0:00:00 > 0:00:02Hello and welcome to Homes Under The Hammer.
0:00:02 > 0:00:06Now, property auctions used to be the realm of just developers
0:00:06 > 0:00:10and builders, but now all sorts of people are realising
0:00:10 > 0:00:12the opportunities that are on offer.
0:00:12 > 0:00:14And even in this more difficult market,
0:00:14 > 0:00:18they are still managing to find good deals under the hammer.
0:00:44 > 0:00:47Even for the most experienced of buyers,
0:00:47 > 0:00:51auctions can be exciting and nerve-racking places,
0:00:51 > 0:00:53but it is really important you don't get carried away.
0:00:53 > 0:00:55So, did today's buyers keep cool heads?
0:00:55 > 0:00:57Did they get some great deals?
0:00:57 > 0:00:59Here is what they bid for.
0:01:00 > 0:01:02I'll be stripping near Stoke-on-Trent.
0:01:02 > 0:01:03Oo-er, missus.
0:01:03 > 0:01:05Well, there you go.
0:01:05 > 0:01:09At least stripping the wallpaper won't take long.
0:01:10 > 0:01:12In Swanscombe, North Kent,
0:01:12 > 0:01:15this three-bed terrace is a dating disaster.
0:01:15 > 0:01:20Very dated. You need to clear it out, start over again.
0:01:20 > 0:01:23And in Kenfig Hill, Mid Glamorgan, I discover
0:01:23 > 0:01:27whether bigger really is better in this commercial property.
0:01:27 > 0:01:31Look at the size of this! Fantastic amount of space.
0:01:31 > 0:01:34All these properties were sold at auction.
0:01:34 > 0:01:37We'll find out who bought them and what they paid for them
0:01:37 > 0:01:39when they went under the hammer.
0:01:45 > 0:01:47If it is rural idyll you crave,
0:01:47 > 0:01:50but you can't imagine giving up good shops and transport links,
0:01:50 > 0:01:55then this Stoke-on-Trent suburb may be your idea of paradise.
0:01:56 > 0:02:00# Oh, think twice
0:02:00 > 0:02:06# It's just another day for you You and me in paradise. #
0:02:08 > 0:02:11Well, pretty much right in the centre
0:02:11 > 0:02:13of semi-rural Newchapel,
0:02:13 > 0:02:16but close to Kidsgrove, with its shops and amenities,
0:02:16 > 0:02:18as the property I am here to see.
0:02:18 > 0:02:22It's a semi-detached cottage. It sounds quite cute.
0:02:22 > 0:02:27The guide price was £50,000 plus, but straightaway I'm seeing
0:02:27 > 0:02:32some rather interesting features that I wish weren't there -
0:02:32 > 0:02:34like a wiggly roof.
0:02:34 > 0:02:38# Right smack dab in the middle of town
0:02:38 > 0:02:41# I found a paradise
0:02:41 > 0:02:43# That is trouble-proof
0:02:43 > 0:02:46# Up on the roof. #
0:02:46 > 0:02:49Well, I think there might be trouble in this paradise
0:02:49 > 0:02:51if that's what it looks like out here.
0:02:53 > 0:02:56Ah-ha. OK.
0:03:02 > 0:03:05It's not looking good, is it? The door doesn't fit very well.
0:03:05 > 0:03:08Door frames are always a giveaway for potential problems.
0:03:08 > 0:03:12They swell in the damp and doors don't shut properly.
0:03:12 > 0:03:15And also, if there is any shifting in the building, then again,
0:03:15 > 0:03:19door frames just show it, they amplify problems going on elsewhere.
0:03:19 > 0:03:20That's not good.
0:03:20 > 0:03:22I'm just glancing now in this room.
0:03:22 > 0:03:24You don't have to be a rocket scientist to see -
0:03:24 > 0:03:26things ain't quite right.
0:03:26 > 0:03:28We've got obvious signs of damp,
0:03:28 > 0:03:30we've got some cracks going on there, we've got
0:03:30 > 0:03:35electrics that are clearly way, way old.
0:03:35 > 0:03:38Meanwhile, trying to find the positive.
0:03:38 > 0:03:41This is your front room. Gas fire, that will need to be replaced.
0:03:41 > 0:03:42It's not about size, though.
0:03:42 > 0:03:45I mean, cottages, you never quite know what the light will be like.
0:03:45 > 0:03:48And in here it is at least OK.
0:03:48 > 0:03:49Into this rear room here.
0:03:49 > 0:03:53Understairs cupboard you've got. This wall...structural wall.
0:03:53 > 0:03:56Wouldn't be necessarily massively difficult to take out, but, mm...
0:03:56 > 0:03:58I'm not sure if you can do that or not.
0:03:58 > 0:04:00But, yeah, rear room is OK.
0:04:00 > 0:04:03A pretty traditional layout for this kind of place,
0:04:03 > 0:04:06which I reckon, originally, was a two-up two-down
0:04:06 > 0:04:09and at some stage this has been added on. This is an extension.
0:04:09 > 0:04:11Unfortunately, as you can see...
0:04:11 > 0:04:13Oh, my word, what is that?
0:04:13 > 0:04:17That is a classic, textbook case of all sorts of mould.
0:04:17 > 0:04:19I love that one.
0:04:20 > 0:04:22Yep. That's not brilliant.
0:04:22 > 0:04:26Sorry, I got a bit distracted there by the completely brilliant bit
0:04:26 > 0:04:30of damp going on. It feels damp, it smells damp, it looks damp.
0:04:30 > 0:04:34But this is your kitchen area. Um, pretty shoddy.
0:04:34 > 0:04:38And then through to the only bathroom and loo in the property.
0:04:38 > 0:04:40So, all in all, out of 10...
0:04:42 > 0:04:48# Five, four, three, two, one
0:04:49 > 0:04:51# Five, four, three, two, one... #
0:04:51 > 0:04:54I'm not going to give my final score just yet,
0:04:54 > 0:04:57as I fear there may be worse to come upstairs.
0:04:57 > 0:05:04# Five, four, three, two, one... #
0:05:06 > 0:05:09We come upstairs into the front bedroom here
0:05:09 > 0:05:11and things just keep getting worse and worse.
0:05:11 > 0:05:14This place is an absolute disaster!
0:05:14 > 0:05:18I mean, look at this horrible crack in the ceiling there, you know.
0:05:18 > 0:05:21Somebody has tried to wallpaper over all the problems,
0:05:21 > 0:05:22it ain't going to work!
0:05:22 > 0:05:27What you probably can't see is the fact that this whole floor
0:05:27 > 0:05:29is sloping into this corner where I am standing.
0:05:29 > 0:05:32It is almost like you tread gingerly, like you would
0:05:32 > 0:05:36on thin ice, just to check you don't actually go through the floorboards.
0:05:36 > 0:05:39It's not good at all. Lots more damp here and I bet...
0:05:42 > 0:05:47Well, there you go. At least stripping wallpaper won't take long.
0:05:47 > 0:05:50# Tonight I'm going to pull the switcheroo
0:05:50 > 0:05:54# Do you mind if I strip for you? #
0:05:54 > 0:05:58The second room is, unfortunately, no better.
0:05:58 > 0:06:01This project is definitely not for the faint of heart
0:06:01 > 0:06:03or those with shallow pockets.
0:06:03 > 0:06:05Do I even dare look outside?
0:06:05 > 0:06:07# I'll be creeping 'bout 12 o'clock. #
0:06:08 > 0:06:12Well, at the rear of the property, a really good-sized garden.
0:06:12 > 0:06:16Clearly, it'd benefit from the chopping down of these conifers
0:06:16 > 0:06:19and, obviously, a bit of tidying up. But it is a nice-sized space.
0:06:19 > 0:06:21While I'm out here, though, you can see the layout.
0:06:21 > 0:06:24That bit at the front, that was the original cottage.
0:06:24 > 0:06:27And at some stage, someone has added on this extension at the back,
0:06:27 > 0:06:28which is where the kitchen and the loo is.
0:06:28 > 0:06:32Now, you might think straight off, knock that down maybe
0:06:32 > 0:06:34and put a bigger extension, but your issue is,
0:06:34 > 0:06:37when this was built as an extension, obviously,
0:06:37 > 0:06:40there was a conversation with the next-door neighbour,
0:06:40 > 0:06:43and the whole thing, two properties' worth of extension,
0:06:43 > 0:06:45was built at one time.
0:06:45 > 0:06:49My concern is whether they put a proper dividing wall in here.
0:06:49 > 0:06:51Because if they didn't,
0:06:51 > 0:06:53if you knock your bit down, you are going to knock down
0:06:53 > 0:06:56the neighbour's extension, as well, and you clearly can't do that.
0:06:56 > 0:06:59Party walls and all that kind of stuff.
0:06:59 > 0:07:02So, it might not be as easy as it might look at first glance
0:07:02 > 0:07:04to do something with this back.
0:07:04 > 0:07:06On the other hand, have a chat with the neighbour
0:07:06 > 0:07:09and maybe the two of you can get together and build a new extension.
0:07:09 > 0:07:11# Let's work together
0:07:11 > 0:07:15# Come on, come on Let's work together
0:07:15 > 0:07:18# Now, now, people. #
0:07:18 > 0:07:21With the potential cost of the work needed inside and outside,
0:07:21 > 0:07:25plus whatever the buyer pays based on the £50,000 guide price,
0:07:25 > 0:07:28they'll need to be careful this doesn't become
0:07:28 > 0:07:31more of a money pit than a paradise pad.
0:07:32 > 0:07:37We invited a local property expert to take a look around
0:07:37 > 0:07:39this literally cracking house.
