0:00:02 > 0:00:05Welcome to the show. In today's challenging market conditions,
0:00:05 > 0:00:08do you think you could hack it in the world of property?
0:00:08 > 0:00:11If you do get it right, it can be an exciting and potentially lucrative
0:00:11 > 0:00:15- way to earn money.- Yes, and it can be even more rewarding
0:00:15 > 0:00:19going to the auctions and buying your home under the hammer.
0:00:45 > 0:00:47There are often tense moments in the auction room.
0:00:47 > 0:00:50Who will make the right bid at the right time?
0:00:50 > 0:00:55Yes, properties can change people's fortune for better and worse.
0:00:55 > 0:00:59So, what inspired people to raise their hands at the auction
0:00:59 > 0:01:01on today's show?
0:01:02 > 0:01:04If you're looking to buy in Middlesex,
0:01:04 > 0:01:06then you may need deep pockets.
0:01:06 > 0:01:08But this house, that had a guide price of £410,000,
0:01:08 > 0:01:11could, believe it or not, be a bargain.
0:01:13 > 0:01:15How about a three-bed semi in South Shields?
0:01:15 > 0:01:18It could have been yours for just over £30,000
0:01:18 > 0:01:21and had "rental potential" written all over it.
0:01:22 > 0:01:25But if it's something a little bigger you're after,
0:01:25 > 0:01:27well, they don't come much larger than this -
0:01:27 > 0:01:30a Victorian seafront commercial pile in Margate.
0:01:30 > 0:01:32And what a buy this turns out to be!
0:01:34 > 0:01:36All these properties have been sold at auction,
0:01:36 > 0:01:39and we'll find out who bought them and what they paid for them
0:01:39 > 0:01:41when they went under the hammer.
0:01:41 > 0:01:42Sold.
0:01:46 > 0:01:50Today I find myself in the great outdoors,
0:01:50 > 0:01:53amongst woods, trees and parkland.
0:01:53 > 0:01:56It's all rather tranquil, I must say.
0:01:57 > 0:01:58So, where am I?
0:01:58 > 0:02:01Dartmoor, perhaps? The New Forest?
0:02:01 > 0:02:03No, this is actually Bushy Park,
0:02:03 > 0:02:06just outside Teddington in Greater London.
0:02:06 > 0:02:09Waterloo is just 36 minutes away by train.
0:02:09 > 0:02:11You've got all the facilities you could need.
0:02:11 > 0:02:16You know what? It's no surprise this is a very popular place to live.
0:02:17 > 0:02:19Officially in Middlesex,
0:02:19 > 0:02:22this area is often considered to be part of Greater London now.
0:02:22 > 0:02:26It's a fast and easy commute to the capital's centre,
0:02:26 > 0:02:28but still retains a taste of the country.
0:02:28 > 0:02:30Perfect!
0:02:30 > 0:02:32But what comes with that is high property prices,
0:02:32 > 0:02:35and this one's no exception.
0:02:35 > 0:02:39So we find ourselves in green, leafy suburbs
0:02:39 > 0:02:42with parkland close by, a canal and river,
0:02:42 > 0:02:45shops, easy commuter distance... What more could you want?
0:02:45 > 0:02:47And this is the property I'm here to see.
0:02:47 > 0:02:50Three-bedroom, semi-detached, brick-built house.
0:02:50 > 0:02:52The interesting thing about these houses along this street
0:02:52 > 0:02:54is that during the Second World War,
0:02:54 > 0:02:57they were owned by American service people.
0:02:57 > 0:03:01They were subsequently sold to the police dog-handling unit,
0:03:01 > 0:03:03probably because of the proximity to the park.
0:03:03 > 0:03:05This is the last one that went up for auction.
0:03:05 > 0:03:08The guide price was £410,000, which sounds like a lot,
0:03:08 > 0:03:11but for around here, could be a bit of a bargain.
0:03:11 > 0:03:14Remember, this is a highly desirable area,
0:03:14 > 0:03:16which is why it's got that price tag.
0:03:16 > 0:03:19So, what do you get for your money?
0:03:19 > 0:03:24# What you see is what you get
0:03:24 > 0:03:28# There is no more.... #
0:03:28 > 0:03:30Well, um, you might be surprised!
0:03:30 > 0:03:33Not actually a heck of a lot!
0:03:33 > 0:03:35Downstairs here,
0:03:35 > 0:03:40one really, really big living area.
0:03:40 > 0:03:42Which is quite nice, because you've got big windows
0:03:42 > 0:03:45out on to the garden, which is lovely.
0:03:45 > 0:03:47You've also got an open fire.
0:03:47 > 0:03:51But you have primarily just got this one space,
0:03:51 > 0:03:53sort of living space.
0:03:53 > 0:03:55Through to the kitchen,
0:03:55 > 0:03:58which is actually, strangely, at the front of the property.
0:03:58 > 0:04:01You might have expected it to be the other way round.
0:04:01 > 0:04:03It's not a bad space, but you certainly don't get a...
0:04:03 > 0:04:06designer, hand-made, bespoke kitchen
0:04:06 > 0:04:10for that nearly half a million quid.
