12:13'It all sounds really exciting. Eddie's plans seem sensible, too.
0:12:13 > 0:12:16'I get the impression he is already on to this structural issues,
0:12:16 > 0:12:19'but what about that crack upstairs?'
0:12:19 > 0:12:22That is basically rested on the joist.
0:12:22 > 0:12:24The first thing that'll happen
0:12:24 > 0:12:26is we'll back up the joist upstairs for the loft.
0:12:26 > 0:12:27- Support it.- Support it, yeah.
0:12:27 > 0:12:29I'll take that down and we'll put
0:12:29 > 0:12:31a steady wall up that sticks all the way
0:12:31 > 0:12:33up to the joist between the floors.
0:12:33 > 0:12:36It's quite a big programme. Any idea how much it will cost to do that?
0:12:36 > 0:12:39Well, I've got a budget of between 20 and 30 grand.
0:12:39 > 0:12:41I would have thought it'd be at the top end of that.
0:12:41 > 0:12:43And the timescale for sorting that?
0:12:43 > 0:12:45Six months, maybe. Six to eight months, you know.
0:12:45 > 0:12:48- I say eight at the tops.- At what point do you get involved, Sam?
0:12:48 > 0:12:53Well, straightaway, really. Colour-wise and things like that.
0:12:53 > 0:12:56I suppose shopping around for wallpapers, light fittings,
0:12:56 > 0:12:58things like that.
0:12:58 > 0:13:01- Are your sons going to get involved, as well?- Definitely, yeah.
0:13:01 > 0:13:04They'll be stripping it down, getting it to the brickwork,
0:13:04 > 0:13:06filling all the skips up, getting everything ready for all
0:13:06 > 0:13:09the different trades that are going to come in and do what needs doing.
0:13:09 > 0:13:12Well, congratulations. Good luck.
0:13:12 > 0:13:15We look forward to seeing how you both transform it.
0:13:17 > 0:13:21Well, Sam and Eddie certainly have got their work cut out to sort
0:13:21 > 0:13:23this place out, but they have got the experience
0:13:23 > 0:13:25to make a success of it.
0:13:25 > 0:13:27One thing, though,
0:13:27 > 0:13:28I think this beautiful little feature
0:13:28 > 0:13:30may well be destined for the skip.
0:13:30 > 0:13:33You can find out later in the show.
0:13:38 > 0:13:43Today, I am in the residential area of Harringay, in North East London.
0:13:43 > 0:13:46Running through its centre is Green Lanes,
0:13:46 > 0:13:48one of the longest streets in London.
0:13:48 > 0:13:52The seven-and-a-half mile stretch is a lively and cosmopolitan area,
0:13:52 > 0:13:56known for its community spirit, shops and restaurants -
0:13:56 > 0:14:00all just a hop, skip and a jump from today's auction lot.
0:14:02 > 0:14:05This is definitely an area that people go for
0:14:05 > 0:14:08if they are not flush enough yet to purchase in the slightly more
0:14:08 > 0:14:12desirable Harringay Ladder area, which is just up the road.
0:14:12 > 0:14:15It is also a great place to live despite not having
0:14:15 > 0:14:16its own tube station.
0:14:16 > 0:14:20And in some ways, well, that makes it stand out from the other
0:14:20 > 0:14:21more anonymous parts of London.
0:14:21 > 0:14:25So, how could there possibly be any sort of property on a street
0:14:25 > 0:14:29like this for a guide price of, wait for it, £40,000?
0:14:31 > 0:14:34Well, you guessed it, this is it.
0:14:34 > 0:14:38It is just a garage squashed in between these two houses.
0:14:42 > 0:14:46I want to see what's out back, but with no access I can find
0:14:46 > 0:14:49and no neighbours at home to let me sneak a peek,
0:14:49 > 0:14:51I'll have to attack from the front.
0:14:51 > 0:14:52However...
0:14:52 > 0:14:56# I've been locked out I've been locked in
0:14:56 > 0:15:00# But I always seem to come back again
0:15:00 > 0:15:02# The bad news... #
0:15:02 > 0:15:05The bad news is, no matter how hard I try,
0:15:05 > 0:15:08I can't get into this garage. But the good news is,
0:15:08 > 0:15:11the Planning Commission has been granted for the demolition
0:15:11 > 0:15:16of this old garage and the building of one two-storey, two-bedroom house.
0:15:16 > 0:15:19Now, given that people around here don't want to change
0:15:19 > 0:15:22the overall look of this rather distinctive area
0:15:22 > 0:15:24and have put a pot of pressure on the council,
0:15:24 > 0:15:28this is very good news for whoever purchases this
0:15:28 > 0:15:30because they can start work without delay.
0:15:32 > 0:15:34So, for that £40,000 guide price,
0:15:34 > 0:15:38you are not just getting the site, but also the often tricky task
0:15:38 > 0:15:41of getting planning permission has been done for you.
0:15:41 > 0:15:46And you get to build a two-storey house on this lovely, quiet street.
0:15:46 > 0:15:49# It's oh-so-quiet... #
0:15:49 > 0:15:53Well, it's quiet now, anyway.
0:15:53 > 0:15:56You'd never have thought that this street was once a busy,
0:15:56 > 0:16:01bumper-to-bumper bypass from Tottenham to Finsbury Park.
0:16:01 > 0:16:04However, since these little chaps here have been installed
0:16:04 > 0:16:08by the council, it is estimated that prices on this street
0:16:08 > 0:16:11have increased by 25% in value.
0:16:12 > 0:16:15Talking of which, the plans for the new build
0:16:15 > 0:16:17include a small front and rear garden.
0:16:17 > 0:16:21But ironically, considering this is a garage site,
0:16:21 > 0:16:24it is firmly stipulated that the new owner
0:16:24 > 0:16:28would not be eligible for residential parking permit.
0:16:28 > 0:16:30And commuter territory or not,
0:16:30 > 0:16:33that would definitely put some people off.
0:16:33 > 0:16:36So, what does the local estate agent think you could get
0:16:36 > 0:16:39for the cost of the garage?
0:16:39 > 0:16:41The great thing about this particular property
0:16:41 > 0:16:43is it comes with full planning permission,
0:16:43 > 0:16:47so it's possible to build a two-bedroom house in there.
0:16:47 > 0:16:49A lot of the properties of already been converted years ago
0:16:49 > 0:16:52and the council put a stop on converting,
0:16:52 > 0:16:56giving planning permission to properties that had a percentage
0:16:56 > 0:16:57of flats already.
0:16:57 > 0:17:00So, it's quite difficult and it's quite an achievement to get that.
0:17:00 > 0:17:02Speaking of achievements,
0:17:02 > 0:17:05once a two-bedroom house has been built here,
0:17:05 > 0:17:07what could it sell on for?
0:17:07 > 0:17:10I think £275,000 would be achievable.
0:17:10 > 0:17:15And it's the price that a very, very good two-bedroom garden flat
0:17:15 > 0:17:17would go for in the Harringay Ladder, for example.
0:17:17 > 0:17:20And the potential rental returns?
0:17:20 > 0:17:23It is a strong rental market round here
0:17:23 > 0:17:26and I think £1,200 per calendar month would be achievable.
0:17:26 > 0:17:30For a guide of £40,000 with planning permission to build
0:17:30 > 0:17:33a house here, how can you go wrong?
0:17:33 > 0:17:37Who saw its potential on auction day? Let's find out.
0:17:41 > 0:17:44So, who would like to get me started on this? Lot 113.
