0:00:02 > 0:00:05Hello and welcome to the show. Even in these troubled financial times,
0:00:05 > 0:00:07we all need somewhere to live or possibly somewhere
0:00:07 > 0:00:12- that can act as an investment. - One excellent place to find a property bargain
0:00:12 > 0:00:14may be at an auction.
0:00:14 > 0:00:16So join us now because we've trawled the country
0:00:16 > 0:00:18to find people who've done just that.
0:00:44 > 0:00:48Well, buying and doing up property can be very rewarding,
0:00:48 > 0:00:51but it can also be fraught with problems.
0:00:51 > 0:00:54Yes, some people take to it like ducks to water,
0:00:54 > 0:00:57but others, well, like cats to water.
0:00:57 > 0:01:02So will our buyers today be quacking mad or purring with pleasure?
0:01:03 > 0:01:08'In Derbyshire, could this attractive-looking place plug a gap in the property market?'
0:01:08 > 0:01:12There's a cork, a wine cork, stuck in the wall. That's odd, isn't it?
0:01:13 > 0:01:16'In Sevenoaks, Kent, I'm flushed with success
0:01:16 > 0:01:20'when I find a very small auction lot.'
0:01:20 > 0:01:22Cos it's here. Yes, here!
0:01:24 > 0:01:29'While this three-bed semi in Carlisle fails to make me feel fruity.'
0:01:31 > 0:01:33Plum. Not really this year's colour.
0:01:34 > 0:01:37'All these properties have been sold at auction
0:01:37 > 0:01:40'and we'll find out who bought them and what they paid for them
0:01:40 > 0:01:43- 'when they went under the hammer.' - Sold at the back.
0:01:47 > 0:01:53'Alfreton in Derbyshire is a popular spot for commuters needing access to places like Derby and Nottingham.
0:01:53 > 0:01:56'But it's also a busy market town,
0:01:56 > 0:01:59'which makes the property I'm here to see very interesting.
0:01:59 > 0:02:03'This handsome-looking building consists of a commercial unit downstairs
0:02:03 > 0:02:06'and a two-bed flat upstairs.
0:02:06 > 0:02:09'It had a guide price of £135,000,
0:02:09 > 0:02:12'and yes, it could do with a bit of a face-lift.
0:02:12 > 0:02:16'But one thing you don't need to worry about is the ground floor commercial unit,
0:02:16 > 0:02:19'as it's already let on a long-term lease.
0:02:19 > 0:02:22'The two-bed flat's entrance is next door to the commercial unit,
0:02:22 > 0:02:24'so let's take a peek.'
0:02:24 > 0:02:28So, what's on offer? Well, a bit of a sort of cramped feel when you walk through the door,
0:02:28 > 0:02:32which is a bit unfortunate. You've got this narrow corridor there
0:02:32 > 0:02:37which leads to the kitchen and on through to another room and a bathroom.
0:02:37 > 0:02:43Stairs up to two more rooms there. A very large and spacious front sitting room there.
0:02:43 > 0:02:48And then I guess another bedroom or sitting room here.
0:02:48 > 0:02:51The internal layout definitely wants playing around with,
0:02:51 > 0:02:56but intrinsically, quite a lot of space. That bit feels fairly cramped and quite claustrophobic.
0:02:56 > 0:02:59Come in here, you've got these high ceilings, which helps.
0:02:59 > 0:03:03It's good to see the electrics have been vaguely replaced,
0:03:03 > 0:03:06- but what on earth is that? - HE LAUGHS
0:03:08 > 0:03:12There's a cork, a wine cork, stuck in the wall.
0:03:12 > 0:03:14That's odd, isn't it?
0:03:14 > 0:03:16I wonder why it's there.
0:03:18 > 0:03:20Do you think it should stay there?
0:03:20 > 0:03:24Ohh! The temptation to pull it out!
0:03:24 > 0:03:27# Let me get right to the point
0:03:27 > 0:03:30# I don't pop my cork for every man I see
0:03:32 > 0:03:34# Hey, big spender
0:03:34 > 0:03:37That was a bit of an anti-climax, wasn't it?
0:03:37 > 0:03:40Oh, well. Don't say I don't take risks.
0:03:40 > 0:03:44# Spend a little time with me #
0:03:44 > 0:03:47I think champagne corks could pop here, though.
0:03:47 > 0:03:52I reckon this flat is pretty straightforward and has great possibilities.
0:03:52 > 0:03:57'For that guide price of £135,000 plus, there's a lot of space,
0:03:57 > 0:04:00'though maybe not laid out in the way you'd choose.
0:04:00 > 0:04:04'The kitchen's rather narrow and the room off it has a boiler. Not very attractive.
0:04:04 > 0:04:10'There's a downstairs bathroom which, as you know, is not a favourite of mine or Lucy's.
0:04:10 > 0:04:13'But those two front-facing bay window rooms are lovely,
0:04:13 > 0:04:15'light and airy.
0:04:15 > 0:04:21'If upstairs is as spacious, then I wonder if this could perhaps become more than one flat.'
0:04:21 > 0:04:26So, up onto the top floor, and one thing this place is certainly not lacking is space.
0:04:26 > 0:04:30Two rooms up here. Very large room to the front there
0:04:30 > 0:04:32and then an even larger room just there.
0:04:32 > 0:04:38So, it's going to all be about how you play around with the internals here.
0:04:38 > 0:04:41And I think it's a case of enlisting a really good architect
0:04:41 > 0:04:45and bearing in mind all the things like soundproofing
0:04:45 > 0:04:47and issues when it comes to building flats.
0:04:47 > 0:04:50A bit of careful thought and some good planning
0:04:50 > 0:04:54and, yeah, like the potential.
0:04:54 > 0:04:59'So, a character property with potential to generate rental income
0:04:59 > 0:05:01'from flat conversions on the top two floors
0:05:01 > 0:05:05'to add to the current income from the commercial premises.
0:05:05 > 0:05:10'But if you were thinking that was all that went under the hammer with this plot, you'd be mistaken.
0:05:10 > 0:05:14'Surprisingly, there's also space on the outside.
0:05:14 > 0:05:18'At the back, there's this huge additional structure.
0:05:20 > 0:05:23'It's all bricked up so I can't get in to have a look.
0:05:23 > 0:05:28'It's all a bit mysterious. But on the plus side, it does have two storeys.
0:05:28 > 0:05:31'As a priority, I'd be checking out its planning status.
0:05:31 > 0:05:33'Is it commercial or residential?
0:05:33 > 0:05:37'This could be very exciting. Or maybe it's just...'
0:05:37 > 0:05:39# Too good to be true
0:05:40 > 0:05:42# Too good to be true... #
0:05:45 > 0:05:47'So, it's a really intriguing property
0:05:47 > 0:05:49'with lots of different options available,
0:05:49 > 0:05:53'as long as you can get that all-important planning permission.
0:05:53 > 0:05:56'We asked a local property expert along to hear his views
0:05:56 > 0:06:00'on the potential of this auction lot, which went under the hammer
0:06:00 > 0:06:03'guided at £135,000 plus.'
0:06:03 > 0:06:06My first impressions when I visited the property
0:06:06 > 0:06:10were that the retail accommodation on the ground floor was in good order.
0:06:10 > 0:06:12Within the main building, I can't see any structural issues.
0:06:12 > 0:06:17However, the additional accommodation to the rear certainly is going to need some improvements.
0:06:19 > 0:06:23'What does he suggest would be the best option for the top two floors?'
0:06:23 > 0:06:27I think, ideally, the residential accommodation could be divided
0:06:27 > 0:06:29into two separate flats
0:06:29 > 0:06:32to provide separate accommodation.
0:06:32 > 0:06:36That would require planning consent and building regulations approval.
0:06:37 > 0:06:41'So, how much income could a one-bed flat generate?'
0:06:41 > 0:06:45On today's rental markets, one-bedroom flats in this area
0:06:45 > 0:06:49would look to achieve a current rent of £375 to £400 per calendar month.
0:06:49 > 0:06:53'The estate agent says that one-bedroom flats locally
0:06:53 > 0:06:56'are achieving £50,000 to £55,000.
0:06:56 > 0:07:00'But if the derelict building at the back was also converted into two flats,
0:07:00 > 0:07:04'what could the combined commercial and residential investment be worth?'
0:07:04 > 0:07:08If the property were to be completely maximised
0:07:08 > 0:07:12with the additional accommodation to the rear being brought back into use,
0:07:12 > 0:07:17we could see a value in the region of £250,000 to £270,000 for this property.
0:07:17 > 0:07:20'This potential value, as well as the income from the existing tenant,
0:07:20 > 0:07:24'makes this a very enticing development opportunity.
0:07:24 > 0:07:26'But that bricked-up building is rather mysterious
0:07:26 > 0:07:29'and brings new meaning to buying blind.
0:07:29 > 0:07:34'Let's see who went into this with their eyes wide open when it went under the hammer.'
0:07:34 > 0:07:37Lot 22, mixed commercial/retail property
0:07:37 > 0:07:40with upper-floor accommodation, currently vacant.
0:07:40 > 0:07:43£130,000 to start.
0:07:43 > 0:07:46130. 125?
0:07:46 > 0:07:51Yes, 125. Thank you. At £125,000, opening bid.
0:07:51 > 0:07:53126. 127.
0:07:53 > 0:07:56128. 129.
0:07:56 > 0:07:59130. 131.