0:04:10 > 0:04:12But it's not a bad size.
0:04:12 > 0:04:14You do, however, get a downstairs loo.
0:04:14 > 0:04:16And...that's it!
0:04:16 > 0:04:17Let's see what's upstairs.
0:04:17 > 0:04:23# What you see is what you get
0:04:23 > 0:04:25# There is no more... #
0:04:27 > 0:04:29So, upstairs, no great surprises.
0:04:29 > 0:04:32Three bedrooms, as I said. Two half-decent doubles
0:04:32 > 0:04:34and a single.
0:04:34 > 0:04:36Bit of a nice landing area.
0:04:36 > 0:04:39You've got an airing cupboard there.
0:04:39 > 0:04:42Upstairs loo and bathroom, which is good.
0:04:42 > 0:04:44I mean, it's...it is what it is.
0:04:44 > 0:04:47It's a solid suburban house.
0:04:47 > 0:04:50The only nice throwback to the history of the place
0:04:50 > 0:04:52is actually this, which isn't just a cupboard.
0:04:52 > 0:04:56It was actually a place that the American service people used to use
0:04:56 > 0:04:58for storing their uniforms.
0:04:58 > 0:05:02# Life's not what it used to be
0:05:02 > 0:05:05# When I had a uniform... #
0:05:05 > 0:05:08OK-cokey, so, not exactly in the state
0:05:08 > 0:05:11you might expect a house priced at almost half a million quid to be,
0:05:11 > 0:05:14but do remember, you're not paying for the finish here -
0:05:14 > 0:05:16you're paying for its location.
0:05:16 > 0:05:19One thing which I think the property is crying out for
0:05:19 > 0:05:21is an extension of some sort.
0:05:21 > 0:05:23You've got the garden to do it in
0:05:23 > 0:05:26and I think the area definitely warrants it.
0:05:26 > 0:05:28Now, permitted development would allow
0:05:28 > 0:05:30a single-storey extension, a small one, out into the garden,
0:05:30 > 0:05:32or maybe just a conservatory.
0:05:32 > 0:05:34Either way, definitely something to consider,
0:05:34 > 0:05:37because the tantalising thing of course is...
0:05:37 > 0:05:39beyond that wall at the end of the garden
0:05:39 > 0:05:41is what you pay the money for.
0:05:44 > 0:05:47Yes, it's a wonderful addition to have Bushy Park so close.
0:05:47 > 0:05:51And your own garden here is a great size, anyway.
0:05:51 > 0:05:55It would be wonderful to enjoy a glass of wine on a summer's evening,
0:05:55 > 0:05:56watching the sun set here.
0:05:57 > 0:05:59Or if you fancy a change of scenery,
0:05:59 > 0:06:02you can just nip over and sit in the park.
0:06:02 > 0:06:03Good idea!
0:06:05 > 0:06:08So, why is this property the price that it is,
0:06:08 > 0:06:11when you could get something similar
0:06:11 > 0:06:15in other parts of the country for, I guess, a tenth of the price?
0:06:15 > 0:06:18Well, the answer is, it's all about location -
0:06:18 > 0:06:22proximity to London, the niceness of the area,
0:06:22 > 0:06:23and, you know what?
0:06:23 > 0:06:25Just look around you.
0:06:27 > 0:06:30But in the absence of US servicemen or local coppers,
0:06:30 > 0:06:32and with today's hefty price tag,
0:06:32 > 0:06:36I wonder who would buy a house in this leafy location?
0:06:37 > 0:06:39We asked a property expert to stroll over
0:06:39 > 0:06:40and view this semi that was guided
0:06:40 > 0:06:43at £410,000
0:06:43 > 0:06:45and give us his opinion of it.
0:06:46 > 0:06:51Structurally, the house looks to be in reasonably good condition.
0:06:51 > 0:06:53There's an awful lot of decorating to be done,
0:06:53 > 0:06:57from all the texturised wallpaper to the kitchen
0:06:57 > 0:06:59and both the bathrooms.
0:06:59 > 0:07:01The windows are quite a low grade uPVC.
0:07:01 > 0:07:04But it's got a lot of potential.
0:07:04 > 0:07:06What about the valuation, then?
0:07:06 > 0:07:10Once redecorated, how much could it sell on for?
0:07:10 > 0:07:12If this property was fully renovated,
0:07:12 > 0:07:15it could be worth up to £700,000.
0:07:15 > 0:07:18What about as a rental?
0:07:19 > 0:07:22Fully renovated, I think this property could rent out
0:07:22 > 0:07:25for up to £2,400 per calendar month.
0:07:25 > 0:07:28Well, this is one of those properties where
0:07:28 > 0:07:31a bit of local knowledge could really pay off,
0:07:31 > 0:07:34because although that £410,000-plus guide price
0:07:34 > 0:07:36sounds like a lot,
0:07:36 > 0:07:39similar properties in this street have sold for a lot more.
0:07:39 > 0:07:42So let's see who spotted it when it went under the hammer.
0:07:42 > 0:07:45Unfortunately, a technical hiccup - oopsy! -
0:07:45 > 0:07:48means we can't show you the first chunk of the auction.