0:07:41 > 0:07:45Quite a lot of work is required here. Kitchens, bathrooms
0:07:45 > 0:07:47are both required. Central heating, double glazing,
0:07:47 > 0:07:51quite a decent hitch required on the property, really.
0:07:51 > 0:07:53OK, we are agreed, there is a lot to do here.
0:07:53 > 0:07:58And with the varying varieties of moulds to consider, I've not even
0:07:58 > 0:08:00begun to tot up the cost of the heating
0:08:00 > 0:08:03or the windows or the cosmetic touches or the minor details -
0:08:03 > 0:08:05like a new kitchen and bathroom.
0:08:05 > 0:08:11But if all that was done, how much could this place be worth?
0:08:11 > 0:08:15Once renovated and, you know, in a tiptop condition,
0:08:15 > 0:08:17I would imagine this could be somewhere in the region
0:08:17 > 0:08:19of £80,000 to £85,000.
0:08:19 > 0:08:23How does that translate to rental return?
0:08:24 > 0:08:27Rental market, again in a decent condition,
0:08:27 > 0:08:30I would imagine somewhere in the region of £425 to £450
0:08:30 > 0:08:32per calendar month.
0:08:34 > 0:08:38Well, that £50,000 plus guide price
0:08:38 > 0:08:40is certainly attractive on the face of it.
0:08:40 > 0:08:45But delve a little bit deeper into this cottage and I think there
0:08:45 > 0:08:49could be a few serious structural issues,
0:08:49 > 0:08:52which would definitely eat into a budget.
0:08:52 > 0:08:56Let's see who was ready to take this on when it went under the hammer.
0:08:56 > 0:08:59Two-bedroom, semi-detached cottage. 40, going to say.
0:09:00 > 0:09:0335, then. Can we get it going at 35?
0:09:03 > 0:09:0735 bid, thanks. At £35,000. 40, going to say now. Yep, 40.
0:09:07 > 0:09:10At £40,000.
0:09:10 > 0:09:11We'll go in ones if it helps.
0:09:11 > 0:09:15At 40. 41. 42.
0:09:15 > 0:09:1743. 44.
0:09:17 > 0:09:2045. At 45.
0:09:20 > 0:09:2546 is it now? At £45,000, then, for the first time.
0:09:25 > 0:09:28New bidder at £46,000.
0:09:28 > 0:09:31At 46,000. 47?
0:09:33 > 0:09:3447.
0:09:36 > 0:09:3848? 48.
0:09:38 > 0:09:4049.
0:09:40 > 0:09:4350? 50.
0:09:43 > 0:09:45At 50,000. 51?
0:09:46 > 0:09:50At £50,000, another one?
0:09:50 > 0:09:51No? At £50,000, then.
0:09:51 > 0:09:53I'm selling it at 50,000.
0:09:53 > 0:09:55First time at £50,000.
0:09:55 > 0:09:59Second time at £50,000.
0:09:59 > 0:10:01Third and final time, are we all done?
0:10:01 > 0:10:03At 50,000, then.
0:10:03 > 0:10:04It's your lot, madam, well done.
0:10:05 > 0:10:10That successful bid of £50,000 right smack on the guide price
0:10:10 > 0:10:11was made by Suzanne.
0:10:11 > 0:10:15She is a promoter and manager of tribute acts,
0:10:15 > 0:10:19property development is what she does for an extra buzz.
0:10:19 > 0:10:21# And I'm able... #
0:10:21 > 0:10:25But if she manages to transform this semi-detached cottage,
0:10:25 > 0:10:28she'll be the star performer here.
0:10:28 > 0:10:31- Suzanne, lovely to meet you. - And you.- Congratulations.- Thank you.
0:10:31 > 0:10:35- Tell me why you bought this place. - Well, I like to do up properties,
0:10:35 > 0:10:38anyway. So, it was just one that I saw in auction
0:10:38 > 0:10:40and decided to go for it.
0:10:40 > 0:10:42- Ever done this kind of thing before? - Yeah.- How may times?
0:10:42 > 0:10:46- About 20.- 20? Oh, wow! How long ago did you start?
0:10:46 > 0:10:49- About 40 years. - Gosh.- Yeah, I was only five.
0:10:49 > 0:10:52Were you really five when you bought your first house?
0:10:52 > 0:10:53Is this your full time job, then?
0:10:53 > 0:10:56- No, this is just a hobby. - Oh, right, OK.
0:10:56 > 0:10:57What do you do?
0:10:57 > 0:11:00- I manage and promote tribute artists. - Oh, wow!- Singers, you know.
0:11:00 > 0:11:03People who sound like...
0:11:03 > 0:11:07People who sound like Elvis Presley, Johnny Cash, Blues Brothers...
0:11:07 > 0:11:08- Oh, great.- You know.
0:11:08 > 0:11:11# There is a guy works down the chip shop
0:11:11 > 0:11:13# Swears he's Elvis. #
0:11:13 > 0:11:17There's no easy way to dress up the problems this house has,
0:11:17 > 0:11:21although at least Suzanne has plenty of experience.
0:11:21 > 0:11:25It also seems she knows the area pretty well, too.
0:11:25 > 0:11:30- My father, who is nearly 90, was born five doors down.- No way!
0:11:30 > 0:11:31- Yes.- Oh, fantastic.
0:11:31 > 0:11:33I didn't realise, cos he's not from here,
0:11:33 > 0:11:36he's from a little place called Mow Cop that's not far away.
0:11:36 > 0:11:39But his mother went into labour the day she was visiting
0:11:39 > 0:11:41some relatives five doors down.
0:11:41 > 0:11:45- Oh, wow.- And he was actually born. - How amazing is that?
0:11:45 > 0:11:48So, tell me what you are going to do to sort it out?
0:11:48 > 0:11:52It's going to have new windows. It's going to have a complete rewire.
0:11:52 > 0:11:54- It's going to have central heating. - OK.
0:11:54 > 0:11:57I don't know what the roof's like, if the roof's OK. That'd be good.
0:11:57 > 0:11:59If it's not, we'll look at that.
0:11:59 > 0:12:03It's going to have the kitchen re-jigged partly into here.
0:12:03 > 0:12:05- Oh, OK.- That wall's coming out and being moved
0:12:05 > 0:12:10this way to give a little bit more room in the front lounge.
0:12:10 > 0:12:11- Your structural wall?- Yes.
0:12:11 > 0:12:14- In fact, one of the main walls and the house.- That's right.
0:12:14 > 0:12:16I just think it'll make it more modern
0:12:16 > 0:12:17and it'll make that lounge a bit bigger.
0:12:17 > 0:12:20I don't like to see a kitchen in here
0:12:20 > 0:12:23- and a lounge in there. And that is too small in there.- Right.
0:12:23 > 0:12:27So, it's something I've done before and it works well.
0:12:27 > 0:12:30- So, who's going to do that? - My son is going to do that.
0:12:30 > 0:12:31Is he a builder?
0:12:31 > 0:12:35- No. No, he's not a builder. - Is he lucky?- He's lucky.
0:12:35 > 0:12:38- But we've done it before.- What kind of budget have you got for the work?
0:12:38 > 0:12:41I'd like to spend about ten.
0:12:41 > 0:12:46But, you know, if there's anything unforeseen, probably up to about 15.
0:12:46 > 0:12:49- And the timescale? - About three months.
0:12:49 > 0:12:53As well as roping in her son, Spencer, Suzanne wisely aims
0:12:53 > 0:12:57to bring in contractors to tackle the electrics and plumbing.
0:12:57 > 0:13:01This property needs a new look if it's to become a star,
0:13:01 > 0:13:03so can she sprinkles some start dust here?
0:13:05 > 0:13:07It's going to be a hard act to follow.
0:13:07 > 0:13:11Let's hope she doesn't get the blues and makes it a showstopper.
0:13:11 > 0:13:14You can find out how she gets on later in the programme.
0:13:18 > 0:13:20This is Swanscombe in North Kent.
0:13:20 > 0:13:24A quick search unearthed the fact that Swanscombe is one of only
0:13:24 > 0:13:28two towns in Britain where Stone Age remains have been dug up,
0:13:28 > 0:13:31dating back 400,000 years.
0:13:31 > 0:13:32That is quite interesting.
0:13:32 > 0:13:35But what is much more relevant is that you are only a couple miles
0:13:35 > 0:13:39from Ebbsfleet International, that will get you into London
0:13:39 > 0:13:41in 17 minutes!
0:13:41 > 0:13:43Now, that is my kind of time travel.
0:13:43 > 0:13:45# Take me away
0:13:45 > 0:13:47# I don't mind
0:13:47 > 0:13:51# But you better promise me I'll be back in time! #
0:13:52 > 0:13:57Swanscombe is a charming, small town with attractive properties,
0:13:57 > 0:14:01great transport links and all the local amenities you'd need.
0:14:01 > 0:14:04It also boasts this gorgeous green at its centre,
0:14:04 > 0:14:07perfect on a lovely, sunny day.
0:14:07 > 0:14:10Here is hoping that today's lot is just as perfect
0:14:10 > 0:14:13and that whoever buys it, gets one of these.
0:14:16 > 0:14:19There is no denying that Swanscombe is very well connected
0:14:19 > 0:14:22and the house I'm here to see, well, it's just a few minutes walk
0:14:22 > 0:14:23from the high street
0:14:23 > 0:14:26and tucked down this attractive residential road.
0:14:26 > 0:14:29So, you can't ask for much more than that, apart from a decent
0:14:29 > 0:14:32investment perhaps, and maybe this is it.