0:07:59 > 0:08:0232. 33.
0:08:02 > 0:08:05134. 135.
0:08:05 > 0:08:07135,000 here.
0:08:07 > 0:08:09136. 137.
0:08:09 > 0:08:12138. And 9.
0:08:12 > 0:08:14139. 140?
0:08:14 > 0:08:17139 against you. 140.
0:08:17 > 0:08:21141. Fresh bidder. 142.
0:08:21 > 0:08:24143. Either of you 144?
0:08:24 > 0:08:26143,000. 44.
0:08:26 > 0:08:2845. 145.
0:08:28 > 0:08:31146. 147.
0:08:31 > 0:08:34148. 149.
0:08:34 > 0:08:36150?
0:08:36 > 0:08:39I don't really want to take the half but I will. 149 and a half.
0:08:39 > 0:08:42150. And a half again?
0:08:42 > 0:08:45Shakes his head. 150 is the bid here.
0:08:45 > 0:08:47At 150,000, going once.
0:08:47 > 0:08:50Going twice. Third and last chance, all done?
0:08:50 > 0:08:53- HAMMER BANGS - Sold at 150. Number 12.
0:08:53 > 0:08:57'Those two very relieved bidders were Rachel and Tony.
0:08:57 > 0:09:00'For just over £15,000 above the guide price,
0:09:00 > 0:09:03'they've bought themselves a rather fascinating property
0:09:03 > 0:09:06'for 150,000 quid.
0:09:06 > 0:09:10'They may look familiar, because they've already featured on the programme once before.
0:09:10 > 0:09:13'We last met them at their first investment property
0:09:13 > 0:09:16'in Selston in Nottinghamshire.'
0:09:16 > 0:09:18# You're a winner
0:09:18 > 0:09:20# I'm a winner
0:09:21 > 0:09:25# How can two winners lose? #
0:09:25 > 0:09:30'They'd just won the lottery then and had decided to put some of their winnings into property.
0:09:30 > 0:09:35'I met them at their latest purchase to hear how things are going
0:09:35 > 0:09:37'and what their plans are for this place.'
0:09:37 > 0:09:39- Tony, Rachel, good to see you again. - You, too.
0:09:39 > 0:09:42- How are you both?- We're fine.
0:09:42 > 0:09:45- A few years have whizzed by.- Indeed.
0:09:45 > 0:09:48Good times since the last time we saw you? It was about three or four years ago.
0:09:48 > 0:09:52Yeah, good times. A bit more difficult over the last three years, but still good.
0:09:52 > 0:09:58- Good. What's been happening to you both since then?- We've sort of concentrated more on renters
0:09:58 > 0:10:01because we found there wasn't the money any more
0:10:01 > 0:10:06to buy the properties, do them up and sell them on and make anything worthwhile.
0:10:06 > 0:10:09- So mainly renters. - Why this particular place?
0:10:09 > 0:10:13Because it's got the commercial unit downstairs that's fully let
0:10:13 > 0:10:18and we can do a lot more upstairs and the building that side.
0:10:18 > 0:10:21- The mystery building. - Yeah. A lot of potential.
0:10:21 > 0:10:23Yes. I mean, let's start with that place.
0:10:23 > 0:10:26How odd to have that in the sale
0:10:26 > 0:10:29and yet you pretty much can't get into it so you don't know what's in there.
0:10:29 > 0:10:33- It's bricked up. Can't get in. - There could be a Ferrari hidden.
0:10:33 > 0:10:36- Well, let's hope so.- Yeah. - THEY LAUGH
0:10:36 > 0:10:38Or a stash of paintings or something.
0:10:38 > 0:10:41- But probably just mould and rubbish. - Probably.
0:10:41 > 0:10:45But it's a decent size. I mean, it forms a substantial part of the whole lot.
0:10:45 > 0:10:48Yes, we looked at it, we've got the commercial downstairs,
0:10:48 > 0:10:53possibly to change this into two flats upstairs and that is just stuck on the back as a freebie,
0:10:53 > 0:10:55so whatever we do with it is a bit of a bonus.
0:10:55 > 0:10:59So, tell me what you're going to do, then, with what you've bought.
0:10:59 > 0:11:04We're hoping to convert the upstairs into two two-bedroom flats
0:11:04 > 0:11:09and the outside building into a two-bedroom cottage or flat
0:11:09 > 0:11:11or something like that if we can,
0:11:11 > 0:11:17or maybe even convert the outside into more commercial office space. We haven't decided yet.
0:11:17 > 0:11:20'Whatever the couple decide to do,
0:11:20 > 0:11:24'it sounds like they're going to be spending some time getting planning permission.
0:11:24 > 0:11:29'It might require change of use permission, but their architect is already looking into that.
0:11:29 > 0:11:34'Whichever path they take, this is certainly a more ambitious project for them than usual.'
0:11:34 > 0:11:37Normally we stick to lower-end properties,
0:11:37 > 0:11:41terraced, semis, the odd detached we've done.
0:11:41 > 0:11:43This is a commercial unit
0:11:43 > 0:11:47to be changed into several flats, so it's a bit...
0:11:47 > 0:11:50- I mean, we've never used architects before, have we?- No.
0:11:50 > 0:11:53Normally we can sort of wing it ourselves, but this is...
0:11:54 > 0:11:56..a bit out of our comfort zone, let's say.
0:11:56 > 0:12:00'I remember the last time we met, the couple were very hands-on
0:12:00 > 0:12:03'with that project. Are they still as involved?'
0:12:03 > 0:12:07- Yeah, we still get in there. - We do all the stripping out. - We get in, strip out
0:12:07 > 0:12:10and knock the initial sort of walls about
0:12:10 > 0:12:14and then get the electricians, plumbers, gas engineers in,
0:12:14 > 0:12:16then we come back and put it all back together.
0:12:16 > 0:12:20What's your involvement, Rachel? Are you hands-on day-to-day?
0:12:20 > 0:12:23- Yeah, definitely. - You're the brains behind it.
0:12:23 > 0:12:27- You do all the legal stuff and all the paperwork. - Yeah, I try and do that as well.
0:12:27 > 0:12:30- And the glossing. - Sanding and glossing.
0:12:30 > 0:12:35'Rachel and Tony have set aside a healthy budget of £100,000
0:12:35 > 0:12:39'to include their architect's fees as well as the renovation work
0:12:39 > 0:12:42'required on this building, plus the one at the back.
0:12:44 > 0:12:47'The couple are reckoning on a one-year timescale
0:12:47 > 0:12:51'and will be earning an income from the commercial property straight away.'
0:12:51 > 0:12:54That was one of the big plus sides, as well,
0:12:54 > 0:12:59cos if we did nothing at all, we're still getting seven percent return on what we initially paid,
0:12:59 > 0:13:03so, you know, it gives you a big buffer.
0:13:03 > 0:13:06- Well, congratulations.- Thanks.- Great to see you both again.- You, too.
0:13:06 > 0:13:08And I look forward to returning and seeing what you do
0:13:08 > 0:13:13- and what's in that mystery part of the property.- Indeed! MARTIN LAUGHS
0:13:13 > 0:13:17So, Tony and Rachel continuing to build their property portfolio
0:13:17 > 0:13:21with this interesting mixed-use development.
0:13:21 > 0:13:25They admit it's a challenge for them, and there's a lot of work to be done, for sure,
0:13:25 > 0:13:29but the most intriguing thing is what will they find in that building out the back?
0:13:29 > 0:13:32You can find out later in the show.
0:13:34 > 0:13:37'This is the town of Sevenoaks in Kent,
0:13:37 > 0:13:41'which is just 30 minutes train ride from London.
0:13:41 > 0:13:46'In one survey a few years ago, it was considered the tenth richest town in Britain,
0:13:46 > 0:13:52'and generally, the size and price of the properties here reflect its wealthy status.'
0:13:52 > 0:13:54So with mansions in high demand around here
0:13:54 > 0:13:57and no sign of Sevenoaks's status letting up,
0:13:57 > 0:14:00you'll be hoping I'm here to see a grand house,
0:14:00 > 0:14:04a penthouse flat, certainly a posh pad of sorts.
0:14:04 > 0:14:07Well, I'm sorry. Think lower. Much lower.
0:14:07 > 0:14:10Because it's here. Yes, here!
0:14:10 > 0:14:13It's a former public toilet!
0:14:13 > 0:14:15'It's certainly small, only 20 foot by 11.
0:14:15 > 0:14:19'It's just the building and plot itself, no land or parking.'
0:14:19 > 0:14:21# Price tag... #
0:14:21 > 0:14:24'This trip to the loo will be very short indeed.
0:14:24 > 0:14:28'Remember, 20 feet by 11 with no outside space.
0:14:28 > 0:14:30'The main attraction here will be the...'
0:14:30 > 0:14:32# Price tag... #
0:14:32 > 0:14:38Only £10,000, and in an extremely desirable spot.
0:14:38 > 0:14:42The question is, just what could you do with it?
0:14:42 > 0:14:45'The big problem with this convenience is it's pretty inconvenient.
0:14:45 > 0:14:49'There's a car park at the back but it doesn't belong to the property, so nowhere to park a vehicle,
0:14:49 > 0:14:53'and there's a phone box right in front.
0:14:53 > 0:14:59'But before we pull the plug here, let's see if we can find development inspiration from the past.'
0:14:59 > 0:15:04The history of the public toilet is an interesting one.