0:07:48 > 0:07:51But there was a lot of interest in the property
0:07:51 > 0:07:55and the bids quickly reached a whopping 530,000 quid.
0:07:55 > 0:07:57530? Nearly got it.
0:07:57 > 0:07:59530. 531?
0:07:59 > 0:08:01531.
0:08:01 > 0:08:02532.
0:08:02 > 0:08:05You're close. 533, sir.
0:08:07 > 0:08:09I'll only go through it once again.
0:08:09 > 0:08:11532, with the lady.
0:08:11 > 0:08:12First time,
0:08:12 > 0:08:14second time,
0:08:14 > 0:08:15third and last time...
0:08:15 > 0:08:17533. That's your last go.
0:08:17 > 0:08:19534.
0:08:19 > 0:08:20535.
0:08:22 > 0:08:23536.
0:08:23 > 0:08:25537.
0:08:27 > 0:08:28538.
0:08:29 > 0:08:31Madam. 539?
0:08:32 > 0:08:35You sure? 538, sitting down.
0:08:35 > 0:08:37First time, second time...
0:08:37 > 0:08:39third and last time, if you're all done.
0:08:40 > 0:08:42Sold, 538. You got there. Well done.
0:08:42 > 0:08:44Sorry, sir.
0:08:44 > 0:08:46That final bid of £538,000
0:08:46 > 0:08:48came from Carolyn.
0:08:49 > 0:08:52Mum Carolyn has two daughters,
0:08:52 > 0:08:54Hannah, who's come down to see the house today,
0:08:54 > 0:08:57and younger sister Katie.
0:08:57 > 0:09:00Carolyn has rented out a few properties over the years,
0:09:00 > 0:09:03so let's find out what she plans to do with this one.
0:09:05 > 0:09:07- Carolyn, Hannah, great to meet you both.- You too.
0:09:07 > 0:09:09- Congratulations. - Thank you very much.
0:09:09 > 0:09:11So, tell me why you wanted to buy the house.
0:09:11 > 0:09:13Mostly, it's an investment.
0:09:13 > 0:09:16I felt that it was quite hard for the children
0:09:16 > 0:09:17to get on the housing ladder here,
0:09:17 > 0:09:20so I've done it so they have part ownership
0:09:20 > 0:09:22and hoping that we can rent it out
0:09:22 > 0:09:24and it'll appreciate in value.
0:09:24 > 0:09:27Right, OK. Tell me more about this part share - how will that work?
0:09:27 > 0:09:29- I have half and the girls have a quarter each.- OK.
0:09:29 > 0:09:33- That's how it's working.- Excellent! Well, that's good.
0:09:33 > 0:09:35So, yeah, that's how it's working.
0:09:35 > 0:09:38My ex-husband and I decided that's what we'd do for the girls.
0:09:38 > 0:09:40Right, to get them on the housing ladder.
0:09:40 > 0:09:43And what was it that attracted you to choose this one?
0:09:43 > 0:09:45Is it just the location?
0:09:45 > 0:09:47Um, well, in Teddington,
0:09:47 > 0:09:50it's a premium to be able to park off-road
0:09:50 > 0:09:52and there's off-road parking and on-road parking.
0:09:52 > 0:09:54But you weren't too fazed by the price?
0:09:54 > 0:09:55Were you happy with what you had to pay?
0:09:55 > 0:09:58- I was delighted with what I paid! - Oh, really?
0:09:58 > 0:09:59Yes!
0:09:59 > 0:10:00Great! Why?
0:10:00 > 0:10:03- Because I know how much they're worth.- Which is?
0:10:03 > 0:10:04- About 600.- Right.
0:10:04 > 0:10:07So at what point were you brought into this, Hannah?
0:10:07 > 0:10:10Well, I got a call from Mum, saying,
0:10:10 > 0:10:12"I've just been at an auction!"
0:10:12 > 0:10:16And I was like, "Sorry?" It took me a while to take in what she'd said
0:10:16 > 0:10:18and then she was like, "It's a quarter yours"
0:10:18 > 0:10:19and I was like, "I'm sorry?"
0:10:19 > 0:10:21Have you any desire to have a property
0:10:21 > 0:10:23or get into the property developing world?
0:10:23 > 0:10:27Yes, just purely because it's an investment
0:10:27 > 0:10:29and obviously, you can get money from it.
0:10:29 > 0:10:31It's always nice to say,
0:10:31 > 0:10:34"Oh, I own this and this, in various different places."
0:10:34 > 0:10:37- Clearly.- So it's good to start from a young age. Why not?
0:10:37 > 0:10:39- How lucky are you?!- Very!
0:10:39 > 0:10:41That's fantastic.
0:10:41 > 0:10:44Yes, Hannah and her sister have a smashing little nest egg here
0:10:44 > 0:10:47and all thanks to their mum.
0:10:47 > 0:10:48So, what's the plan now?
0:10:48 > 0:10:50There's a lot of work to do inside.
0:10:50 > 0:10:52Any thoughts on strategy, Mum?