0:17:44 > 0:17:4640 I've got.
0:17:46 > 0:17:4841. 42. 43.
0:17:48 > 0:17:5244. 45. 46.
0:17:52 > 0:17:5547. 48. 49.
0:17:55 > 0:17:5750,000.
0:17:57 > 0:17:5951. 52.
0:17:59 > 0:18:0153. 54.
0:18:01 > 0:18:0455. 56. 57.
0:18:04 > 0:18:06There was a surprising amount of interest in this garage
0:18:06 > 0:18:10on auction day, so we rejoined the bidding a little later.
0:18:11 > 0:18:1482, new place. 83.
0:18:14 > 0:18:1782.5. 83. And 500?
0:18:17 > 0:18:19No? All right.
0:18:19 > 0:18:21Anybody else for Lot 113?
0:18:21 > 0:18:24If not, 83 for the first,
0:18:24 > 0:18:2683 for the second,
0:18:26 > 0:18:2883 for the third and final time.
0:18:28 > 0:18:31All done? Sold, 83, well bought.
0:18:31 > 0:18:36That successful bid of 83,000, more than twice the guide price,
0:18:36 > 0:18:39was made by Eugene.
0:18:39 > 0:18:40Originally from Russia,
0:18:40 > 0:18:42he is a construction project manager.
0:18:42 > 0:18:45So, he may know his tiling from his timber,
0:18:45 > 0:18:47but this is the first time he has purchased something
0:18:47 > 0:18:49to develop himself.
0:18:49 > 0:18:54I've met him outside, obviously, to get the gossip on this garage.
0:18:54 > 0:18:56# Hey, Eugene
0:18:56 > 0:18:58# Do you remember me? #
0:18:58 > 0:19:02Eugene, this is an interesting auction lot, isn't it?
0:19:02 > 0:19:04It is a very interesting lot.
0:19:04 > 0:19:08I mean, you wouldn't think there would be a garage situated there.
0:19:08 > 0:19:12Absolutely. As you can see, it's just a row of terrace houses.
0:19:12 > 0:19:16So, how did you stumble across this and what made you want to buy it?
0:19:16 > 0:19:19What made me buy it is the guide price.
0:19:19 > 0:19:21As you know, it was just 40,000,
0:19:21 > 0:19:24but I paid double, unfortunately.
0:19:24 > 0:19:27I didn't thought I going to stretch that far.
0:19:27 > 0:19:29So, come on, tell me the truth,
0:19:29 > 0:19:31- how much were you going to spend on auction day?- 60.
0:19:31 > 0:19:34- 60 and you spent 80?- 83.
0:19:34 > 0:19:36- 83,000!- Yes.
0:19:36 > 0:19:40Thinking about it now, I think I've done quite well, actually.
0:19:40 > 0:19:45Taking in consideration prices and the local neighbourhood,
0:19:45 > 0:19:46I think I got a bargain.
0:19:46 > 0:19:50'And what really helps make this place a bargain is that crucial
0:19:50 > 0:19:52'planning permission.
0:19:52 > 0:19:55'Having that in place, will save Eugene a lot of time
0:19:55 > 0:19:59'and energy, and means he can get cracking right away.
0:19:59 > 0:20:03'However, since he has been involved in so many builds in the past,
0:20:03 > 0:20:06'did the plans for this place meet his expectations?'
0:20:06 > 0:20:11# The garage, the garage-rage The garage, the garage-rage. #
0:20:13 > 0:20:16So, did you look at the planning and look at the actual plans
0:20:16 > 0:20:19and think that is the exact house I would like to build there?
0:20:19 > 0:20:21Exactly, yeah.
0:20:21 > 0:20:27When I looked at the plans, I saw how fantastically it's been done,
0:20:27 > 0:20:31because the architect squeezed two-bedrooms
0:20:31 > 0:20:35into this tiny, little garage.
0:20:35 > 0:20:38I mean, it's incredible, it is just a garage.
0:20:38 > 0:20:40It's going to be a very slight house, isn't it?
0:20:40 > 0:20:41It's going to be a very slim house.
0:20:41 > 0:20:44Yet I think it's going to be a beautiful house.
0:20:44 > 0:20:47Any chance you may live in the house yourself?
0:20:47 > 0:20:49Actually, that was the plan,
0:20:49 > 0:20:54but I'm not entirely sure now because
0:20:54 > 0:20:58on the planning, it says no parking.
0:20:58 > 0:21:00I'm not allowed to have a parking permit.
0:21:00 > 0:21:03As you can see, it is all permitted parking.
0:21:03 > 0:21:06So, I've got vehicles
0:21:06 > 0:21:09and I'm not sure I'm going to keep this property now.
0:21:09 > 0:21:11But I haven't decided yet.
0:21:11 > 0:21:15'Mm, it seems as if Eugene didn't do his detailed
0:21:15 > 0:21:18'pre-auction research as he should have.
0:21:18 > 0:21:21'The lack of parking has impacted on his idea of living
0:21:21 > 0:21:25'on the former garage site himself. Because it is such a small space,
0:21:25 > 0:21:31'he hopes to keep his bill costs to a relatively low 40 to 60,000.
0:21:31 > 0:21:33'And completed within five months.
0:21:33 > 0:21:37'So, I think the numbers should still stack up.
0:21:37 > 0:21:40'And of course, there is the exciting challenge of the build ahead.'
0:21:40 > 0:21:42What is it going to be like inside?
0:21:42 > 0:21:44How would you describe what it's going to be like?
0:21:44 > 0:21:48It sounds ridiculous - I'll try and make it as roomy as possible.
0:21:48 > 0:21:50It will be quite a unique property.
0:21:50 > 0:21:52It will be the only thing of its kind down this road, won't it?
0:21:52 > 0:21:53Yes, absolutely.
0:21:53 > 0:21:58Completely different look compared to houses next door to it.
0:21:58 > 0:22:00Yes.
0:22:00 > 0:22:03It's not going to have that classic Victorian bay window, is it?
0:22:03 > 0:22:05It will be very modern.
0:22:05 > 0:22:09'A brand-new property sandwiched in-between Victorian terraces may be
0:22:09 > 0:22:12'a little unusual, but it is certainly going to be a vast
0:22:12 > 0:22:17'improvement on an old garage plonked in the middle of this lovely road.'
0:22:19 > 0:22:21Now, what do you know about this road, as well?
0:22:21 > 0:22:23Because chatting to some of the local residents, apparently,
0:22:23 > 0:22:27since the bollards have gone up, it has become much quieter,
0:22:27 > 0:22:28a more residential street.
0:22:28 > 0:22:33Was it? I don't know. It is the first time in my life I'm on this street.
0:22:33 > 0:22:36So, why did you take such a massive gamble on auction day?
0:22:36 > 0:22:38I don't think it was a gamble.
0:22:38 > 0:22:42Because as I said, I've seen the planning application,
0:22:42 > 0:22:44I've seen the drawings, I've seen the pictures,
0:22:44 > 0:22:46and it was no reason
0:22:46 > 0:22:50to come here and waste my time, because it's a garage is, isn't it?
0:22:50 > 0:22:53It is going to be very, very exciting seeing a house go up
0:22:53 > 0:22:55in a garage's place. Good luck.
0:22:55 > 0:22:58- Thank you very much.- Thank you.
0:22:58 > 0:23:00Eugene took a huge risk.
0:23:00 > 0:23:02He bought this garage without seeing it first.
0:23:02 > 0:23:07And has later find out, ironically, there is no parking with his garage.