0:14:32 > 0:14:34It is a three-bedroom terrace. It had a guide price
0:14:34 > 0:14:37of 95,000 to 100,000.
0:14:39 > 0:14:42Smells a little musty in here, although I don't think there's
0:14:42 > 0:14:46any worrying signs of damp, but fairly good space.
0:14:46 > 0:14:49No double glazing, so only single panes there.
0:14:49 > 0:14:52So, here's your second reception room.
0:14:52 > 0:14:56Now, I have on a few occasions seen this portion of the wall come out,
0:14:56 > 0:14:58so you get one big through room
0:14:58 > 0:15:01with the stairs looming over the top.
0:15:01 > 0:15:02I'm not a fan of that.
0:15:02 > 0:15:04Another thing you could do would be to turn the stairs around,
0:15:04 > 0:15:07put them against this wall. But, you know, it's costly,
0:15:07 > 0:15:09you've got to take the chimney breast out.
0:15:09 > 0:15:11So, I think I'd leave it as it is.
0:15:11 > 0:15:15A galley kitchen. Look, you can see, very dated.
0:15:15 > 0:15:19You need to clear it out, start over again. But not a bad space at all.
0:15:19 > 0:15:24And sadly, yes, you've got a downstairs bathroom.
0:15:24 > 0:15:26I know I'm always banging on about this.
0:15:26 > 0:15:28But actually, it's not about space.
0:15:28 > 0:15:31What you have got is this sort of wasted bit of space here
0:15:31 > 0:15:34with the door leading out to the garden.
0:15:34 > 0:15:37I'm just wondering if you could, maybe, close that door up,
0:15:37 > 0:15:40put another door in there to incorporate this
0:15:40 > 0:15:42as part of the bathroom.
0:15:42 > 0:15:44But then you've got to move the boiler.
0:15:44 > 0:15:47Lots of expense, lots of hassle.
0:15:47 > 0:15:50My only concern is that is the only loo in the house.
0:15:50 > 0:15:53I'm going to have a look upstairs.
0:15:53 > 0:15:55# Things are looking up
0:15:55 > 0:15:59# It is a great little world we live in
0:15:59 > 0:16:05# Oh, I'm happy as a pup since love looked up at me. #
0:16:05 > 0:16:08Upstairs, there are two good-sized bedrooms -
0:16:08 > 0:16:10one at the front and one in the middle.
0:16:10 > 0:16:13While at the rear, there is a slightly smaller bedroom.
0:16:13 > 0:16:15But as I suspected, there is no bathroom,
0:16:15 > 0:16:18so a re-jig could be in the cards.
0:16:20 > 0:16:22Another idea for downstairs
0:16:22 > 0:16:24would be to replace the living room window
0:16:24 > 0:16:27with double doors onto the garden at the back.
0:16:27 > 0:16:32OK, so, it's all rather concrete-y at the moment and, boy,
0:16:32 > 0:16:34that's a job-and-a-half to get rid of,
0:16:34 > 0:16:37but once you've got a bit of lawn, it's a great selling point.
0:16:37 > 0:16:43One thing is for sure, this property is not short of options.
0:16:43 > 0:16:46The age-old dilemma, what to do with the layout?
0:16:46 > 0:16:49And really, when it all comes down to location,
0:16:49 > 0:16:52if you are in an expensive postcode
0:16:52 > 0:16:54where people aren't used to downstairs bathrooms,
0:16:54 > 0:16:57I would say it's essential to move it.
0:16:57 > 0:17:00If you are in a lower-cost area with a higher concentration
0:17:00 > 0:17:02of little Victorian terraces,
0:17:02 > 0:17:06the chances are that the locals just expect this kind of arrangement.
0:17:06 > 0:17:09Now, this property falls into the latter category,
0:17:09 > 0:17:12and although estate agents may say that moving the bathroom
0:17:12 > 0:17:14will make a property more saleable,
0:17:14 > 0:17:16that just means it will sell more quickly
0:17:16 > 0:17:19and doesn't mean it will be worth any more.
0:17:19 > 0:17:23So, if this was my investment, I'd keep my pennies
0:17:23 > 0:17:27in my purse, be patient and leave the layout as it is.
0:17:27 > 0:17:31Making something more saleable is vital in a sticky market,
0:17:31 > 0:17:34but not at the expense of your profit.
0:17:34 > 0:17:40We asked a local estate agent along to hear her thoughts on this lot,
0:17:40 > 0:17:44guided at £95,000 to £100,000.
0:17:44 > 0:17:47What I particularly like about the house
0:17:47 > 0:17:49would be the fact that you've got
0:17:49 > 0:17:54two decent-sized front rooms and you've also got a nice-sized garden.
0:17:54 > 0:17:58If and when the property gets the required updating,
0:17:58 > 0:18:00what effect could that have on the sale value?
0:18:00 > 0:18:04Once fully renovated, this property would be worth
0:18:04 > 0:18:09in the region of £150,000 to £155,000.
0:18:09 > 0:18:13And could it see a healthy rental return?
0:18:13 > 0:18:16In good condition, this property
0:18:16 > 0:18:21would rent for £675 to £700 per calendar month.
0:18:26 > 0:18:31This property is all about location, convenience and connections.
0:18:31 > 0:18:33And as far as an investment goes,
0:18:33 > 0:18:36it's got "rental" written all over it.
0:18:36 > 0:18:39Let's see who decided to bid for it at the auction.
0:18:40 > 0:18:44So, lot 71 is 95 to 100.
0:18:44 > 0:18:45Start me at 95.
0:18:45 > 0:18:47£95,000.
0:18:47 > 0:18:48Starting at 90, then.
0:18:48 > 0:18:5190. I'm on the way, I'm obliged. £90,000. 90.
0:18:51 > 0:18:53Now 95. 95 I've got.
0:18:53 > 0:18:55And 100. And 105.
0:18:55 > 0:18:57And 10. 110.
0:18:57 > 0:18:58And 15.
0:18:58 > 0:19:00115 behind.
0:19:00 > 0:19:02That's 118 if it helps you. 118, I'm looking for.
0:19:02 > 0:19:05118 on a fresh place. And 20, it's against you.
0:19:05 > 0:19:07120 is with you.
0:19:07 > 0:19:09And two. 122, I've got.
0:19:09 > 0:19:12And five now, it's against you. 125.
0:19:12 > 0:19:14123, I'll take, if it helps you. One more.
0:19:14 > 0:19:16It's going to be sold.
0:19:16 > 0:19:20123, he's back. 124, it's against you.
0:19:20 > 0:19:2212...124.
0:19:22 > 0:19:24And five is against you again. 125.
0:19:24 > 0:19:26No, that's a shaking head, I think he means it.
0:19:26 > 0:19:29At £124,000 for the first time.
0:19:29 > 0:19:32Second time. Third and final time.
0:19:32 > 0:19:34If you are sure you are all done at £124,000...
0:19:34 > 0:19:38It's yours, sir, at 124. And your card number?
0:19:38 > 0:19:40Is D213.
0:19:40 > 0:19:43The successful bid of £124,000
0:19:43 > 0:19:47came from former construction manager Colin.
0:19:47 > 0:19:50After retiring, he decided to put his time and money into something...
0:19:50 > 0:19:53um...constructive.
0:19:53 > 0:19:56He and his partner Julie have turned renovation
0:19:56 > 0:19:58and redecoration into a hobby.
0:19:58 > 0:20:01I caught up with Colin to find out more.
0:20:02 > 0:20:05Colin, congratulations, really good news.
0:20:05 > 0:20:07- Thank you.- So, what was it like on auction day for you?
0:20:07 > 0:20:08How nervous were you?
0:20:08 > 0:20:11Pretty nervous. But I've been to a couple before,
0:20:11 > 0:20:14so it wasn't actually as nervous as that was.
0:20:14 > 0:20:16I felt a bit more in control of this one. I don't know why, but I did.
0:20:16 > 0:20:19- How much research did you do? - My partner, Julie,
0:20:19 > 0:20:21had basically gone on the Internet.
0:20:21 > 0:20:24We get the catalogue and she goes online and checks out prices
0:20:24 > 0:20:28of what they went for previously, what houses in the area went for.
0:20:28 > 0:20:31And then we... We did do a fair amount of research.
0:20:31 > 0:20:35So, were you looking for a property to invest in?
0:20:35 > 0:20:38Yes. More importantly, to actually give us something to do,
0:20:38 > 0:20:42or to give me something to do. Julie, my partner, she does the decorating.
0:20:42 > 0:20:43So, it's really something to do.
0:20:43 > 0:20:46I've run a construction company for years
0:20:46 > 0:20:50and no matter how many units we'd done, and we did thousands,
0:20:50 > 0:20:53there's always that excitement of going in when it's finished.
0:20:53 > 0:20:56The smell of the paint, it's such a...
0:20:56 > 0:20:59It gives you a buzz coming in when it's finished.
0:20:59 > 0:21:02- So, it's not about the money for you.- No, not really.
0:21:02 > 0:21:04# It's not about the money, money, money
0:21:04 > 0:21:07# We don't need your money, money, money
0:21:07 > 0:21:10# We just want to make the world dance
0:21:10 > 0:21:13# Forget about the price tag... #
0:21:15 > 0:21:20So, for Colin, this is more about the project than the profit.
0:21:20 > 0:21:23He lets the last property he purchased and renovated,
0:21:23 > 0:21:26so does he hope to replicate that approach here?
0:21:26 > 0:21:27I'm not actually sure yet.
0:21:27 > 0:21:31I sort of was leaning towards selling it, I'm now thinking rent.