0:10:52 > 0:10:53Get the builders in!
0:10:55 > 0:10:57We're not going to do it ourselves, put it that way.
0:10:57 > 0:11:01But I've had a number of builders come in and give me quotes.
0:11:01 > 0:11:03New kitchen, new bathroom.
0:11:03 > 0:11:08Move what was the uniform room into a shower room.
0:11:08 > 0:11:11And decorate throughout, really.
0:11:11 > 0:11:13So what's the budget for the works?
0:11:13 > 0:11:15Good question!
0:11:15 > 0:11:18I haven't got all the quotes in yet from the builders,
0:11:18 > 0:11:20so I don't really know.
0:11:20 > 0:11:24And, obviously, I'm trying to balance
0:11:24 > 0:11:27how much they want and how long they're going to take
0:11:27 > 0:11:28and all of that sort of stuff,
0:11:28 > 0:11:30so I don't really have a handle on it yet.
0:11:30 > 0:11:34- But I've bought the kitchen and the bathroom.- Have you?
0:11:34 > 0:11:36- Excellent!- They're being delivered.
0:11:36 > 0:11:38So what's the timescale?
0:11:38 > 0:11:41I'm hoping two to three months,
0:11:41 > 0:11:45but we'll see. It depends on who takes the work on.
0:11:45 > 0:11:48Right. And then get somebody in here presumably as soon as possible?
0:11:48 > 0:11:50- Yes, hopefully.- Good.
0:11:50 > 0:11:52- Well, congratulations.- Thank you.
0:11:52 > 0:11:54- Very exciting to see how it all turns out.- Thank you.
0:11:54 > 0:11:57- I wish you well. - Thank you very much.
0:11:59 > 0:12:03So Hannah and her sister being helped on the property ladder
0:12:03 > 0:12:05by mum Carolyn.
0:12:05 > 0:12:08And it looks like a really good buy.
0:12:08 > 0:12:12Again, that proximity to Bushy Park putting this place
0:12:12 > 0:12:14in a slightly different league.
0:12:14 > 0:12:18What could go wrong? Let's find out later in the show.
0:12:22 > 0:12:26From the awe-inspiring Angel of the North...
0:12:28 > 0:12:31..to the redevelopment of the Newcastle and Gateshead riverside,
0:12:31 > 0:12:35where you can visit the Baltic Centre for Contemporary Art
0:12:35 > 0:12:38and the Sage Centre for musical performance,
0:12:38 > 0:12:40Tyneside, once known as the heartland
0:12:40 > 0:12:42of the Industrial Revolution,
0:12:42 > 0:12:45is now a hotspot for cultural activities.
0:12:47 > 0:12:49The property I'm here to see today
0:12:49 > 0:12:53is in an area of Tyneside called South Shields.
0:12:56 > 0:13:00This particular part of South Shields is called Harton Moor,
0:13:00 > 0:13:03largely built by the local authority in the 1970s,
0:13:03 > 0:13:07so it's no surprise it's a 1970s house I'm here to see.
0:13:07 > 0:13:10And that's it. It's a three-bedroom semi.
0:13:10 > 0:13:13I'm sure that cladding certainly gives the age away.
0:13:13 > 0:13:16The guide price was £34,950-plus.
0:13:16 > 0:13:20Let's see if the inside's also in a bit of a time warp.
0:13:21 > 0:13:23# A blast from the past
0:13:26 > 0:13:28# A memory that lingers still... #
0:13:28 > 0:13:31The poor condition of the outside doesn't bode well.
0:13:31 > 0:13:34Still, it's best to be positive, I think you'll agree.
0:13:34 > 0:13:36Or as they might have said back in the '70s,
0:13:36 > 0:13:38"Can you dig it?"
0:13:39 > 0:13:43Useful little entrance porch there. Keep the noise and the cold out.
0:13:43 > 0:13:45As you walk through the front door,
0:13:45 > 0:13:48it does actually feel quite spacious, which is quite good.
0:13:48 > 0:13:50Talking of space,
0:13:50 > 0:13:52the cloakroom toilet...
0:13:52 > 0:13:54That's more of a black hole.
0:13:54 > 0:13:55Eugh!
0:13:55 > 0:13:57Anyway, stairs up to your bedrooms.
0:13:57 > 0:14:00Now, here is where you might expect the kitchen to be.
0:14:00 > 0:14:03Unfortunately, it isn't there.
0:14:03 > 0:14:06There isn't a kitchen. Now, that could have all sorts of issues
0:14:06 > 0:14:08when it comes to getting a mortgage on this place,
0:14:08 > 0:14:11as some mortgage providers won't give you a mortgage
0:14:11 > 0:14:13if there isn't actually a working kitchen.
0:14:13 > 0:14:16Um, but walking further down the corridor,
0:14:16 > 0:14:19you come to the rear of the property.
0:14:19 > 0:14:22It's confusing. I say it's the rear of the property, but actually,
0:14:22 > 0:14:25I suppose I've come in through the back, because this, if anything,
0:14:25 > 0:14:28is the front. It's where there's another little walkway
0:14:28 > 0:14:31and a bit of a nicer view. Not exactly much of a front garden,
0:14:31 > 0:14:33but at least there's a bit of greenery there.