0:23:07 > 0:23:11So, he can't live here because of his work vehicles.
0:23:11 > 0:23:14You see, you cannot underestimate the power of good,
0:23:14 > 0:23:16thorough research.
0:23:16 > 0:23:20Now, he spent more than anticipated on auction day, so let's hope
0:23:20 > 0:23:24he sticks to his budget and still walks away with a profit.
0:23:24 > 0:23:28You can find out what happens to Eugene later on in the programme.
0:23:28 > 0:23:33Coming up in Plymouth, remember that although problems
0:23:33 > 0:23:36in some houses are easily spotted,
0:23:36 > 0:23:39other times you've got to be a bit of a super sleuth.
0:23:39 > 0:23:45Back in London, Eugene is now designing his outside space.
0:23:45 > 0:23:49I'm planning to have a bit of...an English garden.
0:23:51 > 0:23:53But first, we return to Manchester,
0:23:53 > 0:23:55where there's good news.
0:23:55 > 0:23:57It is absolutely stunning.
0:23:57 > 0:23:59I can't believe somebody has done such an impressive job.
0:24:02 > 0:24:06'Back now to Blackley, Manchester, where earlier in the programme,
0:24:06 > 0:24:12'Eddie, who lives locally, bought this semi for £65,500.
0:24:14 > 0:24:17'His daughter, Sam, was going to help, and Eddie,
0:24:17 > 0:24:19'who owns a plastering company with his two sons,
0:24:19 > 0:24:24'planned a single-storey extension at the rear and a major refurbishment
0:24:24 > 0:24:27'before moving in with his wife, Liz.
0:24:27 > 0:24:32'The house had some serious structural issues to address,
0:24:32 > 0:24:36'but Eddie had fallen in love with it and reckoned it was a good buy.'
0:24:36 > 0:24:37Tell me why you wanted to buy this place.
0:24:37 > 0:24:41Well, a lot of potential in it. You know, to do it up.
0:24:41 > 0:24:43I know there's a lot that needs doing to it,
0:24:43 > 0:24:45but I know I can do it because I've done it before.
0:24:45 > 0:24:48'Eddie set a timescale of six to eight months.
0:24:50 > 0:24:54'Well, it's now 15 months later and we're back.'
0:25:04 > 0:25:05Wow!
0:25:05 > 0:25:08The semi has been completely transformed,
0:25:08 > 0:25:12with a stunning double-storey extension to the side
0:25:12 > 0:25:14and a single-storey extension at the rear.
0:25:16 > 0:25:18It looks like Eddie has had a major change of plan.
0:25:18 > 0:25:21I can't wait to see inside.
0:25:29 > 0:25:34A fantastic living area stretches from front to back.
0:25:38 > 0:25:41And just take a look at that kitchen.
0:25:44 > 0:25:49It is the family's pride and joy, as Sam explains.
0:25:49 > 0:25:52Well, the kitchen is my most favourite part of the house.
0:25:52 > 0:25:55We have got more of a fashionable feel in here.
0:25:55 > 0:25:593-D effects with the black cupboards, the white walls
0:25:59 > 0:26:01and the light, nice granite worktop,
0:26:01 > 0:26:04and it is my most favouritist part of the house.
0:26:05 > 0:26:09The house now flows beautifully from the kitchen to the conservatory
0:26:09 > 0:26:12and back round to the living room.
0:26:14 > 0:26:17Upstairs, turn left into the two-storey side extension
0:26:17 > 0:26:18and this lovely
0:26:18 > 0:26:23master bedroom has been created for Eddie and his wife, Liz...
0:26:26 > 0:26:27..with its own en suite.
0:26:29 > 0:26:32This is the en suite bathroom that is connected to the new bedroom
0:26:32 > 0:26:34on the new extension.
0:26:34 > 0:26:38So, this is our own personal space, which basically Sam designed.
0:26:38 > 0:26:41We've got the walk-in shower, we've got the sink,
0:26:41 > 0:26:44we've got the toilet, the warm colour scheme that Sam picked out.
0:26:44 > 0:26:46And we're very happy with it.
0:26:48 > 0:26:51The original three bedrooms in the house
0:26:51 > 0:26:54have been completely refurbished.
0:26:54 > 0:26:58Steel supports were added to fix those structural issues.
0:26:59 > 0:27:02The wall under the bay window has been rebuilt and Eddie
0:27:02 > 0:27:06and his sons have replastered the whole house.
0:27:06 > 0:27:08And it is a quality job, boys.
0:27:09 > 0:27:14Eddie has changed the bathroom and Sam chose the colour scheme.
0:27:15 > 0:27:18It looks very smart.
0:27:19 > 0:27:21Eddie had a delay at the start,
0:27:21 > 0:27:24when he decided to go large on his new home.
0:27:24 > 0:27:27He ended up submitting planning applications three times
0:27:27 > 0:27:30while he waited for the revised building regulations
0:27:30 > 0:27:32and planning permission.
0:27:32 > 0:27:35So, once work began, did he do as much as he'd planned?
0:27:35 > 0:27:37Yeah, I was here every day.
0:27:37 > 0:27:42I was here from seven to, say, eight or nine o'clock at night most nights.
0:27:42 > 0:27:47Joiners and bricklayers and plumbers and electricians in.
0:27:47 > 0:27:49But all of the rest of the work, I've done it myself.
0:27:49 > 0:27:53'Well, I've got to hand it to you, Eddie, you've done an awesome job,
0:27:53 > 0:27:57'and daughter Sam has been involved in the interior design.'
0:27:57 > 0:28:01We've gone for more of a fashionable feel in there
0:28:01 > 0:28:03over the rest of the house. We have also, in the bathroom,
0:28:03 > 0:28:05gone for that funky sort of look.
0:28:05 > 0:28:07But, obviously, you've got other parts of the house
0:28:07 > 0:28:11that are quite neutral and quite mild and chilled and calm.
0:28:11 > 0:28:15'So, has Eddie remained mild and chilled and calm
0:28:15 > 0:28:18'when it came to the costs here?'
0:28:18 > 0:28:22Right, the original budget was between 20,000 and 30,000.
0:28:22 > 0:28:26Uh...we're nowhere near that. It has just gone way over that one!
0:28:26 > 0:28:29We're probably looking at between, probably about...
0:28:29 > 0:28:32probably what I paid for the house, about 65 again.
0:28:32 > 0:28:35So, it is probably about 130,000.
0:28:35 > 0:28:37You know, buying it and doing it up.
0:28:37 > 0:28:39And the work is almost finished.
0:28:39 > 0:28:41There is just the new garage at the back
0:28:41 > 0:28:44that is waiting to be tiled.
0:28:44 > 0:28:47At the front of the extension on the ground floor,
0:28:47 > 0:28:50there's an office, and Eddie has also put in a downstairs loo.
0:28:52 > 0:28:55So, adding the extensions has certainly generated lots
0:28:55 > 0:28:58of accommodation for Eddie and his expanding family.
0:28:58 > 0:29:01We have done the en suite bedroom and the bathroom.
0:29:01 > 0:29:04That is mine and Liz's, we're going to live there.
0:29:04 > 0:29:05The three bedrooms in the original part -
0:29:05 > 0:29:07the grandkids and my daughter can stay.
0:29:07 > 0:29:11You know, there's plenty room for anybody.
0:29:11 > 0:29:13With the barbecue ready, there's no shortage
0:29:13 > 0:29:14of takers from Eddie's family.