0:15:04 > 0:15:08In 1851, London was about to showcase itself to the world
0:15:08 > 0:15:11with the Great Exhibition.
0:15:11 > 0:15:13Millions were expected to flock to the capital
0:15:13 > 0:15:18and there had been no provision for where they could, erm, go, you know.
0:15:18 > 0:15:22Enter London plumber George Jennings, who spotted an opportunity.
0:15:22 > 0:15:26He built the first public loo at the exhibition at his own expense.
0:15:26 > 0:15:29He charged each punter a penny for the privilege
0:15:29 > 0:15:33and he walked away with a profit and a spectacular new career.
0:15:33 > 0:15:36So, could these facilities make you rich?
0:15:36 > 0:15:39As loos, almost certainly not.
0:15:39 > 0:15:41And definitely not for a penny a go!
0:15:41 > 0:15:45Time to take a wander and work out what could.
0:15:45 > 0:15:49# We can work it out, we can work it out... #
0:15:50 > 0:15:53On one side of the toilets, you have commercial premises,
0:15:53 > 0:15:57but on the other side of the car park, you have residential houses.
0:15:57 > 0:16:02So what about trying to get planning for a house here?
0:16:02 > 0:16:05You'd have to get permission to go up one, even two storeys,
0:16:05 > 0:16:07and then you'd be looking at a mini home,
0:16:07 > 0:16:10probably no more than one bedroom.
0:16:10 > 0:16:15But in this area, where one-bedroom flats go for £130,000,
0:16:15 > 0:16:18I'm sure you could ask that. But is this realistic?
0:16:18 > 0:16:21There's no parking, there's no outside space,
0:16:21 > 0:16:25there's a great big phone box right outside and you're next to a shop,
0:16:25 > 0:16:29and you're right on the pavement. It would be a brave person
0:16:29 > 0:16:32who took the planners on with this one, but I like brave,
0:16:32 > 0:16:35and if it paid off, well, what a coup!
0:16:35 > 0:16:37# Honey, I'm still free
0:16:37 > 0:16:39# Take a chance on me
0:16:39 > 0:16:42# If you need me, let me know
0:16:42 > 0:16:44# Gonna be around
0:16:44 > 0:16:48# If you've got no place to go, if you're feeling down... #
0:16:48 > 0:16:51'This is definitely one lot that's a bit of a punt.
0:16:51 > 0:16:53'You might come up smelling of roses
0:16:53 > 0:16:56'or you could see your money go straight down the pan.
0:16:56 > 0:16:59'So, is it worth taking a chance on?
0:16:59 > 0:17:03'What does a local estate agent make of this somewhat different lot?'
0:17:03 > 0:17:08Very unusual. I'm struggling to think of an alternative use.
0:17:08 > 0:17:10Possibly a small kiosk, retail unit
0:17:10 > 0:17:14for a florist or beautician, possibly.
0:17:14 > 0:17:18Maybe a small office, one or two people working in there.
0:17:18 > 0:17:21'A commercial premises does seem more likely,
0:17:21 > 0:17:25'but could it be turned into a residential dwelling?'
0:17:25 > 0:17:28I think to convert the property to residential would be quite difficult.
0:17:28 > 0:17:32There's no amenity land with it and that would be...
0:17:32 > 0:17:34Without that amenity land,
0:17:34 > 0:17:39I believe that would be contrary to the local plan policy, so I think they will struggle.
0:17:39 > 0:17:43'So it's less likely to be turned into residential.
0:17:43 > 0:17:46'But which outcome would generate the better returns?
0:17:46 > 0:17:49'A commercial unit or residential?
0:17:49 > 0:17:51'First, the commercial values.'
0:17:51 > 0:17:56If you could achieve a rent of, say, £6,000 a year,
0:17:56 > 0:18:01I would hope to be able to sell it for about £75,000 once let.
0:18:01 > 0:18:05A one-bedroom purpose-built flat
0:18:05 > 0:18:10I would think would get something like £125,000, £130,000.
0:18:10 > 0:18:13'So residential is riskier but would bring higher rewards.
0:18:13 > 0:18:16'But even a commercial outlet could pay dividends
0:18:16 > 0:18:19'when it was guided at only £8,000 to £10,000.'
0:18:21 > 0:18:25Well, it's not an easy one, this, but maybe it's an opportunity
0:18:25 > 0:18:29for the brave and bold developer to give some crazy ideas a go.
0:18:29 > 0:18:33Or it's a chance for somebody to get a foot on the commercial property ladder.
0:18:33 > 0:18:36Whatever somebody plans for this place,
0:18:36 > 0:18:40at that guide price, well, it's an oddly exciting one to watch.
0:18:40 > 0:18:44So let's take a seat and see what happened at the auction.
0:18:46 > 0:18:51We move to the former public toilet with potential.
0:18:51 > 0:18:54Start me at £10,000? 10,000 I have, thank you.
0:18:54 > 0:18:57At £10,000 is bid. 12. 12 I'm bid.
0:18:57 > 0:19:00And 14. We're out in the green tie.
0:19:00 > 0:19:0314 I'm bid. 16 I have.
0:19:03 > 0:19:05And 18?
0:19:05 > 0:19:0718 in a fresh place. And 20.
0:19:07 > 0:19:1120,000 in a fresh place. And 22? No.
0:19:11 > 0:19:1322 at the back. And 24?
0:19:14 > 0:19:1722,000 at the back. 23 I'm bid.
0:19:17 > 0:19:20And 24? 24 is bid.
0:19:20 > 0:19:23And 25? 25 is bid.
0:19:23 > 0:19:25And 26?
0:19:25 > 0:19:29And 26 with the catalogue. That's about everybody in the room, isn't it?
0:19:29 > 0:19:3126 I'm bid. And 27?
0:19:31 > 0:19:34And the 7 is bid. 28? No?
0:19:34 > 0:19:3628 in a fresh place sitting.
0:19:36 > 0:19:39And 9. 29 sitting.
0:19:39 > 0:19:42And 30, will you make it? 30 I have.
0:19:42 > 0:19:44And 31. And 32.
0:19:44 > 0:19:46Is that a bid? 32.
0:19:46 > 0:19:50And 33. And 34 sitting.
0:19:50 > 0:19:5434. And 35. 35 I have standing.
0:19:54 > 0:19:56And 36? 36.
0:19:56 > 0:19:59And 37. And 38.
0:19:59 > 0:20:018 is bid. And 39?
0:20:01 > 0:20:0439. And 40? 40 I have.
0:20:04 > 0:20:0741. And 42?
0:20:08 > 0:20:12We're out sitting. £41,000 is the bid.
0:20:12 > 0:20:14Gentleman standing at 41,000.
0:20:14 > 0:20:1642 do I see? Gentleman's bid standing.
0:20:16 > 0:20:19For the first time at 41,000.
0:20:19 > 0:20:22For the second time at 41,000.
0:20:22 > 0:20:26Third and final time at 41,000, gentleman standing.
0:20:26 > 0:20:30- Are you all done? - HAMMER BANGS - Sold at £41,000. Your number, sir?
0:20:31 > 0:20:36'Flushed with success at securing the public toilets for 41,000
0:20:36 > 0:20:39'are local couple Maria and Angelo.
0:20:39 > 0:20:42'They're both in the hairdressing trade and own several salons.
0:20:42 > 0:20:45'Angelo has dabbled in property for over 20 years.
0:20:45 > 0:20:49'Chatting in the loo didn't appeal to us,
0:20:49 > 0:20:52'so I met them over a cuppa to find out more.'
0:20:52 > 0:20:57- Congratulations.- Thank you.- I love it! You bought the toilets!- Yeah.
0:20:57 > 0:21:01Angelo, tell me the story behind you wanting to buy the local loos.
0:21:01 > 0:21:04Well, we're hoping to knock the whole building down
0:21:04 > 0:21:09- and just start afresh, really, and put a nice little residential house there.- Yeah.
0:21:09 > 0:21:12- A small one-bedroom house.- There was an idea of whether to put a shop
0:21:12 > 0:21:18and then we came off that idea and then we thought maybe a house would be more value for money.
0:21:18 > 0:21:22Why did you go down the residential route? Purely from the monetary side of things?
0:21:22 > 0:21:26Erm, commercial at the moment's not doing a great deal in Sevenoaks.
0:21:26 > 0:21:31Things are not looking good. So residential, small unit,
0:21:31 > 0:21:34someone who needs to get into London, it's in the right place.
0:21:34 > 0:21:38'No doubt about it, this is a good town to develop in,
0:21:38 > 0:21:42'but this particular location is tricky and is tiny.
0:21:42 > 0:21:46'However, Angelo has already got his vision on paper
0:21:46 > 0:21:50'and it certainly looks like the couple will be spending a penny or two.'
0:21:50 > 0:21:54- That's the street scene. - Very nice. It's a got a real contemporary edge to it.
0:21:54 > 0:21:59- I love it! It doesn't stick out like a sore thumb.- No. That's the idea.
0:21:59 > 0:22:02- So much better than a toilet!- Yeah. THEY LAUGH
0:22:02 > 0:22:06So how much do you think it'll cost you to build something like that?
0:22:06 > 0:22:09Er, we hope to bring it in at about £70,000.
0:22:09 > 0:22:12- Maybe a little but less. - And that's three floors, is it?
0:22:12 > 0:22:16- Well, it'll be two floors and the loft. - What's the ground floor going to be?