0:21:31 > 0:21:34So, why are you thinking rent? Have you spoken to somebody?
0:21:34 > 0:21:38Yeah, I've been to an estate agent and, I don't know,
0:21:38 > 0:21:40she got me a bit more excited about the area.
0:21:40 > 0:21:43The most important thing is where it's located and what it can offer.
0:21:43 > 0:21:45And you are right on top of Ebbsfleet here,
0:21:45 > 0:21:47which gets you into London in 17 minutes.
0:21:47 > 0:21:49- Yeah, I know, amazing. - Which is amazing!
0:21:49 > 0:21:52Our biggest problem is the fact that it's three bedrooms
0:21:52 > 0:21:54and no bathroom upstairs.
0:21:54 > 0:21:58So, that's, you know, an issue that I need to think about
0:21:58 > 0:22:00and think about the best way to deal with that, really.
0:22:00 > 0:22:03- You are confused, aren't you?- Yes. - You are confused, I can tell.
0:22:03 > 0:22:05- You are not sure what you're going to do yet.- I'm not.
0:22:05 > 0:22:08- I can hear your brain worrying. - Yeah, it changes all the time.
0:22:08 > 0:22:12It will change again, but, yeah, I am confused and it does change.
0:22:12 > 0:22:15# Change
0:22:15 > 0:22:18# You can't change. #
0:22:18 > 0:22:20Colin has got some decisions to make.
0:22:20 > 0:22:22Hopefully, he'll make them quickly,
0:22:22 > 0:22:24as his proposed timescale is two months.
0:22:24 > 0:22:29His current plan is to knock down the wall between the two front rooms
0:22:29 > 0:22:31and install a new kitchen and bathroom.
0:22:31 > 0:22:34He will use the dead space in the bathroom
0:22:34 > 0:22:36to house a washing machine
0:22:36 > 0:22:40and also make access to the garden from the second reception room.
0:22:40 > 0:22:45But as the man himself said, that could all be subject to change.
0:22:45 > 0:22:50Perhaps his budget will help dictate what he can and can't do.
0:22:50 > 0:22:53How much have you got to spend on this?
0:22:53 > 0:22:55- About 15,000.- 15,000.
0:22:55 > 0:22:58And that includes the decorating, which Julie will do.
0:22:58 > 0:23:00That includes Julie's wages, then.
0:23:00 > 0:23:03- Yep, it does. - And how does Julie feel about that?
0:23:03 > 0:23:06We've already talked about the price, she knows what she is getting.
0:23:06 > 0:23:07What do you actually do?
0:23:07 > 0:23:10How hands-on are you, considering you were in the construction game?
0:23:10 > 0:23:12I won't be that hands-on.
0:23:12 > 0:23:15If there's a wall to be knocked down, I'm very happy, like most men,
0:23:15 > 0:23:16to knock it wall down.
0:23:16 > 0:23:20- But I am not actually very DIY... I'm not very good actually.- Really?
0:23:20 > 0:23:22No. I've had people
0:23:22 > 0:23:25say to me that if they see me with a saw, they'll hit me,
0:23:25 > 0:23:28cos they said I'll just butcher a piece of timber, but I love
0:23:28 > 0:23:32coming to it and seeing the walls knocked down and something done.
0:23:32 > 0:23:34Coming here and seeing what the guys have done
0:23:34 > 0:23:36and seeing the finished article...
0:23:36 > 0:23:40Not the finished, as it goes on, as it progresses, I like coming here.
0:23:40 > 0:23:41I suspect I'll slow them up, really.
0:23:41 > 0:23:45- Why would you do that? - Because I talk a lot!
0:23:45 > 0:23:48Colin, I think it's fantastic. I wish you all the luck.
0:23:48 > 0:23:50I can't wait to see what you do here.
0:23:50 > 0:23:53Congratulations on this and I hope it goes really well.
0:23:53 > 0:23:55- Thank you very much.- Thank you.
0:23:55 > 0:24:00So, conundrums ahead for Colin, will he let or sell it?
0:24:00 > 0:24:04And the one I am really intrigued about, that downstairs layout.
0:24:06 > 0:24:08He needs to decide what happens to that bathroom.
0:24:08 > 0:24:12Now, this is his own development, the buck stops with him.
0:24:12 > 0:24:16Find out how it all goes later in the show.
0:24:17 > 0:24:19Coming up, I let rip at this commercial property
0:24:19 > 0:24:21in Mid Glamorgan.
0:24:21 > 0:24:24Now that you can have some fun ripping off the walls,
0:24:24 > 0:24:27it might even be a bigger space than it looks.
0:24:27 > 0:24:28In Swanscombe, Kent,
0:24:28 > 0:24:33did Colin swap changing his mind for changing his budget?
0:24:33 > 0:24:35I already know I'm reasonably happy
0:24:35 > 0:24:36with what we've got for what we spent.
0:24:38 > 0:24:42But first, did Suzanne have a tonne of fun on her project?
0:24:42 > 0:24:44I laid all the stones myself.
0:24:44 > 0:24:46Six tonne.
0:24:50 > 0:24:54Earlier, we were in the semi-rural hamlet of Newchapel,
0:24:54 > 0:24:58near Stoke-on-Trent, where tribute act manager Suzanne bought this damp
0:24:58 > 0:25:03and dingy cottage at auction for dead on the guide price of 50,000.
0:25:03 > 0:25:06She'd done around 20 renovations before
0:25:06 > 0:25:08and had big plans for this place.
0:25:09 > 0:25:12So, tell me what you are going to do to sort it out.
0:25:12 > 0:25:15It's going to have new windows. It's going to have a complete rewire.
0:25:15 > 0:25:17It'll have central heating.
0:25:17 > 0:25:19It's going to have the kitchen re-jigged.
0:25:19 > 0:25:21That wall is coming out and being
0:25:21 > 0:25:23- moved this way. - So, who's going to do that?
0:25:23 > 0:25:25- My son is going to do that. - Is he a builder?
0:25:25 > 0:25:27- No, he's not a builder.- Is he lucky?
0:25:27 > 0:25:30He's lucky. But we've done it before.
0:25:32 > 0:25:36Let's hope that luck was on her side.
0:25:36 > 0:25:39She wants to have the property redone
0:25:39 > 0:25:41and ready to sell in three months.
0:25:41 > 0:25:46We've come back to Newchapel eight months after we first met Suzanne
0:25:46 > 0:25:50to see if she has made this house into a star turn.
0:25:50 > 0:25:54# I like kicking in the gutter and wishing I was lucky
0:25:54 > 0:25:56# Wishing I was lucky
0:25:56 > 0:25:59# Wishing I was lucky
0:25:59 > 0:26:00# Ooooh!
0:26:00 > 0:26:03# Lucky! Kicking in the gutter
0:26:03 > 0:26:07# Wishing I was lucky Wishing I was lucky. #
0:26:07 > 0:26:11But as luck, and no doubt some hard work, would have it,
0:26:11 > 0:26:15the downstairs is looking really impressive and completely different
0:26:15 > 0:26:16than the last time I was here.
0:26:19 > 0:26:24This was two rooms originally, so I decided to take out this middle wall.
0:26:24 > 0:26:27But I didn't want to have it totally open,
0:26:27 > 0:26:30so I decided to move the wall back, in effect,
0:26:30 > 0:26:33which makes the sitting room bigger.
0:26:33 > 0:26:37Obviously, it makes the secondary room smaller.
0:26:37 > 0:26:39So, we decided to turn that into the kitchen.
0:26:39 > 0:26:41It was still a little closed,
0:26:41 > 0:26:44so I felt that if I took this wall out here,
0:26:44 > 0:26:48which would open up under the stairs and make a bit of a feature
0:26:48 > 0:26:50and an open staircase.
0:26:50 > 0:26:53It has opened up the kitchen, it has given it a nice airy feel.
0:26:53 > 0:26:57And it looks really good and I am really happy with it.
0:26:58 > 0:27:01She didn't work on this alone, she brought a lucky charm, her son,
0:27:01 > 0:27:04Spencer, with her to remove the wall
0:27:04 > 0:27:06between the two original reception rooms.
0:27:08 > 0:27:11As you can see, the chimney breasts have gone.
0:27:11 > 0:27:14It is a lot bigger than it was.
0:27:14 > 0:27:18I feel that it is given it a lot more space, a more modern feel.
0:27:18 > 0:27:21I like it myself, I'm sure other people are going to like it, too.
0:27:21 > 0:27:25# Baby, I like it The way you move on the floor
0:27:25 > 0:27:27# Baby, I like it
0:27:27 > 0:27:29# I like it! #
0:27:29 > 0:27:33I certainly like the downstairs, but how about that upstairs?
0:27:33 > 0:27:37It was looking dark, dirty and drab before. How about now?
0:27:40 > 0:27:42# Baby, I like it
0:27:42 > 0:27:44# The way you move on the floor
0:27:44 > 0:27:45# Baby, I like it
0:27:45 > 0:27:47# I like it! #
0:27:47 > 0:27:51Well, it may not be complete, but what a turnaround.
0:27:51 > 0:27:55Before, it was host to all kinds of mould, but damp proofing
0:27:55 > 0:27:57has been carried out and, thankfully,
0:27:57 > 0:28:00that very smelly problem has been resolved.
0:28:00 > 0:28:03And despite its wobbly appearance, Suzanne had the roof checked
0:28:03 > 0:28:08to find if it had been recently renovated, so it was safe as houses.
0:28:08 > 0:28:12The property hasn't exactly been in the spotlight for her,
0:28:12 > 0:28:16as she has also been running her musical tribute act business.