0:29:14 > 0:29:16Time to see if he has invested
0:29:16 > 0:29:20his £130,000 wisely.
0:29:21 > 0:29:25What do two local estate agents make of this skilful renovation?
0:29:25 > 0:29:27It is absolutely stunning.
0:29:27 > 0:29:31I can't believe somebody has done such an impressive job.
0:29:31 > 0:29:32They have put a lot of hard work,
0:29:32 > 0:29:34and a lot of vision has gone into this.
0:29:34 > 0:29:36It is spectacular now.
0:29:36 > 0:29:37The property is absolutely immaculate.
0:29:37 > 0:29:40It has been extended, enlarged.
0:29:40 > 0:29:41It has been re-fitted,
0:29:41 > 0:29:44new kitchen, new bathrooms. A few bits
0:29:44 > 0:29:46and pieces left to finish off, but it's a lovely house.
0:29:46 > 0:29:48'Eddie plans to move in.
0:29:48 > 0:29:50'But if he were to let it,
0:29:50 > 0:29:55'he could make between £650 and £700 per calendar month,
0:29:55 > 0:30:00'a potential yield of six to almost 6.5%. So, that's another option.'
0:30:01 > 0:30:05- That's all right.- That's good. - I'm happy with that.- Definitely.
0:30:05 > 0:30:09What could this place be worth if sold now that it's finished?
0:30:09 > 0:30:14More than the £130,000 Eddie reckons he spent here?
0:30:14 > 0:30:16The property needs a bit of finishing off,
0:30:16 > 0:30:18but if it's all finished, I would expect
0:30:18 > 0:30:21to put it on the market at about £135,000.
0:30:21 > 0:30:25I would put it now in the value of at least £150,000.
0:30:25 > 0:30:28'Those valuations would make a gross profit
0:30:28 > 0:30:32'of between £5,000 and £20,000 before expenses and costs.'
0:30:34 > 0:30:37- Woo!- That's all right, yeah. - Well done!
0:30:37 > 0:30:40'So, a very impressive result.
0:30:40 > 0:30:44'Eddie was brave enough to take on a really tricky property,
0:30:44 > 0:30:48'but with a fabulous new extension, he's created a lovely family home.'
0:30:48 > 0:30:50What next?
0:30:50 > 0:30:51I've got the house of my dreams now
0:30:51 > 0:30:54- and I think we've done it the way we want to do it.- That's it.
0:30:54 > 0:30:57I want to move in and I'm going to chill out and enjoy it.
0:30:57 > 0:30:59Yeah.
0:31:01 > 0:31:05Well, today I am here to see a property in Stoke,
0:31:05 > 0:31:07but not Stoke-on-Trent, Staffordshire,
0:31:07 > 0:31:09that's around 240 miles away.
0:31:09 > 0:31:12Because I am actually in Stoke, Plymouth, Devon.
0:31:12 > 0:31:15However, there is a link with the potteries,
0:31:15 > 0:31:17because when I saw the auction catalogue for this one,
0:31:17 > 0:31:20my eyes definitely didn't glaze over.
0:31:20 > 0:31:23In fact, I got into a bit of a spin.
0:31:23 > 0:31:26Let's hope it has got me all fired up when I see inside.
0:31:26 > 0:31:30# Take me into the fight
0:31:30 > 0:31:33# And I am an easy brother. #
0:31:33 > 0:31:35Just over two miles from Plymouth,
0:31:35 > 0:31:40the suburb of Stoke is a residential area with lots of hills.
0:31:40 > 0:31:45Judging by the local terrain, you're going to need a lot of puff.
0:31:45 > 0:31:50And here it is - a two-bedroomed, mid-terrace.
0:31:50 > 0:31:54Now, a similar property to this is currently on sale
0:31:54 > 0:31:58in this street for £119,000.
0:31:58 > 0:32:03This one went to the auction with a guide price of just £65,000.
0:32:03 > 0:32:05Oh, tempting!
0:32:05 > 0:32:06# Temptation!
0:32:06 > 0:32:08# Keep climbing higher and higher
0:32:08 > 0:32:10# Temptation! #
0:32:10 > 0:32:13OK, so there is some remedial work
0:32:13 > 0:32:15to be getting on with outside,
0:32:15 > 0:32:18but that shouldn't cost too much to put right.
0:32:18 > 0:32:21The roof looks in good order and the windows are double-glazed.
0:32:21 > 0:32:23Will the inside be as tempting?
0:32:23 > 0:32:28So, what layout is in store behind the door?
0:32:28 > 0:32:30Well, the corridor down here, fairly standard.
0:32:30 > 0:32:32Front sitting room there.
0:32:32 > 0:32:35Nice to see you've got a nice, open fire. Obviously,
0:32:35 > 0:32:37it needs a bit of sorting out.
0:32:37 > 0:32:38Stairs in a very sensible place, there,
0:32:38 > 0:32:42up to your two bedrooms and through to a rear living room area.
0:32:42 > 0:32:44Again, nice to see an open fire.
0:32:44 > 0:32:47It doesn't look very good now, but open that up and it will be lovely.
0:32:47 > 0:32:50And then it is one of THOSE kind of houses, you know the ones.
0:32:50 > 0:32:53You come all the way through to the back, this is where your kitchen is,
0:32:53 > 0:32:55the worst part of the house for sure,
0:32:55 > 0:32:57and, even worse, I suppose,
0:32:57 > 0:33:00at the end there, that's your bathroom. It isn't big enough
0:33:00 > 0:33:01for a bath, only got a shower.
0:33:01 > 0:33:05So, this is where you're going to have to focus your efforts.
0:33:05 > 0:33:08# All I want
0:33:08 > 0:33:10# From you
0:33:10 > 0:33:13# Is some effort. #
0:33:13 > 0:33:16'To get the most out of this property that went to auction guided
0:33:16 > 0:33:21'at 65,000, I reckon a layout change is worth considering.
0:33:21 > 0:33:25'What about moving the kitchen into the second reception room
0:33:25 > 0:33:27'to create a small kitchen/diner?
0:33:27 > 0:33:30'You could then increase the size of the shower room
0:33:30 > 0:33:32'to incorporate a bath.
0:33:32 > 0:33:37'What's left of the former kitchen could be made into a utility room.
0:33:37 > 0:33:39'Upstairs, there are two bedrooms.
0:33:39 > 0:33:42'They're not huge, but have their own fireplaces
0:33:42 > 0:33:45'and quite a bit of character.
0:33:45 > 0:33:49'And hidden away, there may be period features.
0:33:49 > 0:33:50'Outside, there is a paved area,
0:33:50 > 0:33:52'not to the most inspiring of gardens,
0:33:52 > 0:33:54'but if you wanted to let the house,
0:33:54 > 0:33:59'the important thing is that it is low maintenance.
0:33:59 > 0:34:03'Back inside, I've made an unwelcome discovery.'
0:34:03 > 0:34:06Now, sometimes we look round houses,
0:34:06 > 0:34:10things stare out at you and they are very obvious,
0:34:10 > 0:34:13other times you have got to be a bit of a super sleuth.
0:34:13 > 0:34:15For instance, here in the front room,
0:34:15 > 0:34:17quick glance, everything's fine.
0:34:17 > 0:34:20And yet, well, what is that in the corner? Hm, don't know.
0:34:20 > 0:34:23Just get down on your hands and knees and have a closer look.
0:34:23 > 0:34:25Pull back carpets and,
0:34:25 > 0:34:28look at that, we have got something really horrible going on here.