0:22:16 > 0:22:19That's going to be the kitchen/dining room.
0:22:19 > 0:22:22- And the middle floor?- That'll be the lounge. And then at the very top,
0:22:22 > 0:22:28hopefully we can put a bedroom with just a shower/toilet, a wet room.
0:22:28 > 0:22:31And it'll be a mezzanine floor in the loft, as well,
0:22:31 > 0:22:33so it'll make it something a little bit different.
0:22:33 > 0:22:37So it's going to be about the same size as a one-bedroom flat, but it'll be a house.
0:22:37 > 0:22:40- Yeah, it'll be on different levels. - That's the idea.
0:22:40 > 0:22:42'I'm pretty bowled over by this project.
0:22:42 > 0:22:46'It's really brave but it would seem Angelo likes a challenge.'
0:22:47 > 0:22:50- Have you guys done stuff like this before?- Yeah.
0:22:50 > 0:22:54He came home with an old boiler house
0:22:54 > 0:22:58with a 60-foot chimney that he looked at
0:22:58 > 0:23:00and said, "Look, we could put a shop there."
0:23:00 > 0:23:03- And we have. We've put two shops there. - SHE LAUGHS
0:23:03 > 0:23:07- Knocked the whole lot down.- So you have got the vision, Angelo.- Yeah.
0:23:07 > 0:23:10Well, if there's a building there, I know that you can replace it
0:23:10 > 0:23:13with another building, albeit a few problems with the council,
0:23:13 > 0:23:16but they want to enhance their areas
0:23:16 > 0:23:18and if you approach them in that way,
0:23:18 > 0:23:22that you'll make it a nicer place, then they're happy to allow it.
0:23:22 > 0:23:26Now, if you don't get permission to turn this into a residential dwelling,
0:23:26 > 0:23:29- what is plan B for you guys, Maria? - Do the next stage.
0:23:29 > 0:23:32If they would prefer a shop then we'll go for commercial
0:23:32 > 0:23:36and then hopefully if we can put something above it... Just see how we get on, really.
0:23:36 > 0:23:39So plan B is not really the option you want, is it?
0:23:39 > 0:23:43- No.- No. - But if it has to be, it has to be.
0:23:43 > 0:23:46It's not a... As long as there isn't a plan C.
0:23:46 > 0:23:48- Yeah! - Plan A and B are fantastic, yeah.
0:23:48 > 0:23:51You strike me as the sort of person who'll fight for this.
0:23:51 > 0:23:53- You want this to happen, don't you? - Yeah.
0:23:53 > 0:23:56I mean, it's like most things.
0:23:56 > 0:23:59If I get my teeth in the bit then it's got to happen.
0:23:59 > 0:24:04It's not going to be a nothing. It's going to be a something there.
0:24:04 > 0:24:06We've had people say, "No, it can't be done,"
0:24:06 > 0:24:08but it will be, it will be.
0:24:08 > 0:24:11Guys, I think this is a great opportunity not to be missed,
0:24:11 > 0:24:13but it's a very, very brave one.
0:24:13 > 0:24:18- Good luck to both of you.- Thank you. - Thank you very much.- Thank you. - Thanks, Maria.
0:24:18 > 0:24:21# Come what may
0:24:21 > 0:24:23# Come what may... #
0:24:23 > 0:24:26'So, as far as Angelo and Maria are concerned,
0:24:26 > 0:24:30'come what may, this development won't be money down the drain.'
0:24:30 > 0:24:36Angelo and Maria have bought themselves a big old gamble of a project, but I love their guts!
0:24:36 > 0:24:39And the plans are far from bog-standard.
0:24:39 > 0:24:42I reckon this house idea may not be such a flash in the pan.
0:24:42 > 0:24:47You can find out if this one washes its face later on in the show.
0:24:48 > 0:24:54'Coming up in Carlisle, the ground floor of this three-bedroom semi has lots of charm.'
0:24:55 > 0:24:58Because if there's fixtures like that, there might be more.
0:24:58 > 0:25:02'In Sevenoaks, Kent, Angelo holds on for the loo.'
0:25:02 > 0:25:06They dismantle it slowly and bring it back to us all cleaned up
0:25:06 > 0:25:09so we can use that on another project.
0:25:09 > 0:25:14'But first, our Derbyshire developers face tough choices.'
0:25:14 > 0:25:18If something comes up, we'll go for it. If not, then we have to go on holiday.
0:25:21 > 0:25:25'Earlier, I visited Alfreton in Derbyshire, a busy market town
0:25:25 > 0:25:28'within easy commuting distance of Derby and Nottingham.
0:25:28 > 0:25:32'Alfreton has a lot of interesting historic buildings
0:25:32 > 0:25:35'and we looked at this three-storey property,
0:25:35 > 0:25:38'which also had a mystery bricked-up property at the back.
0:25:38 > 0:25:43'It was bought by Rachel and Tony for £150,000
0:25:43 > 0:25:45'to add to their buy-to-let portfolio.
0:25:45 > 0:25:50'The ground floor was on a lengthy lease so that was an instant income.
0:25:50 > 0:25:54'They reckoned it would take a year to see their ambitious plans through.'
0:25:54 > 0:25:59We're hoping to convert the upstairs into two two-bedroom flats
0:25:59 > 0:26:04and the outside building into a two-bedroom cottage or flat
0:26:04 > 0:26:10or something like that if we can, or maybe even convert the outside into more commercial office space.
0:26:10 > 0:26:15'The couple had set a generous budget of £100,000
0:26:15 > 0:26:20'to convert the main building into two flats, plus the work on the derelict building at the back.
0:26:22 > 0:26:25'It's now 11 and a half months later
0:26:25 > 0:26:28'and the two upper floors have been renovated.
0:26:28 > 0:26:30'So, do we have two flats?
0:26:30 > 0:26:33'Nope. We have one.
0:26:33 > 0:26:37'Firstly, they have obviously knocked down some walls here.
0:26:37 > 0:26:41'The cramped kitchen has gone and it's much more spacious now.
0:26:41 > 0:26:43'And there's a utility room.
0:26:44 > 0:26:50'The two bay-fronted rooms at the front are carpeted and neutrally decorated.
0:26:52 > 0:26:56'The meters have been boxed in and the cork's gone.
0:26:59 > 0:27:03'The black as night bathroom is now sunshine yellow.
0:27:04 > 0:27:09'It's a shame the bathroom's still downstairs, though, and has just been freshened up.
0:27:09 > 0:27:12'So, what happened to those ambitious plans of making two flats here?
0:27:12 > 0:27:17'Well, it turns out it was advice from the architect that influenced this decision.'
0:27:17 > 0:27:20Well, he wanted us to move the stairs
0:27:20 > 0:27:25because of the fire risk and things like that, so that's why we didn't go down that...
0:27:25 > 0:27:27The bottom of our stairs was too close to the door.
0:27:27 > 0:27:32You need a certain amount of room between the bottom of the stairs and the door,
0:27:32 > 0:27:36which meant we would've had to change the whole stairwell. It was going to cost way too much,
0:27:36 > 0:27:41so we went with the easier route of just turning this into a three/four-bedroom flat.
0:27:41 > 0:27:46'The staircase up from the pavement also has a washroom for the commercial premises,
0:27:46 > 0:27:48'so that's all staying as is.
0:27:51 > 0:27:56'Up on the second floor, the back bedroom has been divided into two.
0:27:59 > 0:28:04'They've retained the laminate flooring and both rooms are still doubles.
0:28:07 > 0:28:11'The large front bedroom remains. But what about that mystery building at the back
0:28:11 > 0:28:13'and their plans to refurbish it?'
0:28:13 > 0:28:16That's where it starts to get a little bit interesting.
0:28:16 > 0:28:21That was initially going to be possibly two flats.
0:28:21 > 0:28:25It's going to be a two-bedroom stand-alone cottage.
0:28:25 > 0:28:28'The couple have applied for planning permission
0:28:28 > 0:28:31'and are confident it will be approved.
0:28:31 > 0:28:35'The property's far too dangerous to film in. It's going to need a lot of work.'
0:28:35 > 0:28:38It's going to be pretty much a new house.
0:28:38 > 0:28:42The roof trusses will be replaced, it'll need rendering from the outside all the way through.
0:28:42 > 0:28:45Yeah, new floors, windows, doors, kitchen, bathroom.
0:28:45 > 0:28:48All new electrics, heating system.
0:28:48 > 0:28:53'Tony and Rachel had given themselves £100,000 to convert the upper floors of this building
0:28:53 > 0:28:56'into two flats, with two more flats in the rear property.
0:28:56 > 0:28:58'How much have they spent so far?'
0:29:00 > 0:29:02We've not done what we first thought we were going to do.
0:29:02 > 0:29:07It's cost us about £9,000 to do the flat
0:29:07 > 0:29:11and then it's going to be about £40,000 to do the outbuilding.
0:29:11 > 0:29:14So you're looking at a complete total budget of £50,000,
0:29:14 > 0:29:18which is probably half of what we estimated last time.
0:29:18 > 0:29:24'The £150,000 they paid at auction would take their total investment to £200,000.
0:29:24 > 0:29:27'Although their initial plans for the number of units has changed,
0:29:27 > 0:29:32'they should still generate a good, solid return from their investment
0:29:32 > 0:29:34'from this three-bedroom flat and the two-bedroom cottage
0:29:34 > 0:29:38'plus the rent from the commercial unit on the ground floor.