0:28:16 > 0:28:19Remember, property is her hobby, not the day job.
0:28:19 > 0:28:23You've got to get your priorities right, at the end of the day.
0:28:23 > 0:28:25And so, the house is, you know... Houses can wait.
0:28:27 > 0:28:29We're having fun doing the shows.
0:28:29 > 0:28:33The outside of the property has also had a total revamp,
0:28:33 > 0:28:37both out the back and towards the front.
0:28:37 > 0:28:40Where Suzanne was hands-on.
0:28:40 > 0:28:43The very first thing I did was knock the wall down.
0:28:43 > 0:28:46I did that the day I bought it. I just knocked it down myself.
0:28:46 > 0:28:48So, now there is room for at least two cars.
0:28:48 > 0:28:53Laid all the stones myself. Six tonne.
0:28:54 > 0:28:57What's that about a rolling stone gathering?
0:28:57 > 0:29:00OK, no more tribute band jokes.
0:29:00 > 0:29:05With some work still to do, Suzanne thinks her spend on the renovation
0:29:05 > 0:29:10will tot up to £15,000, which was her maximum budget.
0:29:10 > 0:29:13Add to that, the £50,000 she paid at auction
0:29:13 > 0:29:17and her total outlay will be £65,000.
0:29:21 > 0:29:24We invited two local property experts to the house to hear
0:29:24 > 0:29:26their views.
0:29:26 > 0:29:28I think the work I've seen so far
0:29:28 > 0:29:29is up to a great standard.
0:29:29 > 0:29:31I'm very impressed with the outside space.
0:29:31 > 0:29:33She seems to have utilised it to its full potential.
0:29:33 > 0:29:36I am a big fan of the modern kitchen
0:29:36 > 0:29:40and the bathroom suites work really well, nice and minimalistic.
0:29:40 > 0:29:43What they've done so far is good. They've modernised the property.
0:29:43 > 0:29:44There's still work in progress,
0:29:44 > 0:29:47but they've changed the kitchen, changed the bathroom.
0:29:47 > 0:29:49They have redecorated, replastered
0:29:49 > 0:29:51and made very good and sensible use of the outside space
0:29:51 > 0:29:53by creating off-road parking.
0:29:53 > 0:29:56In the current market, the estate agents recommend
0:29:56 > 0:29:59that Suzanne lets the property, but for how much?
0:29:59 > 0:30:03The rental market is very buoyant at the moment and there is a height
0:30:03 > 0:30:07around rental properties like this, mainly from young professionals.
0:30:07 > 0:30:09When the property is finished to a reasonable standard,
0:30:09 > 0:30:11I would expect to achieve a rental figure
0:30:11 > 0:30:13in the region of £400 per calendar month.
0:30:13 > 0:30:17I'd put this on the property for £550 per calendar month.
0:30:17 > 0:30:21I would have thought about 495, 500 month.
0:30:21 > 0:30:25With her total investment of £65,000,
0:30:25 > 0:30:29Suzanne could see an impressive rental yield here of somewhere
0:30:29 > 0:30:33between about eight and ten percent. But with her heart set on selling,
0:30:33 > 0:30:36so she can release equity to start her next project,
0:30:36 > 0:30:40what prices would these estate agents suggest?
0:30:41 > 0:30:45The resell market in this area is still fairly static,
0:30:45 > 0:30:47so I would recommend the purchaser keep hold of the property
0:30:47 > 0:30:50for a number of years. However, if she wants to sell the property,
0:30:50 > 0:30:53it would be somewhere in the region of £75,000 to £80,000.
0:30:53 > 0:30:56I'd put this property on the market for £85,000.
0:30:56 > 0:31:00I would have thought more than that, to be honest, you know.
0:31:00 > 0:31:02I think those estimates are a bit low.
0:31:02 > 0:31:06Going on what those two estate agents say, Suzanne would make
0:31:06 > 0:31:09a healthy profit still of £10,000 to £20,000,
0:31:09 > 0:31:11minus the usual expenses.
0:31:11 > 0:31:14But as she is a little disappointed with those figures,
0:31:14 > 0:31:18could she be tempted to go down the rental route, after all?
0:31:18 > 0:31:21No, I don't think I would consider renting it.
0:31:21 > 0:31:24I prefer just to sell it.
0:31:24 > 0:31:26I don't think I would want a tenant in.
0:31:26 > 0:31:28I think it's too nice.
0:31:28 > 0:31:30Hopefully, Suzanne will be lucky
0:31:30 > 0:31:34and get the price she wants for her new star performer.
0:31:39 > 0:31:43This is the busy village of Kenfig Hill in Mid Glamorgan,
0:31:43 > 0:31:46situated just five miles from the M4 motorway.
0:31:49 > 0:31:50And like many places,
0:31:50 > 0:31:54its high street retailers are having a tough time.
0:31:54 > 0:31:57Well, I'm right in the heart of Kenfig Hill shopping centre.
0:31:57 > 0:32:00So, it's no surprise the property I'm here to see
0:32:00 > 0:32:02is actually a commercial premises. It's this.
0:32:02 > 0:32:04Most recently used as an insurance brokers,
0:32:04 > 0:32:08at a guide price of 31,000 quid, let's take a look.
0:32:08 > 0:32:11# You better get some insurance on me, baby
0:32:11 > 0:32:15# Take out some insurance on me, baby. #
0:32:15 > 0:32:19It certainly looks as if it has a lot of potential, however,
0:32:19 > 0:32:22any buyer would have to take into consideration the planning regulations,
0:32:22 > 0:32:26which might mean the shop front is here to stay.
0:32:28 > 0:32:31It certainly has got a nice, big frontage,
0:32:31 > 0:32:33which is what you want if you were to be selling things.
0:32:33 > 0:32:36But actually, the usage of this place is A2,
0:32:36 > 0:32:38that means professional and financial services.
0:32:38 > 0:32:42So, something like solicitors or estate agent,
0:32:42 > 0:32:43absolutely ideal for that.
0:32:43 > 0:32:46As I said, it was originally an insurance brokers.
0:32:46 > 0:32:48Inside here, well, a little bit shabby.
0:32:48 > 0:32:52Although if you have some fun ripping off the walls,
0:32:52 > 0:32:55it might even be a bigger space than it looks.
0:32:55 > 0:32:57But one main room here.
0:32:57 > 0:32:59Tender loving care definitely required.
0:32:59 > 0:33:02But then through to the rear, where you've got
0:33:02 > 0:33:05this little anteroom, and it continues.
0:33:05 > 0:33:08So, already I'm seeing quite a substantial property here.
0:33:09 > 0:33:12As well as the shop front and the anteroom,
0:33:12 > 0:33:16there's a rear kitchen and cloak room on the ground floor.
0:33:16 > 0:33:19There's also access out the back.
0:33:19 > 0:33:21And there's more.
0:33:21 > 0:33:24So, upstairs, and what have we got?
0:33:24 > 0:33:27Well, three fairly decent-sized rooms.
0:33:27 > 0:33:30It seems like they haven't been utilised for anything specific,
0:33:30 > 0:33:33maybe office space, storage, whatever.
0:33:33 > 0:33:36One thing I do notice is in there, as I was walking up,
0:33:36 > 0:33:37and also in here,
0:33:37 > 0:33:39some signs of damp,
0:33:39 > 0:33:42and my guess is that is coming down from the roof.
0:33:42 > 0:33:44So, definitely get the roof checked out.
0:33:44 > 0:33:47But while I'm up here, suddenly I'm thinking,
0:33:47 > 0:33:49is there another option for this building?
0:33:49 > 0:33:54Could you perhaps convert this into a self-contained flat?
0:33:54 > 0:33:57Now, that is the interesting opportunity.
0:33:57 > 0:34:01# This is a big opportunity
0:34:01 > 0:34:02# To shop around... #
0:34:02 > 0:34:04Mm, opportunity indeed, because,
0:34:04 > 0:34:07although a planning application was turned down to convert
0:34:07 > 0:34:11the whole building to a residential dwelling, it doesn't
0:34:11 > 0:34:15rule out the possibility of a mixed commercial-residential option.
0:34:15 > 0:34:18I think there may be a chance that route could succeed,
0:34:18 > 0:34:21particularly when you see what's out the back.
0:34:21 > 0:34:25So, if you were thinking about doing something with that upstairs area,
0:34:25 > 0:34:27what would you want to do?
0:34:27 > 0:34:29Well, first of all, you want to create separate accesses,
0:34:29 > 0:34:31cos at the moment, it's actually through the shop.
0:34:31 > 0:34:34But the good news is right down the side
0:34:34 > 0:34:36of the property, there is this alleyway. And it gets better,
0:34:36 > 0:34:39because of the rear of the shop,
0:34:39 > 0:34:42there is this fairly large bit of land
0:34:42 > 0:34:44and at the bottom, a separate access road,
0:34:44 > 0:34:47so you could bring off-street parking in through there
0:34:47 > 0:34:50or at least give access that way, as well.
0:34:50 > 0:34:52But while I'm out here, as well,
0:34:52 > 0:34:55look at the size of this! Fantastic amount of space.
0:34:55 > 0:34:58And straight away, I'm thinking, can you be a little bit more
0:34:58 > 0:35:02ambitious and maybe even think about putting an extension on?
0:35:02 > 0:35:04Maybe even another flat!
0:35:04 > 0:35:07What I like about this is there are lots of options.
0:35:07 > 0:35:09The crucial factor when weighing up
0:35:09 > 0:35:13those options is the financial return.