0:34:28 > 0:34:33My guess is, outside there is probably a problem
0:34:33 > 0:34:35with the drains or something like that
0:34:35 > 0:34:38and the result is that it's actually come into here.
0:34:38 > 0:34:41As you can see, that is quite nasty.
0:34:41 > 0:34:45Lots and lots of crumbling wood. Yuck!
0:34:45 > 0:34:49And who knows what has happened to the floorboards, the joists, etc.
0:34:49 > 0:34:51That needs to be investigated. And as I said,
0:34:51 > 0:34:55you could easily have missed that if you weren't on your guard.
0:34:55 > 0:35:00Finding dry rot is never a good sign, but it is fixable...
0:35:00 > 0:35:01at a cost.
0:35:01 > 0:35:03'To find out more
0:35:03 > 0:35:05'about the potential for this place, we invited
0:35:05 > 0:35:09'a local estate agent to come and have a look around.
0:35:09 > 0:35:10'What does he think of it?'
0:35:12 > 0:35:13I think it's a nice property, actually.
0:35:13 > 0:35:15I believe that, two bedrooms,
0:35:15 > 0:35:18it's exactly the sort of property that people want in this area.
0:35:18 > 0:35:21It is of a good size and still got a lot of character.
0:35:21 > 0:35:23The layout is far from ideal, but if you move the kitchen,
0:35:23 > 0:35:25as I suggested, that would help.
0:35:25 > 0:35:29But what about the bathroom having to remain on the ground floor?
0:35:29 > 0:35:33A downstairs shower room here is very common for the area.
0:35:33 > 0:35:36A lot of people do sometimes move them upstairs, however,
0:35:36 > 0:35:38I do think that it's not a problem
0:35:38 > 0:35:40whether you'll sell or rent the property.
0:35:40 > 0:35:42A downstairs shower room should be fine.
0:35:42 > 0:35:44That's encouraging news,
0:35:44 > 0:35:47but how much could someone achieve with this as a rental?
0:35:47 > 0:35:50If he were to rent this property, I believe he'd be love to achieve
0:35:50 > 0:35:54between £550 per calendar month and £600 per calendar month.
0:35:54 > 0:35:58So, what could it sell for after a full refurbishment?
0:35:59 > 0:36:02When renovated, I feel this property would achieve
0:36:02 > 0:36:06between £105,000 and £115,000.
0:36:06 > 0:36:11Well, don't let the modest exterior of this place fool you.
0:36:11 > 0:36:13It does actually pack a financial punch.
0:36:13 > 0:36:16Whether you would want to do it up
0:36:16 > 0:36:20and sell it on or possibly keep it and rent it out, it works both ways.
0:36:20 > 0:36:23Let's see who fancied it when it went under the hammer.
0:36:23 > 0:36:25Lot 239, ladies and gentlemen.
0:36:25 > 0:36:29This is a mid-terrace, two-bed house
0:36:29 > 0:36:31in need of complete modernisation.
0:36:31 > 0:36:33Guided here at £65,000.
0:36:33 > 0:36:37Would somebody like to start at £65,000?
0:36:37 > 0:36:40£65,000 on the phone then. 70.
0:36:40 > 0:36:44Or two. Yeah? 67?
0:36:44 > 0:36:4767. 70 now.
0:36:47 > 0:36:5070 here. 72?
0:36:50 > 0:36:5272. 75?
0:36:52 > 0:36:5575. OK, thank you, sir. 75.
0:36:55 > 0:36:58Sorry? 76. 76.
0:36:58 > 0:37:0177 now. 77 there.
0:37:01 > 0:37:0678? 80? 80,000 there.
0:37:06 > 0:37:0882? No? 80,000, OK.
0:37:08 > 0:37:10I think you're out. Anyone else want to come in here?
0:37:10 > 0:37:12A half? £500?
0:37:12 > 0:37:1380,500.
0:37:13 > 0:37:15Can we say 82?
0:37:15 > 0:37:19No. I'll take the gentleman here who is in, sorry, with 81.
0:37:19 > 0:37:22It is £81,000 on the curtain, then.
0:37:22 > 0:37:24Yeah, sorry, hello?
0:37:24 > 0:37:2681.5 I'll take.
0:37:26 > 0:37:3082? 82 with the tube. 83?
0:37:30 > 0:37:3283. 84?
0:37:32 > 0:37:3584 here. 85? No? No?
0:37:35 > 0:37:3784 here.
0:37:37 > 0:37:38Thank you very much.
0:37:38 > 0:37:4185 now. 85. 86?
0:37:41 > 0:37:4486. 87? No?
0:37:44 > 0:37:47OK, it's with you, £86,000. That is the first.
0:37:47 > 0:37:51Second. Third. Last time.
0:37:52 > 0:37:54It's yours. £86,000.
0:37:54 > 0:38:00'It was Nick who made that final successful bid of £86,000.
0:38:00 > 0:38:03'He is originally from Plymouth and moved back from London
0:38:03 > 0:38:06'a couple of years ago to retire along with his family.
0:38:07 > 0:38:12'Over the last 20 years, he has built up a portfolio of buy-to-lets.
0:38:12 > 0:38:17'I met up with him at the property to find out his plans for this house.'
0:38:18 > 0:38:19Nick, congratulations.
0:38:19 > 0:38:23- Thank you.- Well done. Tell me why you wanted to buy this place.
0:38:23 > 0:38:28This is a property to do up. And hopefully, move on.
0:38:28 > 0:38:33I normally do rentals, this is a departure for me.
0:38:33 > 0:38:36So, I deliberately picked a fairly smallish project just really
0:38:36 > 0:38:40- to kick myself off into this world. - Right.
0:38:40 > 0:38:44What has prompted the move from renting out to doing up to sell on?
0:38:44 > 0:38:49Um... I've got quite an extensive portfolio of rental properties
0:38:49 > 0:38:54and I decided that really, sort of, when the family moved down here,
0:38:54 > 0:38:57that it was time to just diversify for a little bit.
0:38:57 > 0:39:02And try this as another venture to keep myself busy in retirement.
0:39:02 > 0:39:03So, why this little house?
0:39:03 > 0:39:07I just viewed that it was something that didn't need a huge amount
0:39:07 > 0:39:11of work doing to it to make it look nice and a good presentable property.
0:39:11 > 0:39:15'Nick has a team of builders who he knows standing by
0:39:15 > 0:39:18'and has already had them round for a quote.
0:39:19 > 0:39:23'But his proposed refurbishment costs have had to increase
0:39:23 > 0:39:27'from £8,000-£10,000 up to £10,000-£12,000,
0:39:27 > 0:39:29'as the cost of moving the bathroom
0:39:29 > 0:39:32'and the local labour rates were more than he had anticipated.
0:39:32 > 0:39:35'So, just what exactly has he got planned here?'
0:39:35 > 0:39:36This room here,
0:39:36 > 0:39:39I see this becoming a kitchen.
0:39:39 > 0:39:42I'm not moving the bathroom from out the back,
0:39:42 > 0:39:46but I do plan to extend that and put a bath with a shower in,
0:39:46 > 0:39:49because I view that if a young family is coming in here,
0:39:49 > 0:39:52possibly with the prospect of a baby.
0:39:52 > 0:39:54So, building an extension, then?
0:39:54 > 0:39:57No, I'm just going to come further into this area.
0:39:57 > 0:40:02- Oh, the existing kitchen.- Yeah. And then plumb for a small utility there.