0:29:39 > 0:29:42'We invited two local estate agents to give us their opinions
0:29:42 > 0:29:44'of this large three-bed flat.
0:29:44 > 0:29:47'First, the estate agent who saw it last time.'
0:29:47 > 0:29:50Now I've returned to the property, I can see that the finish
0:29:50 > 0:29:52is absolutely excellent. It's presented in good order.
0:29:52 > 0:29:57I was expecting on my return to find four flats or five flats
0:29:57 > 0:29:59or certainly something different.
0:29:59 > 0:30:02I think the owners have done a fantastic job refurbishing
0:30:02 > 0:30:04from start to finish.
0:30:04 > 0:30:09Very high standard and deceptively spacious accommodation on offer.
0:30:09 > 0:30:13I think the building at the rear is crying out to be converted into a further two flats.
0:30:13 > 0:30:20I think to only convert it into one would be a wasted opportunity when there is the space for two flats.
0:30:20 > 0:30:25'What about the flat that is actually finished, though? What could it sell on for?'
0:30:25 > 0:30:29If we were looking to offer this property to the market,
0:30:29 > 0:30:33I would say it would be offered to the market at £60,000 to £65,000.
0:30:33 > 0:30:35I would value the property as it has been refurbished
0:30:35 > 0:30:39in the region of £60,000 to £65,000.
0:30:39 > 0:30:44We're not going to sell it anyway, but, yeah, if it's worth £60,000 to £70,000, then great.
0:30:44 > 0:30:47'Tony and Rachel are looking for tenants.
0:30:47 > 0:30:49'How much rental income can they expect?'
0:30:49 > 0:30:53I would market this property at £425 per calendar month.
0:30:53 > 0:30:56If I were looking to offer this property to the rental market,
0:30:56 > 0:31:00I would expect a rental to be achieved somewhere in the region of £500 per calendar month.
0:31:00 > 0:31:05- £500 per month would be fantastic. - We'll be happy with 425.
0:31:05 > 0:31:09I think 425 is achievable. 500 may be a little bit pushing it,
0:31:09 > 0:31:12but I don't know, we'll have to wait and see.
0:31:12 > 0:31:16'What about the potential sale value of the two-bedroom cottage?'
0:31:16 > 0:31:20I would say that if it were converted to a cottage or one single dwelling,
0:31:20 > 0:31:24it would be worth somewhere in the region of £65,000 to £70,000.
0:31:24 > 0:31:28If the owners decided to create a one or two-bedroom cottage,
0:31:28 > 0:31:32I'd expect the value to be in the region of £70,000.
0:31:32 > 0:31:35'And the rental income from the cottage?'
0:31:35 > 0:31:39If the owners were to create the two-bedroom cottage,
0:31:39 > 0:31:44that could achieve in the region of £450 to £457 per calendar month.
0:31:44 > 0:31:46We're happy with the 475.
0:31:46 > 0:31:51If we can get 475 for a two-bedroom cottage, we'd be more than happy with that.
0:31:53 > 0:31:57'With Rachel and Tony's rental portfolio continuing to grow,
0:31:57 > 0:32:01'do they intend to add to it or have they got other plans?'
0:32:01 > 0:32:05Oh, we're looking at buying another property to do up to sell,
0:32:05 > 0:32:09but it depends if one comes up. We'll keep checking the auctions.
0:32:09 > 0:32:12We're always looking. If something comes up, we'll go for it.
0:32:12 > 0:32:15If not, then we have to go on holiday.
0:32:19 > 0:32:23'Carlisle is not only a compact and attractive city.
0:32:23 > 0:32:25'With great links to the south and to Scotland,
0:32:25 > 0:32:30'it's one of the best-placed cities in the country for access to the beautiful Lake District.'
0:32:30 > 0:32:33Well, just on the outskirts of Carlisle
0:32:33 > 0:32:37in this very popular residential area is the property I'm here to see.
0:32:37 > 0:32:39Three-bedroom semidetached. This is it.
0:32:39 > 0:32:42Had a guide price of £55,000.
0:32:42 > 0:32:45Looks really good from the outside. Let's take a look.
0:32:45 > 0:32:49'Yeah, it not only looks reasonably solid, its location is a plus point, too.
0:32:49 > 0:32:52'There are plenty of buses to the city centre,
0:32:52 > 0:32:55'so let's hope the interiors keep up the positive start.'
0:32:55 > 0:32:58OK, so, what's on offer?
0:32:58 > 0:33:01Stairs sort of bending round there up to your bedrooms.
0:33:01 > 0:33:05Nice size entrance, which always sets the place off really well.
0:33:05 > 0:33:10One thing that ain't quite so good, we've got some kind of a storage radiator here,
0:33:10 > 0:33:14so central heating is going to have to be budgeted into the whole renovation cost.
0:33:14 > 0:33:18The kitchen's there. Double glazing, double-glazed rear door,
0:33:18 > 0:33:22but the actual kitchen looks a bit small and you've got a little pantry area at the back.
0:33:22 > 0:33:26Front lounge. Again, doesn't look to be in too bad condition
0:33:26 > 0:33:30and it certainly doesn't smell damp. Somebody's kindly taken up the carpets, which is good,
0:33:30 > 0:33:34revealing the floorboards, which are in fairly reasonable condition,
0:33:34 > 0:33:38so you might want to consider stripping those back rather than putting carpets back,
0:33:38 > 0:33:41really good if you've got allergies or pets.
0:33:41 > 0:33:44And the room itself, this rear living room, a good size again.
0:33:44 > 0:33:48I'd maybe think about putting some double doors out into the garden.
0:33:48 > 0:33:51But one thing I do quite like is some of these cupboards,
0:33:51 > 0:33:56you might not like them, but at some stage, somebody's put this board over the top.
0:33:56 > 0:34:00Underneath them I guess is original pitched pine, so strip those back.
0:34:00 > 0:34:03And that also bodes well for the rest of the house,
0:34:03 > 0:34:06because if there's features like that, there might be more.
0:34:07 > 0:34:10'It's great that this house has some lovely features
0:34:10 > 0:34:12'like the picture rails.
0:34:12 > 0:34:15'It saves having to reintroduce them to add some charm,
0:34:15 > 0:34:19'and obviously, the gas fires don't fall into that category.
0:34:19 > 0:34:22'But if you replace them with some original iron fireplaces,
0:34:22 > 0:34:24'this place would ooze character.
0:34:24 > 0:34:27'Hopefully the same can be said about the upstairs.'
0:34:28 > 0:34:33So, a few things you might want to do with the layout up here. There is a separate loo and bathroom.
0:34:33 > 0:34:36You might want to knock those together.
0:34:36 > 0:34:39And the... Well, the bathroom suite, plum.
0:34:39 > 0:34:43Not really this year's colour. But you never know.
0:34:43 > 0:34:47A white suite in there would definitely improve things. But good size bedrooms.
0:34:47 > 0:34:50Again, nice floorboards. A few lovely little features,
0:34:50 > 0:34:55like a little gas fire in the front that you definitely want to have checked out before you use.
0:34:55 > 0:34:58In the back here, another little fireplace.
0:34:58 > 0:35:02Very sweet. Just rounding up this house, really.
0:35:02 > 0:35:05Nothing I can see that causes me concern.
0:35:05 > 0:35:08Just a good, solid little property
0:35:08 > 0:35:11that'd make a lovely home, to be honest.
0:35:11 > 0:35:14'Once those fireplaces have been stripped back to their original state,
0:35:14 > 0:35:18'they'll provide an attractive focal point for the rooms.
0:35:18 > 0:35:20'The third bedroom isn't a bad size
0:35:20 > 0:35:22'but doesn't have much in the way of character.
0:35:22 > 0:35:25'If you're looking for more features,
0:35:25 > 0:35:29'I wouldn't be surprised if there are some decent spindles under that covered banister.
0:35:29 > 0:35:32'So much for inside.'
0:35:32 > 0:35:36Well, at the rear of the property, you can see, it is in pretty good nick, which is good news.
0:35:36 > 0:35:39A couple of additional things which are nice to have.
0:35:39 > 0:35:43This outbuilding. It's brick-built, got a nice solid roof,
0:35:43 > 0:35:46good place to store your garden bits and pieces or whatever.
0:35:46 > 0:35:51And the garden itself. Well, I have a theory that if the garden is looking neat and well-kept
0:35:51 > 0:35:55then that probably says the people had the same attitude when it came to the house,
0:35:55 > 0:35:58and sure enough, it's a really nice size, tidy garden.
0:35:58 > 0:36:02All the shrubs have been cut back, the hedge has been trimmed.
0:36:02 > 0:36:07Obviously, this was a much-loved house. And I really like it.
0:36:07 > 0:36:11'The decor aside, it's almost impossible to fault this house.
0:36:11 > 0:36:14'Solid, well-maintained, with some original features,
0:36:14 > 0:36:16'and on a more practical level,
0:36:16 > 0:36:19'within easy reach of the town centre and the M6.
0:36:19 > 0:36:22'But with a guide price of £55,000,
0:36:22 > 0:36:25'what does it all mean in financial terms?
0:36:25 > 0:36:27'We asked the auctioneer who sold it
0:36:27 > 0:36:31'what he made of this three-bedroom terrace in Carlisle.'
0:36:32 > 0:36:36I think it's a good property. It needs a programme of modernisation,
0:36:36 > 0:36:39central heating, decoration, kitchen and bathroom maybe,
0:36:39 > 0:36:42but good stock house and it would both sell and rent well
0:36:42 > 0:36:45when modernised.