0:35:13 > 0:35:15Although a new flat might be viable,
0:35:15 > 0:35:18I would guess the cost of building it wouldn't justify
0:35:18 > 0:35:20the likely return you'd get in this area.
0:35:20 > 0:35:23So, I think a less expensive mixed residential
0:35:23 > 0:35:28and commercial conversion is likely to be the way to go.
0:35:28 > 0:35:34But there are still a number of options to consider here.
0:35:34 > 0:35:37What does the auctioneer who sold it think might be best?
0:35:41 > 0:35:45Well, my first impression of the building, purely
0:35:45 > 0:35:47from a commercial point of view,
0:35:47 > 0:35:51is the potential to subdivide, whether it be
0:35:51 > 0:35:53taking an access off the side
0:35:53 > 0:35:55and creating a new entrance at the back
0:35:55 > 0:35:57to create additional accommodation
0:35:57 > 0:36:00in the form of residential or office accommodation,
0:36:00 > 0:36:03which is probably less of... there's less of a requirement for
0:36:03 > 0:36:05at the moment, and of course,
0:36:05 > 0:36:07the most valuable use will be for residential,
0:36:07 > 0:36:09but it depends what the planners have
0:36:09 > 0:36:12and how they feel about what the building could be used for.
0:36:12 > 0:36:15Yes, clearly the planners will be key here.
0:36:15 > 0:36:18But if a mixed commercial-residence option was possible,
0:36:18 > 0:36:21what sort of rental returns would we be looking at?
0:36:23 > 0:36:25If the first floor were converted to a one-bedroom flat,
0:36:25 > 0:36:29I would estimate a monthly rental income of £300 per calendar month.
0:36:29 > 0:36:32The business premises, I believe, would let
0:36:32 > 0:36:34for approximately £400 per calendar month.
0:36:34 > 0:36:38In these tough times for business, the auctioneer advises that
0:36:38 > 0:36:42accepting a lower rent for a commercial property might be wise.
0:36:42 > 0:36:44After all, no-one wants an empty property
0:36:44 > 0:36:47with its own going running costs.
0:36:47 > 0:36:50That's the business side of things, and the floor above?
0:36:50 > 0:36:53Is there any resale value there?
0:36:54 > 0:36:57I believe that the flat could not be sold separately,
0:36:57 > 0:36:59purely because it would be very difficult to raise
0:36:59 > 0:37:00a mortgage against it.
0:37:00 > 0:37:03So, I think it is purely as an investment
0:37:03 > 0:37:07as part of the whole freehold premises.
0:37:07 > 0:37:11So, I think that we'd be looking at the value of the entire premises
0:37:11 > 0:37:13between £55,000 and £60,000.
0:37:14 > 0:37:16So, a careful refurbishment
0:37:16 > 0:37:21and change of use might get a better deal, but nothing is guaranteed.
0:37:23 > 0:37:27Well, starting any new business in this current economic climate
0:37:27 > 0:37:30is always going to be a bit risky, so I would definitely hedge my bets
0:37:30 > 0:37:33and convert that flat into either separate living accommodation
0:37:33 > 0:37:35or an office.
0:37:35 > 0:37:38But it is all down to whoever bought it. Let's find out who that was,
0:37:38 > 0:37:40when it went to auction.
0:37:41 > 0:37:45Onto another property lot, ladies and gentlemen.
0:37:45 > 0:37:48It's a freehold semi-detached commercial unit with full width
0:37:48 > 0:37:49display frontage.
0:37:49 > 0:37:5130,000, to get things moving.
0:37:51 > 0:37:5430. Thank you. 30,000. 31.
0:37:54 > 0:37:5631,000. Two.
0:37:56 > 0:37:57And 32. Three?
0:37:57 > 0:38:00Thank you, 33. 33,000 is bid.
0:38:00 > 0:38:0233,000, and four? Four.
0:38:02 > 0:38:05Five? Five. Six.
0:38:05 > 0:38:0736, thank you. 37?
0:38:07 > 0:38:1037,000? 36 on you, sir. Give me half.
0:38:10 > 0:38:12Half. 37? Thank you. Half?
0:38:12 > 0:38:15Eight. Half. Nine. Half.
0:38:15 > 0:38:1740? 39.5.
0:38:17 > 0:38:19It's on you, sir, at 39.5.
0:38:19 > 0:38:2339.5. 40. Half?
0:38:24 > 0:38:25Half?
0:38:25 > 0:38:28Half. Thank you. 40.5. 41?
0:38:28 > 0:38:31Any advance on 40.5? I'm going to sell it quickly.
0:38:31 > 0:38:3440.5? No? Yours, sir, 40.5.
0:38:34 > 0:38:35Have you got a bidder's number?
0:38:35 > 0:38:41For £40,500, the delighted new owner of the commercial premises
0:38:41 > 0:38:44in Kenfig Hill, near Bridgend, is Jay.
0:38:44 > 0:38:49He lives locally and runs his own IT and telecommunication company.
0:38:49 > 0:38:51# It's my own business
0:38:51 > 0:38:54# It's my own business... #
0:38:54 > 0:38:56- Jay, good to meet you.- And yourself.
0:38:56 > 0:38:59- Congratulations.- Thank you. - Tell me why you bought this place.
0:38:59 > 0:39:01We were looking for an office for ourselves.
0:39:01 > 0:39:04We currently rent an office for the last five years.
0:39:04 > 0:39:06So, we're looking for a property to do up ourselves.
0:39:06 > 0:39:08We have never had a retail environment,
0:39:08 > 0:39:10so we just want to bring something extra to the company.
0:39:10 > 0:39:12Oh, great. Tell me what you do.
0:39:12 > 0:39:14We are a business communications company.
0:39:14 > 0:39:17So, primarily, we go out to see our customers.
0:39:17 > 0:39:19But we want to try and bring them to us, as well.
0:39:19 > 0:39:20What communications?
0:39:20 > 0:39:23- We do telephone systems for companies.- Right.- Broadband.
0:39:23 > 0:39:24Data requirements.
0:39:24 > 0:39:26Great. And why here?
0:39:26 > 0:39:29It's not far from where I live. It is close to the M4 links
0:39:29 > 0:39:30and it's just dead in the middle
0:39:30 > 0:39:32of where our customers are usually based.
0:39:32 > 0:39:35# Peeeeerfect! #
0:39:35 > 0:39:39Jay rents his current business space and will remain there
0:39:39 > 0:39:41until the work is completed.
0:39:41 > 0:39:44There are also plans for his wife, Heather, a web designer,
0:39:44 > 0:39:45to be based in the new office.
0:39:45 > 0:39:50So, it seems that this is potentially a perfect purchase.
0:39:50 > 0:39:54# Peeeeerfect! #
0:39:54 > 0:39:57So, tell me what you are going to do to make it fit your requirements.
0:39:57 > 0:39:59There's a lot of work to do on it.
0:39:59 > 0:40:01- We'll knock all the walls down internally.- Oh, wow.
0:40:01 > 0:40:03Apart from the load-bearing walls.
0:40:03 > 0:40:08Ideally, downstairs will be a sales and introduction. With a meeting room downstairs and a stockroom.
0:40:08 > 0:40:11Upstairs is being converted into four offices.
0:40:11 > 0:40:14In the backyard, we're going to be, hopefully, depending on planning,
0:40:14 > 0:40:16turning into a car park for our own staff use.
0:40:16 > 0:40:18That would be perfect, you'd get the cars off the road.
0:40:18 > 0:40:20Yeah. Ideally,
0:40:20 > 0:40:22if I could've got planning,
0:40:22 > 0:40:24I would have changed it to residential property completely.
0:40:24 > 0:40:26But it has been rejected in the past.
0:40:26 > 0:40:29I knew before we bought it, it wouldn't be allowed,
0:40:29 > 0:40:31but because it is in a commercial improvement area,
0:40:31 > 0:40:34some grants are available for the property.
0:40:34 > 0:40:36- We are taking advantage of those. - Tell me about the grants.
0:40:36 > 0:40:38Because they are trying to push Kenfig Hill
0:40:38 > 0:40:40into a commercial improvement area,
0:40:40 > 0:40:43they are giving 30% towards all costs we spend on the property.
0:40:43 > 0:40:44Oh, wow!
0:40:44 > 0:40:48So, we're having a new roof fitted, a new shop front, possibly,
0:40:48 > 0:40:51backyard, everything basically will be 30% funded.
0:40:51 > 0:40:54Did you consider a mixed-use development like converting
0:40:54 > 0:40:55upstairs to a flat?
0:40:55 > 0:40:58You know, because it would be quite easy with the access you've got
0:40:58 > 0:40:59down the side and at the back.
0:40:59 > 0:41:02Yeah, the Council did say we could do that if we wanted to,
0:41:02 > 0:41:04but it would be 30% funded if we did.
0:41:04 > 0:41:05Ah!
0:41:05 > 0:41:09Any plans Jay might have had for an upstairs flat will be
0:41:09 > 0:41:14for another day because that 30% funding is definitely worth having.
0:41:14 > 0:41:17The only downside of the grant is that the Council dictate
0:41:17 > 0:41:20a number of factors, such as the look of the shop window,
0:41:20 > 0:41:22the colour of the building and the access points.
0:41:22 > 0:41:27They will also keep a careful eye on all the work he does here.
0:41:27 > 0:41:30Do you have an idea of how much you'll spend to sort it out?
0:41:30 > 0:41:33We've had estimates in, and they come in, including the roof
0:41:33 > 0:41:37and the car park and everything else, it's coming around 40,000.
0:41:37 > 0:41:39So, the timescale for sorting it all, then?