0:14:33 > 0:14:36But it's not bad. I like the semi dual aspect in here.
0:14:36 > 0:14:38Lots of light, and, um...
0:14:38 > 0:14:40Yeah, you know, first...
0:14:40 > 0:14:43Oh, you know. Needs a bit of work, doesn't it?
0:14:46 > 0:14:48This house has been stripped back to the bare bones
0:14:48 > 0:14:51and all the signs of the '70s have been removed.
0:14:51 > 0:14:54Not necessarily a bad thing, in my opinion.
0:14:54 > 0:14:57On the plus side, the proportions are good
0:14:57 > 0:14:59and the layout very acceptable.
0:14:59 > 0:15:01Boiler looks not too bad,
0:15:01 > 0:15:04but always best to get it checked out by a certified engineer.
0:15:04 > 0:15:07Something else in need of a safety check
0:15:07 > 0:15:09is the car port to the side of the house.
0:15:09 > 0:15:13With direct access to the semi, it could be a useful addition,
0:15:13 > 0:15:17but in this condition, it's more of a safety hazard
0:15:17 > 0:15:19than a selling feature.
0:15:19 > 0:15:22MUSIC: Jive Talkin' by the Bee Gees
0:15:25 > 0:15:28Well, upstairs, no great surprises.
0:15:28 > 0:15:33The state of the place, sadly, doesn't improve.
0:15:33 > 0:15:35But the layout, again, not bad at all.
0:15:35 > 0:15:38Three bedrooms - two half-decent doubles
0:15:38 > 0:15:40and a boxroom,
0:15:40 > 0:15:42and at least the bathroom and loo are up here,
0:15:42 > 0:15:44which is where you'd want them.
0:15:44 > 0:15:47But all in all, it just carries on that theme of...
0:15:47 > 0:15:49You know, it just needs a jolly good seeing-to!
0:15:49 > 0:15:52MUSIC: "Whole Lotta Love" by Led Zeppelin
0:15:59 > 0:16:02So this property needs a whole lotta love,
0:16:02 > 0:16:04but there are things you can change,
0:16:04 > 0:16:07like the condition of the prefabricated wooden cladding.
0:16:08 > 0:16:11There are more fundamental things you can't change,
0:16:11 > 0:16:13like how the house is constructed,
0:16:13 > 0:16:16which is a method called cross-wall construction.
0:16:16 > 0:16:18If you look at this wall, the end walls,
0:16:18 > 0:16:21basically, wooden panelling on the outside
0:16:21 > 0:16:23and it's very, very thin.
0:16:23 > 0:16:27Certainly not thick enough to have a traditional brick construction
0:16:27 > 0:16:29with a cavity in the middle.
0:16:29 > 0:16:33This type of construction was prevalent in the 1970s,
0:16:33 > 0:16:37but it just has all sorts of potential issues.
0:16:37 > 0:16:40For a start, insulation - is there enough in there
0:16:40 > 0:16:41to make this a nice warm room?
0:16:41 > 0:16:43It's difficult to tell on a day like today,
0:16:43 > 0:16:45but I'd certainly want to get that checked out.
0:16:45 > 0:16:48And then, structurally, if it's made of wood,
0:16:48 > 0:16:49is that wood in good condition?
0:16:49 > 0:16:53Of course, that affects things like the joists and the floorboards, etc.
0:16:53 > 0:16:56So it really needs to be checked out, and ideally by somebody
0:16:56 > 0:16:59who knows this kind of construction quite well.
0:17:01 > 0:17:04Cross-wall construction like this
0:17:04 > 0:17:07is considered standard and therefore is mortgageable.
0:17:07 > 0:17:10If it actually had a kitchen, that is.
0:17:10 > 0:17:13This '70s property is less disco diva
0:17:13 > 0:17:15and more wilted wallflower.
0:17:18 > 0:17:21We invited a local estate agent to share with us
0:17:21 > 0:17:24her opinion on this property,
0:17:24 > 0:17:26which had a guide price of £34,950.
0:17:28 > 0:17:29Everything needs doing.
0:17:29 > 0:17:32The rooms are there, but there's just about nothing else!
0:17:32 > 0:17:34Needs new bathroom, new kitchen.
0:17:34 > 0:17:37Absolute cosmetic overhaul!
0:17:37 > 0:17:41Once renovated, what could this place achieve if sold on?
0:17:41 > 0:17:44Once done up, I would market this property
0:17:44 > 0:17:46for £60,000.
0:17:46 > 0:17:48Would it be a good renter?
0:17:50 > 0:17:52Once renovated, it would rent.
0:17:52 > 0:17:54There would be a demand for it,
0:17:54 > 0:17:58and the rental would be £450 per calendar month.
0:18:01 > 0:18:05Well, clearly, you've got to see through the house's current state
0:18:05 > 0:18:07to what it might become, and actually,
0:18:07 > 0:18:10it provides a lot of good-quality accommodation for a family.