0:36:45 > 0:36:48'So, given a good spruce up and then how much more than that guide price
0:36:48 > 0:36:51'of £55,000 plus could it be worth?'
0:36:51 > 0:36:55I would say if this was modernised to pristine condition, showroom condition,
0:36:55 > 0:36:59I think you might see in excess of £90,000.
0:36:59 > 0:37:01'That could be quite a tidy little profit.
0:37:01 > 0:37:04'But do the sums add up in the rental stakes?'
0:37:04 > 0:37:08Once renovated, if this property was exposed to the rental market,
0:37:08 > 0:37:12I think you would achieve around £425 per calendar month.
0:37:12 > 0:37:15'I think this is a pretty neat little house as it stands,
0:37:15 > 0:37:18'so I wouldn't be tempted to extend.
0:37:18 > 0:37:20'But could an investor add value here?'
0:37:20 > 0:37:23I think you've got to be careful when extending a property
0:37:23 > 0:37:28because the cost of improvement doesn't always equal increased value,
0:37:28 > 0:37:31and that might be the case with this property.
0:37:31 > 0:37:34You know when you get a feel about a property?
0:37:34 > 0:37:38Well, in this case, my feeling is really positive.
0:37:38 > 0:37:41No hidden nasties, just a really straightforward,
0:37:41 > 0:37:44"what you see is what you get" kind of place.
0:37:44 > 0:37:47A great one to go for. Let's see who agreed when it went under the hammer.
0:37:51 > 0:37:55Lot number ten. Plus is the guide. 55, then?
0:37:55 > 0:37:5850? 45? Let's not muck about.
0:37:58 > 0:38:0145 I've got. At 45 I'm bid.
0:38:01 > 0:38:0446 in the door. 47 may I say?
0:38:04 > 0:38:0748, sir. 49.
0:38:07 > 0:38:10Shake of the head. At £48,000 I'm bid.
0:38:10 > 0:38:1449. And 50. 50 I've got on the phone.
0:38:14 > 0:38:1851. 52. OK, I'll take a half.
0:38:18 > 0:38:2051,500. 52.
0:38:20 > 0:38:23And a half. 53 I've got.
0:38:23 > 0:38:2753 and a half. 53 and a half, new position.
0:38:27 > 0:38:3154 I've got. 54 and a half. 54 and a half.
0:38:31 > 0:38:3455, shake of the head. 55 on the phone.
0:38:34 > 0:38:3655 and a half.
0:38:36 > 0:38:3856 on the phone.
0:38:38 > 0:38:40And a half may I say?
0:38:40 > 0:38:4457. 57 and a half, new bidder.
0:38:44 > 0:38:47At 57,500, back row.
0:38:47 > 0:38:5058. Let's leave him out. 58 and a half.
0:38:50 > 0:38:53No, shake of the head. It's with you at 58, sir.
0:38:53 > 0:38:56At £58,000, first time.
0:38:56 > 0:38:59At £58,000, second time.
0:38:59 > 0:39:03- At £58,000, third and final time, selling away. - HE BANGS HAMMER
0:39:03 > 0:39:08- Goes to the corner. Well done. - 'It was Robert who bought the lot for £58,000.
0:39:10 > 0:39:15'He lives in Carlisle and this was his first auction purchase.
0:39:15 > 0:39:20'I met him at the three-bed semi to find out about him and his plans for it.'
0:39:20 > 0:39:23- Robert, congratulations. Nice house. - Thank you very much.
0:39:23 > 0:39:26Do you currently own a house or is this your first house?
0:39:26 > 0:39:30- This is my first house, yes. - Perfect. What about it did you really like?
0:39:30 > 0:39:32The whole character of it.
0:39:32 > 0:39:36Bay window, the back room, the front room,
0:39:36 > 0:39:39the lovely gas fire upstairs, the cast iron gas fire,
0:39:39 > 0:39:43the lovely coal fire upstairs, the bay windows, the lovely garden.
0:39:43 > 0:39:48Everything is just lovely. And the original doors upstairs
0:39:48 > 0:39:50and the bare boards, which have potential.
0:39:50 > 0:39:54Everything about it has just got potential. Just all of it. I just loved it.
0:39:54 > 0:39:57Fantastic. What about the area? Do you know the area well?
0:39:57 > 0:40:01Yes, yes, I was born and brought up and bred in the area.
0:40:01 > 0:40:06- So do you know this house? Have you walked past it or seen it in your travels?- Many times.
0:40:06 > 0:40:10'Robert has always fancied living around here and this house fits the bill.
0:40:10 > 0:40:13'He plans to move in straight away and get stuck in.
0:40:13 > 0:40:16'I'm very keen on the original features here
0:40:16 > 0:40:19'and so far it's sounding like Robert's pretty taken by them, too.
0:40:19 > 0:40:24'This could well be a labour of love and there might just be an explanation for that.'
0:40:24 > 0:40:29What do you do when you're not buying your first house?
0:40:29 > 0:40:34- I have my own business and I restore and conserve antique and modern furniture.- Oh, great!
0:40:34 > 0:40:38Fantastic. So will this be containing some of the stuff you do?
0:40:38 > 0:40:40Possibly, yes. That's the best thing about the job.
0:40:40 > 0:40:44I can get old pieces and put them in and have it how I want it
0:40:44 > 0:40:48- with nice pieces of restored furniture.- Great.
0:40:48 > 0:40:54- Tell me what you're going to do to it.- I want to keep the gas fire in the front bedroom in the corner,
0:40:54 > 0:40:58take it right back to the metal and bring it to the black colour.
0:40:58 > 0:41:03I want to add original dado rails where they're missing from the ceiling.
0:41:03 > 0:41:08I want to take the floorboards back and varnish them
0:41:08 > 0:41:11and strip the original pitch pine doors
0:41:11 > 0:41:16and look at getting three original doors again for downstairs.
0:41:16 > 0:41:18- So it all matches.- Yeah. - Have those stripped.
0:41:18 > 0:41:21- And the bathroom? - The bathroom, keep it separate.
0:41:21 > 0:41:25- Right. Good.- Maybe live with it for a little while.
0:41:25 > 0:41:30- The burgundy colour, which might not appeal to everybody, you're going to live with that?- For a while.
0:41:30 > 0:41:34- We'll see how it goes. - It might come back in fashion.
0:41:34 > 0:41:38- THEY LAUGH - And then any ideas for this room, the lounge?
0:41:38 > 0:41:41It would be quite nice to put a set of patio doors on there.
0:41:41 > 0:41:46Erm, haven't thought like that. I've got a little budget but there's not a lot there.
0:41:46 > 0:41:50- So what is the budget? - Er, I haven't really got one.
0:41:50 > 0:41:52I'm trying to keep it as low as I can.
0:41:52 > 0:41:56Erm, I'm just talking about paint and doors and things,
0:41:56 > 0:42:00so maybe, you might not believe it, but about £1,000 or something like that.
0:42:00 > 0:42:03'Robert plans to be here for some time
0:42:03 > 0:42:06'and he isn't after dramatic changes.
0:42:06 > 0:42:08'The kitchen will get a simple paint job
0:42:08 > 0:42:13'and what work he has planned will be done by himself with a little help from his friends.
0:42:13 > 0:42:17'However, he'll call in tradespeople as and when they're needed,
0:42:17 > 0:42:21'for example, to replace the storage heaters with central heating. And his timescale?
0:42:21 > 0:42:25'Well, he's allowed himself a generous 12 months because this renovation
0:42:25 > 0:42:28'might have to take a back seat to some of his other interests.'
0:42:29 > 0:42:33So what do you do when you're not doing furniture restoration?
0:42:33 > 0:42:36I'm very busy, Martin.
0:42:36 > 0:42:39I am an active member of Botcherby Residents Action Group.
0:42:39 > 0:42:44I am also a councillor, a city and a county councillor for this ward.
0:42:44 > 0:42:49- Right.- Independent.- So you'll make sure the rubbish is collected on time and stuff like that.- Yes, yes.
0:42:49 > 0:42:53I also do campanology at Carlisle Cathedral.
0:42:53 > 0:42:55- Bell-ringing?- Mm.- Wow!
0:42:55 > 0:43:01- What kind of bell set has Carlisle Cathedral got? - It has, believe it or not, 13 bells.
0:43:01 > 0:43:03- Right.- But it doesn't ring on 13.
0:43:03 > 0:43:05It rings on 12 and it's lovely to hear them ringing
0:43:05 > 0:43:08and they're a great bunch of people that are there.
0:43:08 > 0:43:10And we practice on Fridays,
0:43:10 > 0:43:12we ring on Sundays
0:43:12 > 0:43:15and we're always looking for others that want to do it.
0:43:15 > 0:43:19It's a lovely, lovely thing to do, bell-ringing.
0:43:19 > 0:43:24- Well, listen, congratulations. Good luck with it.- Thank you.- Look forward to seeing how you get on.
0:43:24 > 0:43:29# You can ring my bell
0:43:29 > 0:43:31- # Ring my bell - # My bell
0:43:31 > 0:43:34# Ring-a-ring-a-ring... #
0:43:34 > 0:43:40Well, I think Robert's got himself a really nice property for his first home here.
0:43:40 > 0:43:43And although he isn't planning on ringing too many changes,
0:43:43 > 0:43:47that £1,000 budget might be a little bit tight.