0:41:39 > 0:41:41Ideally, I'd start it tomorrow, but cos of planning,
0:41:41 > 0:41:43it'll be eight weeks before we can start.
0:41:43 > 0:41:47They've approved one of our grants for the original ten grand,
0:41:47 > 0:41:49so we've applied for another ten grand,
0:41:49 > 0:41:52which will take seven to eight weeks. Once they prove that,
0:41:52 > 0:41:53we can start the work.
0:41:53 > 0:41:55I think it is going to be eight to 12 weeks of work.
0:41:55 > 0:41:58So, is this your first venture into property?
0:41:58 > 0:42:00It is, yes. I'm not much of a DIYer myself.
0:42:00 > 0:42:03I'm more sort of technical,
0:42:03 > 0:42:05- so it'll be builders working here. - Right.
0:42:05 > 0:42:07I'll oversee it and everything else, but, ideally,
0:42:07 > 0:42:10I'd rather give it to them and I walk in when it's finished.
0:42:10 > 0:42:12- Pretty exciting there. - Yeah, definitely.
0:42:12 > 0:42:13- Well, congratulations.- Thank you.
0:42:13 > 0:42:15Good luck with it. And we look forward
0:42:15 > 0:42:17to coming back and finding a working office
0:42:17 > 0:42:18- and shop.- Thank you very much.
0:42:19 > 0:42:23Well, this really is an ideal purchase for Jay, isn't it?
0:42:23 > 0:42:25With the added bonus of the grant money to help
0:42:25 > 0:42:27with the refurbishment, too.
0:42:27 > 0:42:30Still, a lot of work to be done to sort this place out.
0:42:30 > 0:42:33You can find out how he gets on later in the show.
0:42:35 > 0:42:38Well, once you have bought your property,
0:42:38 > 0:42:40the hard work really starts.
0:42:40 > 0:42:43And you've got to be prepared for all sorts of challenges
0:42:43 > 0:42:44along the way.
0:42:44 > 0:42:46So, have today's buyers uncovered
0:42:46 > 0:42:50any hidden treasure or unearthed any hidden pitfalls?
0:42:50 > 0:42:52Let's find out how they got on.
0:42:55 > 0:42:58Earlier, we were in Swanscombe, in North East Kent,
0:42:58 > 0:43:03where former construction manager Colin bought this terrace property
0:43:03 > 0:43:06at auction for 124,000.
0:43:06 > 0:43:11Since retiring, he has turned renovation into a hobby.
0:43:11 > 0:43:15However, the various possibilities for the ground-floor layout
0:43:15 > 0:43:17had his brain working overtime.
0:43:19 > 0:43:21You're confused, aren't you?
0:43:21 > 0:43:25- Yes.- I can tell. You're not sure what you're going to do yet.
0:43:25 > 0:43:26- I'm not. - I can hear your brain worrying.
0:43:26 > 0:43:28Yeah, it changes all the time.
0:43:28 > 0:43:30It will change again, but yeah, it does.
0:43:31 > 0:43:33Well, that was just over four months ago.
0:43:33 > 0:43:37So, with his proposed two-month timescale,
0:43:37 > 0:43:40let's hope Colin has made some decisions in that time,
0:43:40 > 0:43:42as well as some drastic changes.
0:43:59 > 0:44:01Well, talk about an overhaul!
0:44:01 > 0:44:04Downstairs, Colin ditched his plan to take down the wall
0:44:04 > 0:44:06between the two reception rooms,
0:44:06 > 0:44:10but both have been entirely redone with the help of Julie,
0:44:10 > 0:44:14Colin's partner, who was in charge of the decoration.
0:44:14 > 0:44:18It is goodbye green and hello neutral hues,
0:44:18 > 0:44:21making the whole place look brighter and more open.
0:44:21 > 0:44:24There is a smart new kitchen.
0:44:24 > 0:44:27And what about that downstairs bathroom?
0:44:31 > 0:44:35The bath used to run along here and we've put it along there.
0:44:35 > 0:44:39We think that configuration now works much better.
0:44:39 > 0:44:42We took the wall down because the washing machine was going
0:44:42 > 0:44:45to be within the bathroom.
0:44:45 > 0:44:48But we thought it didn't look right, that it needed to go outside,
0:44:48 > 0:44:50so we put the wall back.
0:44:50 > 0:44:53A costly thing to do, but we had to do it.
0:44:53 > 0:44:54And it looks much better for doing so.
0:45:04 > 0:45:08Colin also stuck to his plan to block up the doorway
0:45:08 > 0:45:11and create access to the garden through the second reception room.
0:45:11 > 0:45:14I think that works so much better.
0:45:14 > 0:45:16Even the garden has had some attention -
0:45:16 > 0:45:19with lush green grass replacing the horrible concrete
0:45:19 > 0:45:20that was here before.
0:45:30 > 0:45:36Upstairs, each of the three bedrooms has been decorated similarly to
0:45:36 > 0:45:39the downstairs rooms. There's an added bonus up here now.
0:45:41 > 0:45:44Well, this is the biggest job we had to do in the whole house.
0:45:44 > 0:45:45We took out the chimney breast,
0:45:45 > 0:45:49we introduced a steel that runs from back to front.
0:45:49 > 0:45:52We then managed...
0:45:52 > 0:45:54That enabled us to get this bathroom,
0:45:54 > 0:45:57which we think is probably the nicest thing we've done.
0:45:57 > 0:45:59Which we think looks very good.
0:45:59 > 0:46:03Yeah, I'm really impressed that Colin found a way to squeeze in
0:46:03 > 0:46:08some upstairs facilities without having to sacrifice a whole bedroom.
0:46:08 > 0:46:12With all this work, though, did he manage to stick within his budget?
0:46:12 > 0:46:17I wanted to spend 15, actually spent about 27.
0:46:17 > 0:46:20Still counting, but not much more to go.
0:46:20 > 0:46:2227.5 maybe, max.
0:46:22 > 0:46:25But we've done quite a few jobs that we didn't anticipate,
0:46:25 > 0:46:27putting the bathroom upstairs.
0:46:27 > 0:46:30Obviously, the en suite has cost quite a few thousand.
0:46:30 > 0:46:33So, all in all, I'm reasonably happy
0:46:33 > 0:46:35with what we've got for what we spent.
0:46:35 > 0:46:39For Colin, this wasn't so much about the money,
0:46:39 > 0:46:41but more about the job satisfaction.
0:46:41 > 0:46:45It is exciting turning up. I've never lost that excitement.
0:46:45 > 0:46:47That is the major kick for me.
0:46:47 > 0:46:49It's not the money, at the end of the day,
0:46:49 > 0:46:51although it helps if you make a few bob, as well.
0:46:51 > 0:46:54But just getting it finished and finished to a good standard,
0:46:54 > 0:46:56knowing that you've done the best you can do.
0:46:56 > 0:46:59There are always things you'd change and do better next time,
0:46:59 > 0:47:00but, you know, you learn.
0:47:00 > 0:47:02He is absolutely right.
0:47:02 > 0:47:07Renovations aren't always easy, but you do learn from every one you do
0:47:07 > 0:47:11and can take this knowledge onto your next project.
0:47:12 > 0:47:15Although Colin had planned to finish in two months,
0:47:15 > 0:47:17due to some delays and the extra work done,
0:47:17 > 0:47:19it has taken closer to three months.
0:47:20 > 0:47:25It cost Colin £124,000 at the auction
0:47:25 > 0:47:30and he estimates his final spend on it will be £27,500,
0:47:30 > 0:47:35bringing his total outlay to 151,500.
0:47:39 > 0:47:42We've invited two local estate agents to see
0:47:42 > 0:47:45if they are impressed by his efforts here.
0:47:45 > 0:47:49I am pleased with the standard of the finish.
0:47:49 > 0:47:50Has put a door in between the dining room
0:47:50 > 0:47:53and the garden, which obviously will make the garden
0:47:53 > 0:47:55a lot more attractive and usable.
0:47:55 > 0:47:59Really impressed, very high quality of finish - fixtures and fittings.
0:47:59 > 0:48:01I am particularly impressed with the en-suite shower room.
0:48:01 > 0:48:06When we last met, Colin was characteristically undecided
0:48:06 > 0:48:08on whether to let or sell the property.
0:48:08 > 0:48:14If he opted to sell, what sale price do the estate agents estimate?
0:48:14 > 0:48:19I would put this property on the market or £160,000.
0:48:19 > 0:48:22I'd be marketing the property in the region of £160,000.
0:48:22 > 0:48:23160, both of them?
0:48:23 > 0:48:26A bit surprised at that, a bit lower than I would have hoped.
0:48:26 > 0:48:30I had an agent in a little while before we'd finished,
0:48:30 > 0:48:32and he said about 170.
0:48:32 > 0:48:36So, I think they are both a bit low, but, who knows.
0:48:36 > 0:48:38Until you sell it, it isn't a done deal.
0:48:38 > 0:48:42If the property were to sell for the £160,000
0:48:42 > 0:48:44the estate agents recommended,
0:48:44 > 0:48:49and bearing in mind Colin's total outlay of £151,500,
0:48:49 > 0:48:54he could make a pre-tax profit of £8,500.
0:48:54 > 0:48:57But has he decided yet whether to let or sell?
0:48:57 > 0:49:00Let's hear the rental returns.
0:49:00 > 0:49:03We could put the property on the market for £750
0:49:03 > 0:49:05per calendar month.
0:49:05 > 0:49:07On the rental market, you could achieve in the region
0:49:07 > 0:49:09of £750 per calendar month.
0:49:09 > 0:49:11750, yeah, I would say they are right on that.