0:40:02 > 0:40:04- OK.- Front room will be general decoration,
0:40:04 > 0:40:06probably put some nice oak flooring down.
0:40:06 > 0:40:09I like, sort of, wood floors and things like that.
0:40:09 > 0:40:14And then upstairs, I did look at whether to put in en suite upstairs.
0:40:14 > 0:40:15Both myself and my plumber
0:40:15 > 0:40:20decided that really it would take too much away and we thought
0:40:20 > 0:40:23people would refer probably two good-sized double bedrooms.
0:40:23 > 0:40:26- Now, what about the dry rot? - Yes, I am aware of that.
0:40:26 > 0:40:28I've got someone coming in this afternoon...
0:40:28 > 0:40:29- Oh, wow.- ..to look at that.
0:40:29 > 0:40:32I am hoping it is not too extensive.
0:40:32 > 0:40:35So, that is one thing I haven't factored into the budget.
0:40:35 > 0:40:38'That is something that catches many people out.
0:40:38 > 0:40:41'It is why a survey is so important,
0:40:41 > 0:40:46'because it helps you calculate a realistic budget and timescale.
0:40:46 > 0:40:48'Normally, Nick would strip the house out himself,
0:40:48 > 0:40:51'but as he and the family are heading off to Bangkok for a month's
0:40:51 > 0:40:55'holiday, he has got a team coming in to do the work.
0:40:56 > 0:40:59'He reckons the place should be ready to sell about six weeks after
0:40:59 > 0:41:02'they return from their holiday.
0:41:02 > 0:41:04Who has moved down with you? Has the whole family come?
0:41:04 > 0:41:06- My wife and two children.- Right.
0:41:06 > 0:41:07And how old are the lads?
0:41:07 > 0:41:10- Ten and seven.- Are they going to get involved in the renovations?
0:41:10 > 0:41:12- My 10-year-old already has. - Has he?- Yeah.
0:41:12 > 0:41:14He has got an eye for a deal.
0:41:14 > 0:41:16- You know?- An eye for a deal?
0:41:16 > 0:41:19- Oh, yeah, everything is a deal with my son.- Really?- Oh, yeah.
0:41:19 > 0:41:20Pocket money?
0:41:20 > 0:41:22Yeah, yeah. The first day,
0:41:22 > 0:41:24he asked me how much for a day's labour.
0:41:24 > 0:41:27I said, "Well, how much do you want?" He said, "A pound." I said, "Done."
0:41:27 > 0:41:31And he came back at me and said, "I came in too low, didn't I?"
0:41:31 > 0:41:32And I went, "Yeah, you did really."
0:41:32 > 0:41:36He said, "Will you pay me more?" I said, "No. A deal is a deal."
0:41:38 > 0:41:40'Well, a good lesson to learn for Nick's son, Henry.
0:41:40 > 0:41:43'Watch the money and don't undersell yourself,
0:41:43 > 0:41:46'whatever age you start property developing.
0:41:47 > 0:41:50'Nick has moved down to Plymouth to retire,
0:41:50 > 0:41:54'but it sounds like he has not ready to hang his hat up quite yet.'
0:41:54 > 0:41:58I'm hoping that if I can do two or three a year, maybe,
0:41:58 > 0:42:00it will keep me busy
0:42:00 > 0:42:04without putting me under too much pressure. I don't want
0:42:04 > 0:42:06to be under pressure, I just want to enjoy my retirement
0:42:06 > 0:42:08and have something to keep me occupied.
0:42:08 > 0:42:11- Good luck with it. Congratulations. - Thanks.- Have a nice holiday,
0:42:11 > 0:42:15- we look forward to seeing you when you get back.- Yes. See you then.
0:42:15 > 0:42:19Well, Nick is slightly worried he might have underestimated
0:42:19 > 0:42:25his budget. Maybe he anticipated that one pound a day labour charge.
0:42:25 > 0:42:28Well, maybe not. No, he seems to know what he is doing
0:42:28 > 0:42:29and he has got a good property here.
0:42:29 > 0:42:32How will he get on with his first property that he is buying to do up
0:42:32 > 0:42:33and sell on?
0:42:33 > 0:42:36You can find out later in the show.
0:42:39 > 0:42:41Now, Martin, it has been many months since we've last seen
0:42:41 > 0:42:42- the properties.- Yes.
0:42:42 > 0:42:46Have those renovations been plain sailing or bumpy rides?
0:42:46 > 0:42:48Let's find out.
0:42:48 > 0:42:52We head back to Harringay in North East London,
0:42:52 > 0:42:55where construction manager Eugene purchased
0:42:55 > 0:42:58this disused garage for 83,000.
0:42:59 > 0:43:02He paid over double the guide price at auction,
0:43:02 > 0:43:06but that is probably because it came with full planning permission
0:43:06 > 0:43:10for a two-bed house, enough to convince him to buy it.
0:43:10 > 0:43:13So, did you look at the planning and look at the actual plans
0:43:13 > 0:43:16and think, "That is the exact house I would like to build there."
0:43:16 > 0:43:17Exactly, yeah.
0:43:17 > 0:43:21When I looked at the plans, I saw how, um...
0:43:21 > 0:43:24fantastically it has been done,
0:43:24 > 0:43:30because an architect squeezed two bedrooms into this tiny,
0:43:30 > 0:43:32little garage.
0:43:32 > 0:43:35I mean, it's incredible, it is just a garage.
0:43:35 > 0:43:37It is going to be a very slight house, isn't it?
0:43:37 > 0:43:39Is going to be a very slim house.
0:43:39 > 0:43:42Yet I think it is going to be a beautiful house.
0:43:42 > 0:43:45'Eugene planned to demolish the garage and build a house
0:43:45 > 0:43:47'within five months.
0:43:47 > 0:43:50'We've come back 20 months after we first met
0:43:50 > 0:43:55'to see if he has been able to turn that garage into a great home.
0:44:08 > 0:44:13'Well, as far as unrecognisable goes, this certainly fits the bill.
0:44:13 > 0:44:17'Because squeezed into the garage's place is a slim fit,
0:44:17 > 0:44:22'brand spanking new two-storey house.
0:44:22 > 0:44:25'Upstairs, there is a contemporary shower room
0:44:25 > 0:44:28'with stylish fixtures and fittings.
0:44:30 > 0:44:32'And there are two bedrooms, one single to the rear
0:44:32 > 0:44:34'and a double to the front.
0:44:36 > 0:44:40'It was always going to be bijou, but Eugene has made it work in
0:44:40 > 0:44:44'a way that looks both minimalist and full of character at the same time.
0:44:47 > 0:44:51'While downstairs, you walk straight into the living space,
0:44:51 > 0:44:53'which leads into the kitchen.'
0:44:54 > 0:44:59Well, I've got a very limited space in the kitchen and I tried to squeeze
0:44:59 > 0:45:03every single appliance I could to make it as useful as possible.
0:45:03 > 0:45:05So, I've got a washing machine, dishwasher...
0:45:05 > 0:45:09I went for white, handless units simply because
0:45:09 > 0:45:13it is very simple, it is very easy on the eye and very practical.
0:45:13 > 0:45:15Unfortunately, you can't see any tiling
0:45:15 > 0:45:17because I haven't finished the tiling yet.
0:45:17 > 0:45:22'So, there are still a few finishing touches to add, and not just inside.
0:45:23 > 0:45:27'It is hard to afford a property in London which offers outside space,
0:45:27 > 0:45:31'so the rear garden that extends to these three posts
0:45:31 > 0:45:32'is a valuable asset.