0:43:47 > 0:43:50You can find out how he gets on later on in the show.
0:43:53 > 0:43:56Well, the weeks and months have passed and there's no escape.
0:43:56 > 0:44:00It's time to return to see how our buyers have fared.
0:44:00 > 0:44:02Like you, we are dying to find out.
0:44:02 > 0:44:06It's time to lift the dust sheets and see what lies beneath.
0:44:07 > 0:44:10'It's back to Sevenoaks, Kent, now.
0:44:10 > 0:44:13'Earlier I saw this unusual auction lot here.
0:44:13 > 0:44:15'A single-storey brick building
0:44:15 > 0:44:19'measuring 20 feet by 11 with no garden or parking.
0:44:19 > 0:44:23'And, oh, yes, up until a few years ago, it was a public toilet.
0:44:23 > 0:44:28'But an unusual lot can present unusual opportunities,
0:44:28 > 0:44:32'which was exactly what local couple Angelo and his wife Maria thought
0:44:32 > 0:44:36'when they bought the toilet block for 41,000.
0:44:36 > 0:44:38'They own several hairdressing salons
0:44:38 > 0:44:40'and have previously dabbled in development.
0:44:40 > 0:44:47'They wanted to demolish this and build a three-storey one-bed house, all on this tiny patch.'
0:44:47 > 0:44:49- So, you have got the vision, Angelo. - Yeah.
0:44:49 > 0:44:53If there's a building there, I know that you can replace it with another building,
0:44:53 > 0:44:56albeit a few problems with the council,
0:44:56 > 0:44:59but they want to enhance their areas
0:44:59 > 0:45:01and if you approach them in that way,
0:45:01 > 0:45:04that you'll make it a nicer place, then they're happy to allow it.
0:45:05 > 0:45:08'If given the go-ahead,
0:45:08 > 0:45:10'Angelo and Maria had a £70,000 budget,
0:45:10 > 0:45:13'and a six-month timescale for the job.
0:45:13 > 0:45:17'But it was three and a half years later when we returned.
0:45:17 > 0:45:20'When we met up with Angelo, he had lost his beard!
0:45:20 > 0:45:23'So, was the toilet block sporting as radical a change?'
0:45:23 > 0:45:26# Don't you know I'm still standing
0:45:26 > 0:45:28# Better than I ever did
0:45:28 > 0:45:32# Looking like a true survivor
0:45:32 > 0:45:34# Feeling like a little kid
0:45:34 > 0:45:36# I'm still standing
0:45:36 > 0:45:38# Yeah, yeah, yeah... #
0:45:41 > 0:45:45'So the toilets are still here, but serving as a store room.
0:45:45 > 0:45:49'But don't be fooled. Things have been happening behind the scenes.'
0:45:49 > 0:45:53We applied for planning permission and it was fairly straightforward, really.
0:45:53 > 0:45:56They didn't give us many problems
0:45:56 > 0:45:58and we worked with them
0:45:58 > 0:46:01and we negotiated everything and got it through.
0:46:02 > 0:46:05'Planning may have been straightforward,
0:46:05 > 0:46:07'but it did take a while to get the details right.
0:46:07 > 0:46:09'Angelo has been working on other projects,
0:46:09 > 0:46:12'so this didn't have his full attention.
0:46:12 > 0:46:15'However, he and his friend Mark, who drew up the plans,
0:46:15 > 0:46:18'spent quite a lot of time putting individual touches to the plans
0:46:18 > 0:46:20'for the one-bedroom house.'
0:46:20 > 0:46:24The house has been designed with a nice, quirky look about it.
0:46:24 > 0:46:27The first floor will be clad in bronze
0:46:27 > 0:46:32and there'll be two rooms on the ground, the first, and then a bedroom en suite on the top floor
0:46:32 > 0:46:35with a nice big window overlooking the street scene.
0:46:35 > 0:46:39'There was no outside space here so it had to stay in the original footprint.
0:46:39 > 0:46:43'That meant the only way to create space was upwards.'
0:46:43 > 0:46:45It's quite a spacious one-bedroom house.
0:46:45 > 0:46:49We didn't want to hem it in and squeeze as many rooms as possible.
0:46:49 > 0:46:53It's quite nice, light and airy, so it'll appeal to most people.
0:46:53 > 0:46:55'As its location is on a busy road,
0:46:55 > 0:46:58'in order to comply with planning regulations
0:46:58 > 0:47:03'Angelo had to spend up to £1,500 on a noise and air pollution survey.
0:47:03 > 0:47:07'So, added to his purchase price of £41,000,
0:47:07 > 0:47:12'Angelo's outlay so far is £42,500. But then that was it,
0:47:12 > 0:47:15'because the property with that all-important planning permission
0:47:15 > 0:47:18'became a valuable asset.'
0:47:18 > 0:47:22We sold it for just under £80,000 to a developer.
0:47:22 > 0:47:27We've achieved as much as we wanted to achieve with it, and go as far as we wanted.
0:47:27 > 0:47:33So now it's for the next person to put that lovely designed house in its setting, really.
0:47:33 > 0:47:35'Wow! £80,000
0:47:35 > 0:47:39'for a total investment of £42,500?
0:47:39 > 0:47:44'Well, that's a pretty neat profit of 37,500 quid,
0:47:44 > 0:47:49'without the headaches of the actual building process or the building costs.
0:47:49 > 0:47:51'But the wheeling and dealing doesn't end there.'
0:47:51 > 0:47:54We've incorporated into it that the new owners deliver all the building to us,
0:47:54 > 0:47:58they dismantle it slowly and bring it back to us all cleaned up
0:47:58 > 0:48:01so we can use that on another project.
0:48:02 > 0:48:05Angelo's happy with what he's achieved here.
0:48:05 > 0:48:08'And it's not just pounds and pence that matter.'
0:48:08 > 0:48:14I think the house will fit in great in this part of Sevenoaks. I think it's a much-needed improvement.
0:48:14 > 0:48:18The street scene will benefit from whatever is built there, the design that we put in,
0:48:18 > 0:48:21and it'll be a great, great bonus for the town.
0:48:24 > 0:48:27'All in all, Angelo seems pretty chuffed with this project.
0:48:27 > 0:48:32'We asked two local property agents what they thought of the plot, the plans,
0:48:32 > 0:48:35'and that price Angelo achieved.'
0:48:35 > 0:48:42I had a look at the plans and an unusual proposition to start with, but an interesting one.
0:48:42 > 0:48:45I'm not surprised planning has been granted because it's a good proposal
0:48:45 > 0:48:47and a good location.
0:48:47 > 0:48:51I think the plans would actually work very well.
0:48:51 > 0:48:55A lovely one-bedroom contemporary house in a great location.
0:48:55 > 0:48:59'With Sevenoaks only half an hour commute from Central London,
0:48:59 > 0:49:03'will the new house be popular on the local property market?'
0:49:03 > 0:49:06There is a very strong demand for one-bedroom homes in Sevenoaks, yes.
0:49:06 > 0:49:10It's a great commuter area and I think it'll go very well.
0:49:10 > 0:49:14Demand for one-bedroom houses here would be very high due to the location of the station.
0:49:14 > 0:49:20The amount of commuters that go up to London, it probably would be a young professional worker.
0:49:20 > 0:49:25'Angelo sold the site with planning permission and plans for £80,000.
0:49:25 > 0:49:27'Did he get the best possible deal?'
0:49:27 > 0:49:30This property with planning permission would be worth
0:49:30 > 0:49:33around £100,000 to £120,000.
0:49:33 > 0:49:37As a site with planning permission, I suspect you could get something in the region of £100,000.
0:49:37 > 0:49:41Fantastic. It's nice to hear that that sort of value has been placed on it
0:49:41 > 0:49:44after the work that was done there.
0:49:44 > 0:49:48'So it sounds as though Angelo could perhaps have made more,
0:49:48 > 0:49:50'but he seems content with the outcome.
0:49:50 > 0:49:55'And why wouldn't he be? The new owner will have the task of building the house on this busy site
0:49:55 > 0:49:58'with all the hassle and expense that brings.
0:49:58 > 0:50:02'So will it be worth it? What could this one-bedroom house fetch?'
0:50:02 > 0:50:07Depending on the finish, between £200,000 and £220,000.
0:50:07 > 0:50:12A one-bedroom house here would sell for something in the region of £225,000.
0:50:12 > 0:50:17Fantastic news. It's all on the plus side rather than the minus, so it's all a bonus, it's great.
0:50:17 > 0:50:23'Angelo obviously doesn't regret not developing the site himself and realising a bigger profit.
0:50:23 > 0:50:27'And while he may be scouring auction catalogues for his next purchase,
0:50:27 > 0:50:30'it doesn't mean he hasn't got his hands full at the moment.'
0:50:30 > 0:50:34We've opened another shop, we're hairdressers initially.
0:50:34 > 0:50:38And we've bought some more projects. There's one going on in Cornwall at the moment.
0:50:38 > 0:50:43A similar thing, a small building. And it's just business as usual.
0:50:50 > 0:50:53'It's back to Carlisle in Cumbria now,
0:50:53 > 0:50:57'where earlier we saw this 1930s three-bedroom semidetached
0:50:57 > 0:51:00'that was in good condition and had some lovely character features.