0:49:11 > 0:49:14I'm not interested in renting it. It would be sold, anyway.
0:49:14 > 0:49:15Even at 160,
0:49:15 > 0:49:16I'd still make a profit, so...
0:49:16 > 0:49:19We got a nice house at the end of it, and that was the important part.
0:49:19 > 0:49:23Colin has decided that selling suits him better, as it will make
0:49:23 > 0:49:29him enough profit to forge ahead with his next project or projects.
0:49:29 > 0:49:31I shall absolutely be doing it again.
0:49:31 > 0:49:36We'd be looking straight away and we'd definitely try to do another one this year, at least, if not two.
0:49:41 > 0:49:45Earlier, we were Kenfig Hill, near Bridgend, Mid Glamorgan,
0:49:45 > 0:49:48where business owner Jay purchased this commercial property
0:49:48 > 0:49:51at auction for £40,500.
0:49:51 > 0:49:55His plan was to renovate and refurbish it to house
0:49:55 > 0:49:57his business communications company,
0:49:57 > 0:50:00but it did sound as though he won't be hands-on.
0:50:00 > 0:50:05- So, is this your first venture into property?- It is, yes.
0:50:05 > 0:50:10I'm not much of a DIYer myself. I'm more sort of technical, you know.
0:50:10 > 0:50:12- So, it will be builders working here. - Right.
0:50:12 > 0:50:14I'll oversee it and everything else,
0:50:14 > 0:50:17but ideally I'd rather give it to them and I walk in when it's finished.
0:50:17 > 0:50:21As Jay was relying on financial grants from the Council
0:50:21 > 0:50:25to start the work, his overall timescale was four to five months.
0:50:25 > 0:50:28We've come back just over six months after we first met him
0:50:28 > 0:50:31to see if he has turned this place around.
0:50:37 > 0:50:39Well, he may have been hands-off,
0:50:39 > 0:50:42but Jay's building team have done him proud.
0:50:42 > 0:50:46This commercial property has been transformed.
0:50:46 > 0:50:48The front shop area and anteroom
0:50:48 > 0:50:51have been opened out to create a pleasant ground floor,
0:50:51 > 0:50:56whilst upstairs has been converted into three offices.
0:50:56 > 0:50:57Throughout, there are new carpets,
0:50:57 > 0:50:59the walls have been replastered
0:50:59 > 0:51:02and there's a new kitchenette and WC.
0:51:05 > 0:51:11Out back has been tarmacked, making car park space for five cars.
0:51:13 > 0:51:17This place now seems ideal for Jay to run his business from.
0:51:17 > 0:51:22And if something is worth doing, it's worth doing right.
0:51:23 > 0:51:27When we first bought the property, we had a rotten shop front
0:51:27 > 0:51:29and a door, so we changed the whole shop front.
0:51:29 > 0:51:31It is now an aluminium double glazed unit,
0:51:31 > 0:51:34which prevents any road noise coming in, as well.
0:51:34 > 0:51:38Downstairs is our sales floor. So, we've put an open area forum,
0:51:38 > 0:51:40just so they can all work together and, you know,
0:51:40 > 0:51:41help each other through the day.
0:51:41 > 0:51:43We've put these divides in, as you can see here.
0:51:43 > 0:51:46These are purely just to prevent any noise, you know,
0:51:46 > 0:51:48when they're on the phone, etc.
0:51:48 > 0:51:51I really love it. I think the style really suits us.
0:51:51 > 0:51:53Our sales guys are really pleased with it.
0:51:53 > 0:51:56I'm finding it really good having a separate area, as well.
0:52:01 > 0:52:05As the Local Council want to encourage business in the area,
0:52:05 > 0:52:09Jay was able to get grants from them to help with the refurbishment.
0:52:09 > 0:52:14I spent about £42,000 on the refurbishment work.
0:52:14 > 0:52:17The Council has given us about £21,000 back, so, you know,
0:52:17 > 0:52:21we really haven't spent a huge amount of our own money on the project.
0:52:23 > 0:52:26And speaking of OUR, Jay's wife, Heather,
0:52:26 > 0:52:30had hoped she could also run her web development business from here,
0:52:30 > 0:52:33but I don't see much sign of that.
0:52:33 > 0:52:36Unfortunately, we needed the space for our own use,
0:52:36 > 0:52:37but she understands,
0:52:37 > 0:52:40she understands the business needs need to come first.
0:52:41 > 0:52:43When I first visited the property,
0:52:43 > 0:52:48I saw some real potential to convert upstairs into a self-contained flat.
0:52:48 > 0:52:50But with an expanding business,
0:52:50 > 0:52:52Jay opted to keep upstairs as office space.
0:52:56 > 0:53:01# So what becomes of you, my love?
0:53:01 > 0:53:08# When they have finally stripped you of
0:53:08 > 0:53:11# The handbags and gladrags
0:53:11 > 0:53:17# That your poor granddad had to sweat to buy you. #
0:53:22 > 0:53:25We hope that if we did come to sell it in time,
0:53:25 > 0:53:27that people leave it as an office,
0:53:27 > 0:53:29because it has been finished to a high standard.
0:53:29 > 0:53:31However, we have made it readily available if somebody did want
0:53:31 > 0:53:33to use it as a house.
0:53:33 > 0:53:36Because we have already put in separate electric metre upstairs,
0:53:36 > 0:53:39so it's a completely separate area if somebody wanted it.
0:53:39 > 0:53:42We may look at putting some type of extension on the back
0:53:42 > 0:53:43in the next coming year.
0:53:43 > 0:53:46So, there could be more work on the horizon for Jay and,
0:53:46 > 0:53:48hopefully, with these new premises,
0:53:48 > 0:53:52he will also be able to expand his business.
0:53:52 > 0:53:55With the auction purchase price of £40,500
0:53:55 > 0:53:58and £42,000 on the refurbishment,
0:53:58 > 0:54:01Jay's total outlay including grant money from the Local Council
0:54:01 > 0:54:04was £82,500.
0:54:06 > 0:54:11We invited two estate agents to take a look around.
0:54:14 > 0:54:16My first impression was surprise.
0:54:16 > 0:54:20A lot of the internal walls have been moved around,
0:54:20 > 0:54:23it has been refurbished to a very high standard.
0:54:23 > 0:54:26And I was very pleased at what has been carried out at the property.
0:54:26 > 0:54:28The office space upstairs is a good quality space,
0:54:28 > 0:54:30open plan, which is what most people want these days
0:54:30 > 0:54:33as opposed to smaller offices.
0:54:33 > 0:54:38Good quality refurbishment, good lighting, good partitioning,
0:54:38 > 0:54:39good quality space.
0:54:39 > 0:54:42So, they are impressed with the new book,
0:54:42 > 0:54:44but let's get down to the numbers.
0:54:44 > 0:54:50If Jay were considering selling the property in its new, improved and fully renovated state,
0:54:50 > 0:54:53what he could sell the premises alone for?
0:54:55 > 0:54:58To a speculator or developer, somebody who is looking at this
0:54:58 > 0:55:02as investment property, they'd want it probably for something
0:55:02 > 0:55:05in the region of £65,000 to £70,000.
0:55:05 > 0:55:08An investor may look to purchase a property
0:55:08 > 0:55:10round about £60,000 to £65,000.
0:55:10 > 0:55:12I feel that is quite low.
0:55:12 > 0:55:14Obviously, we've specked it quite high for our needs,
0:55:14 > 0:55:17but I still think it is a large building
0:55:17 > 0:55:19and can be used for an office.
0:55:19 > 0:55:23We may look at it, in the future, renting it out,
0:55:23 > 0:55:24and getting our return that went.
0:55:24 > 0:55:26With those estimates,
0:55:26 > 0:55:30Jay would technically make a loss of between £12,500
0:55:30 > 0:55:33and £22,500 on the premises,
0:55:33 > 0:55:38however he did get that £21,000 grant from the Council.
0:55:38 > 0:55:41As he mentioned, he may consider letting in the future,
0:55:41 > 0:55:43so what rental return could he expect?
0:55:45 > 0:55:48For a new business looking to come in and set up,
0:55:48 > 0:55:51they'd probably look to pay you round about £500 per calendar month.
0:55:51 > 0:55:55I'd say a rental in the region of £800 per calendar month.
0:55:55 > 0:55:57Again, I think the values are quite low.
0:55:57 > 0:56:00But, obviously, we won't know until that day comes and we do rent it out.
0:56:00 > 0:56:05Ideally, if we were looking to rent, I'd be looking at £1,100 to £1,200
0:56:05 > 0:56:07a month for a building of this size.
0:56:07 > 0:56:12Based on the agents' valuations and Jay's 82,500 spend,
0:56:12 > 0:56:18the rental yields would be between seven and 11.5%, very healthy.
0:56:18 > 0:56:21But for the time being, Jay is more than happy to stay put
0:56:21 > 0:56:23and build his business here.
0:56:24 > 0:56:26It's exactly what we need.
0:56:26 > 0:56:29We built it to our specification, not to sell on or rent in the future,
0:56:29 > 0:56:32so it's not going to fit every business's needs in the future.
0:56:32 > 0:56:33However, for us, it's perfect
0:56:33 > 0:56:37and we love walking up to it every morning, and so does the team.
0:56:38 > 0:56:42We hope you've enjoyed watching Homes Under The Hammer.
0:56:42 > 0:56:44Join us next time when we'll have more fascinating stories
0:56:44 > 0:56:46from the auction rooms for you.
0:56:46 > 0:56:48- See you then.- Goodbye.- Goodbye.
0:56:51 > 0:56:55Subtitles by Red Bee Media Ltd