0:18:10 > 0:18:12So, for that kind of guide price,
0:18:12 > 0:18:15I'm sure there'll be a lot of interest at the auction.
0:18:15 > 0:18:17Let's find out what happened when it went under the hammer.
0:18:17 > 0:18:20How about 20 to start?
0:18:20 > 0:18:21Do I have 20,000 anywhere?
0:18:21 > 0:18:23£20,000 anywhere?
0:18:23 > 0:18:25In the corner at 20,000.
0:18:25 > 0:18:27Gentleman there, 20,000.
0:18:27 > 0:18:2921. 22.
0:18:29 > 0:18:3123. 24.
0:18:31 > 0:18:3225?
0:18:32 > 0:18:35I've got 24,000, gentleman in the doorway.
0:18:35 > 0:18:3724,500 bid. I'll take 500.
0:18:37 > 0:18:39500 bid. 25. 25,500?
0:18:41 > 0:18:44No? It's the gentleman in the doorway at £25,000.
0:18:44 > 0:18:4625,500.
0:18:46 > 0:18:4726.
0:18:47 > 0:18:4926 bid. 26,500.
0:18:49 > 0:18:5027.
0:18:52 > 0:18:5427 bid. 27,500?
0:18:54 > 0:18:5527,500 bid. 28.
0:18:55 > 0:18:5728,500.
0:18:57 > 0:18:5928,500 bid. 29.
0:18:59 > 0:19:0029,500.
0:19:00 > 0:19:0229,500, new bid at the front.
0:19:02 > 0:19:0430,000. 30,000 in the doorway.
0:19:04 > 0:19:0630,500.
0:19:06 > 0:19:0830,500. 31.
0:19:08 > 0:19:10He's walked away in disgust!
0:19:10 > 0:19:1231. He's back.
0:19:12 > 0:19:1331,500.
0:19:14 > 0:19:1731,500 bid. 32. 32,500.
0:19:18 > 0:19:2032,500 bid. 33.
0:19:22 > 0:19:2432,500. It's your last shot.
0:19:24 > 0:19:26I'm here at 32,500. I'm going once...
0:19:26 > 0:19:29I'm going for the second time at 32,500...
0:19:33 > 0:19:35And the successful bidder was Tahir,
0:19:35 > 0:19:38who paid £32,500 for the semi.
0:19:41 > 0:19:42He works for his family-owned
0:19:42 > 0:19:45property development and management company.
0:19:45 > 0:19:49They have an extensive portfolio of over 70 properties.
0:19:49 > 0:19:53Let's find out what attracted him to this 1970s semi.
0:19:54 > 0:19:57- Tahir, great to meet you. - Nice to meet you.
0:19:57 > 0:20:00Congratulations. Tell me why you wanted to buy this place.
0:20:00 > 0:20:03Well, I was hoping I'd make some money out of it!
0:20:03 > 0:20:06Right...you say that in a kind of "I'm not so sure any more" way!
0:20:06 > 0:20:08No, no, I'm...
0:20:08 > 0:20:10It looks like it's a decent buy.
0:20:10 > 0:20:14And I think once it's done up,
0:20:14 > 0:20:15it should reach a good price.
0:20:15 > 0:20:18- You'd seen it before you bought it, though?- I didn't.
0:20:18 > 0:20:20- I didn't view it before I bought it. - Why?
0:20:20 > 0:20:22I'd done a little bit of research on the house
0:20:22 > 0:20:24and the street, the area.
0:20:24 > 0:20:29I kind of already knew that it needed pretty much everything doing to it.
0:20:29 > 0:20:31OK. What did you think when you walked through the door?
0:20:31 > 0:20:33Oh, my God!
0:20:33 > 0:20:36- Really?- And then I had another think on it,
0:20:36 > 0:20:38did a little bit more research,
0:20:38 > 0:20:41worked out what I needed to spend
0:20:41 > 0:20:44and it's still something I think I can make some money out of.
0:20:44 > 0:20:46I'm pretty sure I can make some money out of it.
0:20:46 > 0:20:49And making money is the name of the game in developing.
0:20:49 > 0:20:53Tahir has a team of tradesmen he uses on a regular basis.
0:20:53 > 0:20:55He'll aim to get them started on this
0:20:55 > 0:21:00when they've finished working on another of his properties.
0:21:00 > 0:21:03He hopes to have this ready to rent out
0:21:03 > 0:21:05six to eight weeks after work begins.
0:21:05 > 0:21:07What are you planning to do with it?
0:21:07 > 0:21:09It needs everything done to it, doesn't it?
0:21:09 > 0:21:12It needs a full-on refurb, decoration throughout.
0:21:12 > 0:21:14It needs an upgraded heating system,
0:21:14 > 0:21:17but, yeah, I hope to bring it in,
0:21:17 > 0:21:19well, around £8,000 to £10,000.
0:21:19 > 0:21:21Right. OK.
0:21:21 > 0:21:23Spend about that much on it.
0:21:23 > 0:21:25And what work will you do?
0:21:25 > 0:21:27- I'm a qualified gas engineer. - Oh, right.