0:45:32 > 0:45:35'Or will be once it is finished.'
0:45:35 > 0:45:38As you can see, we've got a very small space.
0:45:38 > 0:45:41It is more a yard rather than a garden.
0:45:41 > 0:45:43We've got a small patio here.
0:45:43 > 0:45:47Around the patio, I am planning to have...an English garden?
0:45:47 > 0:45:52So, I've got nice feel of green grass
0:45:52 > 0:45:53in my backyard.
0:45:53 > 0:45:54'It's small,
0:45:54 > 0:45:59'but Eugene is planning to utilise every single inch of it, especially
0:45:59 > 0:46:03'as despite his initial concerns over not being allowed a parking permit,
0:46:03 > 0:46:06'he has decided to live here himself.'
0:46:06 > 0:46:10Unfortunately, I cannot have parking here.
0:46:10 > 0:46:13So, I have to use my bicycle.
0:46:13 > 0:46:18But I think it is very good because it moves us to the green mentality.
0:46:19 > 0:46:23'Talk about a way to make it easy being green.
0:46:23 > 0:46:26'The project has taken much longer than planned, partly due
0:46:26 > 0:46:29'to a seven-month delay because of an issue
0:46:29 > 0:46:31'with one of the party walls.
0:46:31 > 0:46:35'This was resolved by Eugene building a secondary wall
0:46:35 > 0:46:38'on the right, against the neighbouring property.
0:46:38 > 0:46:41'This made his house even narrower,
0:46:41 > 0:46:45'but he's made the best of it, especially on the other side.'
0:46:45 > 0:46:49I was trying to combine a modern house
0:46:49 > 0:46:52with the all original features
0:46:52 > 0:46:58I could save, for example, the brickwork is the next-door exterior wall.
0:46:58 > 0:47:02So, yeah...
0:47:02 > 0:47:04Basically, two styles together.
0:47:04 > 0:47:07'Although he did hire contractors in to do the work,
0:47:07 > 0:47:09'he wasn't afraid to take control.'
0:47:09 > 0:47:11On a daily basis, I have to be here
0:47:11 > 0:47:16and I have to control everything and be heavily involved.
0:47:16 > 0:47:21Also, I did a few elements myself, with my own hands.
0:47:21 > 0:47:26'His initial estimated budget for the build was up to 60,000,
0:47:26 > 0:47:29'but it has, in fact, cost £100,000.
0:47:29 > 0:47:32'But going over budget for a house you intend to make your home
0:47:32 > 0:47:34'may not be a bad thing.
0:47:34 > 0:47:38'Let's see if two local estate agents are impressed.'
0:47:38 > 0:47:41My first impressions are that he has done a great job with the property.
0:47:41 > 0:47:44It has been renovated very well, bright and airy throughout.
0:47:44 > 0:47:48And he has optimised the floor plan depths to make a nice living space
0:47:48 > 0:47:50for the property.
0:47:50 > 0:47:53It is fantastic to get invited back and see the finished product
0:47:53 > 0:47:56because it was very narrow to start with.
0:47:56 > 0:47:59It was a garage, but you walk in and it's...
0:47:59 > 0:48:02it's ticked all the right boxes. He's done a good job.
0:48:02 > 0:48:05'Time to talk cold, hard cash.
0:48:05 > 0:48:07'The purchase price was 83,000
0:48:07 > 0:48:12'and Eugene spent £100,000 on the build.
0:48:12 > 0:48:16'So, with a total outlay of £183,000,
0:48:16 > 0:48:19'would he see a healthy rental return?'
0:48:19 > 0:48:20For rental,
0:48:20 > 0:48:25I'd set a target rent of £1,400 per calendar month.
0:48:25 > 0:48:27I would expect to achieve 1,350.
0:48:27 > 0:48:31I would be putting it on for around 1,350 per calendar month.
0:48:31 > 0:48:35I think it is fantastic, it's great. I wasn't expecting that at all.
0:48:35 > 0:48:37Good news.
0:48:37 > 0:48:39'With those estimates,
0:48:39 > 0:48:42'Eugene will be looking at a rental yield in the region of 9%.
0:48:42 > 0:48:44'Impressive stuff!
0:48:44 > 0:48:46'He has only moved in a month ago,
0:48:46 > 0:48:50'but could the resale valuation be tempting enough to move on?
0:48:50 > 0:48:55'Remember, he has invested 183,000 here.'
0:48:55 > 0:48:58If I was going to put this on the open market to sell,
0:48:58 > 0:49:00I will be looking to put it on at £300,000
0:49:00 > 0:49:04to achieve between £290,000 and £295,000.
0:49:04 > 0:49:09I'd put this on the market for £299,950.
0:49:09 > 0:49:13I think it is a great... Great news, actually.
0:49:13 > 0:49:16Yeah, I wasn't expecting that. I think... Yeah, good.
0:49:16 > 0:49:20I'm very grate... Very, very, very pleased.
0:49:20 > 0:49:23'It is no wonder Eugene is happy,
0:49:23 > 0:49:26'his hard work has paid off in more ways than one.
0:49:26 > 0:49:28'If he were to sell now,
0:49:28 > 0:49:30'he could make a potential pre-tax profit
0:49:30 > 0:49:35'of between 107,000 and 117,000,
0:49:35 > 0:49:37'minus the usual expenses.
0:49:37 > 0:49:43'And his brain is already ticking over on what he might do next.'
0:49:43 > 0:49:48As soon as I have opportunity, I'll go and buy something else.
0:49:48 > 0:49:50I might try a refurbishment.
0:49:50 > 0:49:53I think refurbishment is easier for me than new build.
0:49:53 > 0:49:56For me, at the end of the day, it is all experience.
0:49:56 > 0:49:58And I love what I do, that is why I do it.
0:49:58 > 0:50:01It's not for the money. So, I'm on the wrong programme.
0:50:05 > 0:50:09Earlier in the programme, we were in Plymouth and met Nick,
0:50:09 > 0:50:11who had recently retired there from London with his family.
0:50:13 > 0:50:15Over 20 years,
0:50:15 > 0:50:18he'd built up a portfolio of buy-to-let properties,
0:50:18 > 0:50:20mainly in the Plymouth area.
0:50:20 > 0:50:24Although he was retiring from full-time property developing,
0:50:24 > 0:50:29he intended to still keep busy buying and selling properties.
0:50:29 > 0:50:31This two-bed terrace that he paid £86,000 for
0:50:31 > 0:50:35was his first project he had done to sell.
0:50:35 > 0:50:40He was organising the builders and his ten-year-old son, Henry,
0:50:40 > 0:50:42was keen to get involved.
0:50:42 > 0:50:44He asked me how much for a day's labour.
0:50:44 > 0:50:47I said, "How much do you want?" He said, "A pound." I said, "Done."
0:50:47 > 0:50:51And he came back at me and said, "I came in too low, didn't I?"
0:50:51 > 0:50:54And I went, "Yeah, you did really." He said, "Will you pay me more?"
0:50:54 > 0:50:58And I said, "No. A deal is a deal."
0:50:58 > 0:51:02Nick planned to keep the bathroom downstairs and convert
0:51:02 > 0:51:06the second reception room into a kitchen-diner.
0:51:07 > 0:51:11Three months have passed and we've returned.
0:51:11 > 0:51:14The house now has a new colour scheme and new guttering.
0:51:14 > 0:51:16It is a promising start.
0:51:16 > 0:51:19Nick and his son, Henry, are here to show us
0:51:19 > 0:51:22the rest of the refurbishment.