0:51:00 > 0:51:04'This was the sort of property that would normally be ripe for modernisation,
0:51:04 > 0:51:09'but for antiques restorer Robert, who bought the house for £58,000,
0:51:09 > 0:51:12'it was all a bit too modern for his taste.
0:51:12 > 0:51:14'This was going to be his first ever home
0:51:14 > 0:51:18'and he aimed to take it back in time to regain its original feel.
0:51:18 > 0:51:25'He even had a 1930s-level budget of £1,000 for the changes, which he planned to do himself,
0:51:25 > 0:51:28'that is, if he could find the time from his other activities.'
0:51:28 > 0:51:32I am an active member of Botcherby Residents Action Group.
0:51:32 > 0:51:37- I am also a councillor, a city and a county councillor... - Wow!- ..for this ward.- Right.
0:51:37 > 0:51:41I also do campanology at Carlisle Cathedral.
0:51:41 > 0:51:43- Bell-ringing?- Mm.- Wow!
0:51:43 > 0:51:47'With his hectic lifestyle, it was just as well that
0:51:47 > 0:51:49'the condition of this place was, well, sound as a bell.
0:51:49 > 0:51:53'On top of that, he'd allocated himself a generous 12-month timescale.
0:51:55 > 0:51:59'Zip forward 14 months, and we met up with Robert
0:51:59 > 0:52:01'and his rescue dog, Sheba,
0:52:01 > 0:52:04'to see if we were going back to the 1930s.'
0:52:04 > 0:52:07# As good as new
0:52:07 > 0:52:09# My love for you
0:52:09 > 0:52:12# And keeping it that way is my intention
0:52:12 > 0:52:14# As good as new
0:52:14 > 0:52:15# And growing, too
0:52:15 > 0:52:19# Yes, I think it's taking on a new dimension
0:52:19 > 0:52:21# As good as new
0:52:21 > 0:52:22# My love for you
0:52:22 > 0:52:26# Just like it used to be and even better
0:52:26 > 0:52:28# As good as new
0:52:28 > 0:52:29# Thank God it's you
0:52:29 > 0:52:32# Darling, we were always meant to stay together... #
0:52:32 > 0:52:36'Robert has indeed managed to recreate a '30s theme.
0:52:36 > 0:52:39'As you'd expect from a furniture restorer,
0:52:39 > 0:52:42'he's painstakingly brought back to life the original wood,
0:52:42 > 0:52:44'including those lovely cupboards and the floorboards.'
0:52:44 > 0:52:48I'm pleased with it all. It's come really, really nice,
0:52:48 > 0:52:50shows all the distinctive features of the wood, the grains,
0:52:50 > 0:52:53the knots, the characters of the lines, everything.
0:52:53 > 0:52:55It's absolutely beautiful and light and it's better.
0:52:55 > 0:52:58I don't like painted wood.
0:52:58 > 0:53:01It's not true to the features. It hides everything.
0:53:01 > 0:53:04So I'm pleased with absolutely everything I've done there.
0:53:06 > 0:53:08'It's clear that Robert has put a lot of work
0:53:08 > 0:53:11'into stripping the wood back to its original warm tones.
0:53:11 > 0:53:16'And no more obvious example of this is the beautifully-restored staircase.
0:53:18 > 0:53:23'The three bedrooms show he hasn't spared the paint stripper or heat gun.
0:53:23 > 0:53:26'But pride of place in the two main bedrooms
0:53:26 > 0:53:28'goes to the lovingly-restored fireplaces.
0:53:28 > 0:53:31'Again, down to Robert's hard graft.'
0:53:31 > 0:53:37I'm pleased with the results because they've come up a lovely, lovely blacky-grey colour
0:53:37 > 0:53:39and it enhances the place to what it used to be
0:53:39 > 0:53:44when the fireplaces were there. And they're so beautiful to look at.
0:53:44 > 0:53:48'Unfortunately, the gas fire has been condemned, but it still looks the part.
0:53:48 > 0:53:51'And the bathroom? Well, the new suite does hark back
0:53:51 > 0:53:56'to the glamorous 1930s, with the marble effect wall and the white bath.
0:53:56 > 0:53:58'But the renovation isn't complete,
0:53:58 > 0:54:02'as Robert still plans to finish off the kitchen in a 1930s style.
0:54:02 > 0:54:06'Retaining its original look is a theme close to his heart.'
0:54:06 > 0:54:10I've seen my aunty's house, my mother's house, my friends' houses,
0:54:10 > 0:54:14they've all been like this, and I think it's a shame for the original features to be taken out.
0:54:14 > 0:54:18And it's much more lovely from what you remember from being a child,
0:54:18 > 0:54:20to when you grow up, to actually bring it back,
0:54:20 > 0:54:23and actually bring a house like this in keeping,
0:54:23 > 0:54:25rather than making it modern and losing the features
0:54:25 > 0:54:28because then it loses everything,
0:54:28 > 0:54:30and it's quite important to me, and it's quite unique in a way.
0:54:30 > 0:54:33# I hope it isn't too late
0:54:33 > 0:54:37# Searching for the time that has gone so fast
0:54:37 > 0:54:41# The time that I thought would last
0:54:42 > 0:54:45# My ever-present past... #
0:54:47 > 0:54:51'Robert has made some very practical concessions to the present.
0:54:51 > 0:54:54'He's got rid of the storage heaters and installed gas central heating,
0:54:54 > 0:54:57'cavity wall insulation and roof insulation.
0:54:57 > 0:55:00'Once he has created his ideal kitchen,
0:55:00 > 0:55:02'he and Sheba will be ready to move in.'
0:55:02 > 0:55:06Sheba is a family dog. We've had her for about three years now.
0:55:06 > 0:55:09She's very humorous, she behaves herself.
0:55:09 > 0:55:15She's absolutely lovely and I couldn't ask for a better companion while I've been doing all this work.
0:55:15 > 0:55:18'Apart from putting in the central heating and new plumbing,
0:55:18 > 0:55:21'Robert has done mostly everything to the house,
0:55:21 > 0:55:24'from redecorating to installing the bathroom cladding.
0:55:24 > 0:55:28'Friends have helped by pitching in and providing some of the furniture.
0:55:28 > 0:55:32'And although he may have been after a traditional feel,
0:55:32 > 0:55:36'did his 1930s-type budget cope with the 21st century?'
0:55:36 > 0:55:40It went from £1,000 to £3,500, which I think is quite good.
0:55:40 > 0:55:46Erm, most of the saving there I think is on me doing my own work,
0:55:46 > 0:55:49and I'm pleased about that, so it's knocked the price down a little bit.
0:55:51 > 0:55:55'Add that £3,500 to his purchase price of £58,000
0:55:55 > 0:55:58'and Robert's total outlay is £61,500.
0:55:58 > 0:56:01'Time to hear what two local estate agents think
0:56:01 > 0:56:05'about Robert's first and possibly last ever renovation project.'
0:56:06 > 0:56:10First impressions, the owner has done a great deal of decorative work.
0:56:10 > 0:56:13He has stripped back walls and redecorated throughout.
0:56:13 > 0:56:17He hasn't ultra-modernised the property, as a lot of developers do.
0:56:17 > 0:56:20He's kept it in keeping with the style and age of the property.
0:56:20 > 0:56:23The decision to bring back a lot of the period features
0:56:23 > 0:56:25is an interesting idea
0:56:25 > 0:56:29which, to the right buyer, might be exactly what they're looking for.
0:56:29 > 0:56:32Some people do like the ultra-modern properties
0:56:32 > 0:56:36and redevelopment, so that may appeal to more people.
0:56:36 > 0:56:40But it is, generally, the work he has done is very good and to a good standard.
0:56:40 > 0:56:42'Robert plans to live here,
0:56:42 > 0:56:46'but should he decide to sell, what price might the house achieve?'
0:56:46 > 0:56:49If the owner completed the works to the kitchen
0:56:49 > 0:56:52and general external maintenance,
0:56:52 > 0:56:55I would recommend an asking price more around £80,000.
0:56:55 > 0:56:59We would be looking at offers in the region of £75,000.
0:56:59 > 0:57:03'Those valuations mean that there's a possible pre-tax profit
0:57:03 > 0:57:05'of between £13,500 and £18,500,
0:57:05 > 0:57:09'minus the usual tax and expenses here.
0:57:09 > 0:57:12'Now, they sound like up-to-date figures for Robert.'
0:57:12 > 0:57:14Absolutely fabulous. It's a good investment.
0:57:14 > 0:57:17Absolutely over the moon. It's money well spent.
0:57:17 > 0:57:24'And the estate agents reckon that there's a potential rental income of £450 to £475 per calendar month,
0:57:24 > 0:57:28'meaning an annual yield of around nine percent.
0:57:30 > 0:57:34'Either way, Robert has done very well out of his investment.
0:57:34 > 0:57:37'And while he may look to the past
0:57:37 > 0:57:39'to create the atmosphere for his new home,
0:57:39 > 0:57:43'he has no doubt about where his future lies.'
0:57:43 > 0:57:45I think I wouldn't look back on purchasing the house,
0:57:45 > 0:57:49it's a good buy, a good deal. Erm, I was born and bred here,
0:57:49 > 0:57:51so I think I'll move into it,
0:57:51 > 0:57:55bite the bullet and just enjoy living here.
0:57:57 > 0:58:01Well, that's it for now. Join us next time for more Homes Under The Hammer.
0:58:01 > 0:58:03- We'll see you then. - Goodbye.- Goodbye.