0:21:27 > 0:21:31- So you can do the central heating?- I could do the central heating system,
0:21:31 > 0:21:35but...yeah, I possibly will do that.
0:21:35 > 0:21:36Any plans to change the layout,
0:21:36 > 0:21:38or are you going to leave it pretty much as it is?
0:21:38 > 0:21:41I think we're going to utilise the car port.
0:21:41 > 0:21:45Might turn that into a usable room.
0:21:45 > 0:21:47- Oh!- Put a solid roof on there.
0:21:47 > 0:21:48What kind of room?
0:21:48 > 0:21:50- Another living room.- OK.
0:21:50 > 0:21:52Or playroom or a...?
0:21:52 > 0:21:55Yeah, something for a family. I think it would work well.
0:21:55 > 0:21:57What about the actual construction of the house?
0:21:57 > 0:22:00Certainly the end walls are wood.
0:22:00 > 0:22:03Apart from the shell, which is brick,
0:22:03 > 0:22:06- everything else is more or less prefabricated.- Right.
0:22:06 > 0:22:08Is that in good nick, do you know?
0:22:08 > 0:22:11- The prefab?- The woody bits.
0:22:11 > 0:22:13I think it's not rotten.
0:22:13 > 0:22:14It certainly doesn't appear to be.
0:22:14 > 0:22:17- There's no signs of any damp getting into the property.- Right.
0:22:17 > 0:22:21So, yeah, I think it's OK,
0:22:21 > 0:22:23but further inspections will reveal all.
0:22:25 > 0:22:29Fingers crossed for Tahir that the timbers are in canny fettle,
0:22:29 > 0:22:31as they might say in this neck of the woods.
0:22:33 > 0:22:36This place requires a great deal of effort
0:22:36 > 0:22:39and any hidden expenses could really impact on his profit margin.
0:22:39 > 0:22:42And what do you do when you're not doing properties?
0:22:42 > 0:22:45- Well, I like playing football. - OK. Good!
0:22:45 > 0:22:49Yeah. I spend time with my kids.
0:22:49 > 0:22:51How old are your kids?
0:22:51 > 0:22:53I've got two girls, six and four - Sophia and Amelia -
0:22:53 > 0:22:55and I've got another one on the way.
0:22:55 > 0:22:58- Tomorrow.- Tomorrow?!
0:22:58 > 0:23:00Tomorrow, yes - unbelievable!
0:23:00 > 0:23:03- You mean like any time now? - Any time now!
0:23:03 > 0:23:06I could get a call and I'd have to run off and do what I have to do.
0:23:06 > 0:23:08Oh, wow! How exciting!
0:23:08 > 0:23:10It is very exciting, yes.
0:23:10 > 0:23:13Well, listen, congratulations. Good luck with it.
0:23:13 > 0:23:15- Thank you.- Look forward to seeing how you get on.
0:23:18 > 0:23:20Well, Tahir seems to know what he's doing,
0:23:20 > 0:23:22although he did break the cardinal rule
0:23:22 > 0:23:24and not look at this place before he bought it.
0:23:24 > 0:23:28I'm a little bit concerned about that cladding and that end wall.
0:23:28 > 0:23:30Will it really be OK inside?
0:23:30 > 0:23:33And that timescale - six to eight weeks -
0:23:33 > 0:23:35well, he's got a baby on the way. Will that slip?
0:23:35 > 0:23:39Well, you can find out how it all goes later in the show.
0:23:40 > 0:23:42Coming up...
0:23:42 > 0:23:44Don't miss the fabulous transformation
0:23:44 > 0:23:46of this Margate building
0:23:46 > 0:23:48into something really special.
0:23:51 > 0:23:52We return to South Shields
0:23:52 > 0:23:54to see not just this house,
0:23:54 > 0:23:56but Tahir's other beautiful new addition.
0:23:56 > 0:24:00The day after you were here, we had a baby.
0:24:02 > 0:24:05But first, if you want to know how to make money from property,
0:24:05 > 0:24:08then watch how Carolyn profited from her investment.
0:24:08 > 0:24:10It's more than I thought.
0:24:14 > 0:24:16Earlier, we saw this house in Teddington
0:24:16 > 0:24:19sell for £538,000.
0:24:19 > 0:24:22It was bought by mum Carolyn as an investment opportunity
0:24:22 > 0:24:25for her two daughters, Hannah, who we saw earlier,
0:24:25 > 0:24:29and Katie, who each now own a quarter of it.
0:24:30 > 0:24:32Have you any desire to have a property
0:24:32 > 0:24:34or get into the property developing world?
0:24:34 > 0:24:37Yes, just purely because it's an investment
0:24:37 > 0:24:40and obviously, you can get money from it.
0:24:40 > 0:24:41It's always nice to say,
0:24:41 > 0:24:44"Oh, I own this and this, in various different places."
0:24:44 > 0:24:48- Clearly.- So it's good to start from a young age. Why not?
0:24:48 > 0:24:50- How lucky are you?!- Very!
0:24:50 > 0:24:52Lucky, indeed.
0:24:52 > 0:24:55There are not many teenage girls who can say that.