0:51:24 > 0:51:27The conversion of the former dining room at the rear
0:51:27 > 0:51:31into the kitchen has worked a treat, as Nick explains.
0:51:31 > 0:51:33Well, this used to be the dining room.
0:51:33 > 0:51:37What we did was we blocked up part of the window,
0:51:37 > 0:51:42it's had a complete new kitchen with some good quality units.
0:51:42 > 0:51:46What we also did was, over here, there was originally two doors,
0:51:46 > 0:51:49with a cupboard and an understairs cupboard.
0:51:49 > 0:51:51We blocked one of those doorways and allowed a nice,
0:51:51 > 0:51:53big storage cupboard in there,
0:51:53 > 0:51:56allowing space there for a fridge freezer, keeping essentially
0:51:56 > 0:52:01this end of the room as the kitchen and this end as the diner.
0:52:02 > 0:52:06The former kitchen is slightly smaller and is now a utility room...
0:52:08 > 0:52:12..with access out onto the refurbished patio garden.
0:52:12 > 0:52:14There is new decking.
0:52:16 > 0:52:20And the original paving slabs have cleaned up brilliantly.
0:52:22 > 0:52:25Back inside, the former shower and toilet at the back of the house
0:52:25 > 0:52:28have been expanded into what was the kitchen.
0:52:28 > 0:52:32The resulting bathroom that Nick has created looks excellent
0:52:32 > 0:52:36and much better use of the layout in this part of the house.
0:52:36 > 0:52:40If you recall, there was a kitchen outside there.
0:52:40 > 0:52:43We have extended the wall outwards here, allowing us to put in
0:52:43 > 0:52:46a full size bath with shower and a new bathroom suite.
0:52:46 > 0:52:48Originally, there were three windows,
0:52:48 > 0:52:50but we've enlarged one of the windows
0:52:50 > 0:52:53to give the one window and take out the windows at the back.
0:52:53 > 0:52:57And that has allowed us both to have a nice sized bathroom for a family
0:52:57 > 0:53:00and also it has then allowed us to put in a nice utility room,
0:53:00 > 0:53:03allowing for the washing machine and the tumble dry.
0:53:04 > 0:53:08The front reception room is just as impressive.
0:53:08 > 0:53:12Nick employed damp specialists to treat the rot.
0:53:12 > 0:53:15The new flooring and pastel colour works really well.
0:53:17 > 0:53:23Upstairs, the pastel shades continue in the two bedrooms.
0:53:23 > 0:53:28And I am delighted Nick has kept the two fireplaces.
0:53:28 > 0:53:32The house has a charm about it. I really like it.
0:53:32 > 0:53:35This is his first investment property to sell on,
0:53:35 > 0:53:37but he has used the same trusty team
0:53:37 > 0:53:42of builders who has worked with on his buy-to-let portfolio.
0:53:42 > 0:53:45And Nick has been busy, too, with his son, Henry,
0:53:45 > 0:53:46lending a hand, as well.
0:53:48 > 0:53:52What I like doing is cleaning... cleaning the rooms.
0:53:52 > 0:53:54What I don't like doing is,
0:53:54 > 0:53:58like, putting the rubbish in his van or his trailer
0:53:58 > 0:54:00because it is very, like, dirty,
0:54:00 > 0:54:03and you don't really want to get your hands dirty.
0:54:03 > 0:54:08'But Henry is learning fast about how to clean up financially,
0:54:08 > 0:54:11'because he has raised his pound-a-day rate.'
0:54:11 > 0:54:15This time it is going to be eight pounds,
0:54:15 > 0:54:18cos it depends really what I actually do.
0:54:18 > 0:54:20'Good lad.
0:54:20 > 0:54:25'And talking of money, Nick had paid £86,000 for the house
0:54:25 > 0:54:26'and set a budget of 10,000 to 12,000.
0:54:26 > 0:54:29'Has he kept to that?'
0:54:29 > 0:54:31I came in over budget.
0:54:31 > 0:54:34There were factors that I hadn't put into it,
0:54:34 > 0:54:36i.e. the dry rot, I had not encompassed that before.
0:54:36 > 0:54:40And there was quite a lot of plastering extra to be done.
0:54:40 > 0:54:43It's not fully there, but it's about 13.5, 14, I think.
0:54:45 > 0:54:48'A £14,000 spend would take his total investment
0:54:48 > 0:54:51'on the house to 100,000.
0:54:52 > 0:54:55'Time to find out what two local estate agents think of the house
0:54:55 > 0:54:57'and the finish Nick has achieved.'
0:54:57 > 0:54:59The property
0:54:59 > 0:55:01looks great. It is really well done.
0:55:01 > 0:55:03It is really contemporary. Perfect for the first-time buyer.
0:55:03 > 0:55:06I love the fact that he has kept the period features -
0:55:06 > 0:55:08the picture rails, the fireplaces -
0:55:08 > 0:55:10mixed with contemporary features such as the modern kitchen.
0:55:10 > 0:55:14I think the idea of bringing the kitchen into the dining room,
0:55:14 > 0:55:17making a big space, has really worked wonders.
0:55:17 > 0:55:21Nick plans to sell this house, but as he has other buy-to-lets,
0:55:21 > 0:55:25I'm sure he'd like to know the rental return.
0:55:25 > 0:55:27The rental I think we could achieve here
0:55:27 > 0:55:29would be £600 per calendar month.
0:55:29 > 0:55:32I think this property would rent for £600 per calendar month.
0:55:32 > 0:55:35So, a potential yield of over 7%.
0:55:35 > 0:55:38Is that in line with Nick's expectations?
0:55:38 > 0:55:40Yeah, if I choose to go down that road,
0:55:40 > 0:55:42I think that would be a fair rate, yeah.
0:55:42 > 0:55:45Now, for the all important resale figure.
0:55:45 > 0:55:48Will the house speed valued higher than the £100,000
0:55:48 > 0:55:50that Nick has invested here?
0:55:50 > 0:55:56I think this property could sell for £115,000 to £120,000.
0:55:56 > 0:55:58I think this property, in its present condition,
0:55:58 > 0:56:01would sell for somewhere between £115,000 to £120,000.
0:56:01 > 0:56:04So, they agree on a gross profit
0:56:04 > 0:56:09of 15,000 to 20,000 before the usual taxes and expenses.
0:56:09 > 0:56:13I think the upper end is what I would hope to be achieving.
0:56:13 > 0:56:17I'm aware the properties around here are going roundabout that figure,
0:56:17 > 0:56:19and some are dearer.
0:56:19 > 0:56:23So, I would hope to maybe push that a little bit.
0:56:23 > 0:56:27Nick is already on the lookout for his next property to refurbish
0:56:27 > 0:56:31and sell. Will his son, Henry, be involved again?
0:56:33 > 0:56:36Yes, I think I probably will have a few more with Henry.
0:56:36 > 0:56:38I have to up his wages. He is now negotiating
0:56:38 > 0:56:42the rates of pasties as well as his money.
0:56:42 > 0:56:45So, yeah, he'll probably have to have a couple of wage rises.
0:56:47 > 0:56:48Well, that is it for now.
0:56:48 > 0:56:51We will be back next time with more thrills and spills
0:56:51 > 0:56:53- from the auction rooms. - On Homes Under The Hammer.
0:56:53 > 0:56:55- See you then.- Goodbye.- Goodbye.
0:57:16 > 0:57:19Subtitles by Red Bee Media Ltd