0:24:55 > 0:24:57They're not only on the property ladder,
0:24:57 > 0:24:59but they're developers as well.
0:24:59 > 0:25:02The plan was to rent it out as a nest egg for the girls.
0:25:02 > 0:25:05But there was a lot of work to do before they could do that.
0:25:06 > 0:25:09Just nine weeks later, let's catch up with Carolyn at the house
0:25:09 > 0:25:11to see what they've done.
0:25:14 > 0:25:17Well, outside, it's just been a case of a bit of tidying up,
0:25:17 > 0:25:21but it was inside where most of the work needed to be tackled.
0:25:44 > 0:25:46We've completely redecorated throughout.
0:25:46 > 0:25:50We've changed the two cupboards into a shower room.
0:25:50 > 0:25:54We've completely redone the bathroom and the kitchen.
0:25:56 > 0:25:59# Shine, shine, shine on... #
0:26:03 > 0:26:07Well, they do say it's kitchens and bathrooms that sell houses,
0:26:07 > 0:26:09and this one certainly gets my seal of approval.
0:26:09 > 0:26:11Modern, stylish white units,
0:26:11 > 0:26:13with a tasteful worktop and new flooring.
0:26:13 > 0:26:16Carolyn's really spiced up this room.
0:26:17 > 0:26:20To improve it, we decided we need to completely gut it
0:26:20 > 0:26:22and modernise it.
0:26:22 > 0:26:26I looked round, decided what sort of units I wanted
0:26:26 > 0:26:28and what sort of worktops
0:26:28 > 0:26:30and tried to keep it as neutral as possible,
0:26:30 > 0:26:32because obviously, the idea is to rent the house out.
0:26:32 > 0:26:34I'm really pleased. I particularly like
0:26:34 > 0:26:37the lights at the bottom of the kitchen, cos they're quite cool.
0:26:37 > 0:26:41Yes, it's a sparkling little finishing touch.
0:26:41 > 0:26:43And even though she's planning to rent it out,
0:26:43 > 0:26:46it's good to see that she's not just done a basic job.
0:26:46 > 0:26:49# Shine, shine, shine on... #
0:26:49 > 0:26:52It's great for a family to have this extra shower room,
0:26:52 > 0:26:55saving arguments in the morning over who's next in line.
0:26:55 > 0:26:59The bathroom itself has had a complete revamp too.
0:26:59 > 0:27:03Again, it's a stylish, clean-looking space
0:27:03 > 0:27:06and has been rejigged a little, so you can have a bath by the window,
0:27:06 > 0:27:09soaking away whilst listening to the birds twittering in the garden.
0:27:09 > 0:27:11Bliss!
0:27:11 > 0:27:13# Shine, shine, shine on... #
0:27:13 > 0:27:17And talking of which, there's been a lot of work out the back too.
0:27:17 > 0:27:20There was a big problem with Japanese bindweed,
0:27:20 > 0:27:23or knotweed, as it's sometimes called.
0:27:23 > 0:27:27This is terrible stuff, and has to be removed by a registered company,
0:27:27 > 0:27:28as it can grow through concrete.
0:27:28 > 0:27:30Not something you want near your house.
0:27:30 > 0:27:33And that's not all they found while they were at it.
0:27:35 > 0:27:37I think we took out four bikes and, um...
0:27:37 > 0:27:40and...a motorbike.
0:27:40 > 0:27:43Um...there was a trolley,
0:27:43 > 0:27:46ironing boards... You name it, it was there.
0:27:46 > 0:27:48And so we cleared that at the same time,
0:27:48 > 0:27:50just so we didn't get the Japanese bindweed
0:27:50 > 0:27:51coming back into the garden.
0:27:51 > 0:27:53Despite the extra work in the garden
0:27:53 > 0:27:56and dealing with the pesky Japanese bindweed,
0:27:56 > 0:27:58they still managed to bring the project in on time -
0:27:58 > 0:28:00eight weeks.
0:28:00 > 0:28:02They certainly are a crack unit,
0:28:02 > 0:28:05and Carolyn was more than happy with the A-Team she hired in.
0:28:05 > 0:28:08MUSIC: "The A-Team" THEME
0:28:08 > 0:28:11Carolyn found George and his men to be a really crack team.
0:28:11 > 0:28:14They made all the difference to getting this project
0:28:14 > 0:28:16done swiftly and very well.
0:28:16 > 0:28:18This bunch worked with military precision
0:28:18 > 0:28:21in extremely pressured circumstances.
0:28:21 > 0:28:25With a film crew coming in and a deadline such as a date,
0:28:25 > 0:28:28so not someone's living here
0:28:28 > 0:28:31and suddenly you can work round them and do snagging
0:28:31 > 0:28:34and stuff like that... So last week, it was a case of everyone going round
0:28:34 > 0:28:37snagging their own work and myself overseeing it.
0:28:37 > 0:28:42And then after that, it was literally film crew's here Tuesday.
0:28:42 > 0:28:46We're not going to move that. It's a case of that has to be done.
0:28:46 > 0:28:49Me and the painters were here till half-nine last night
0:28:49 > 0:28:51and here at half-six this morning,
0:28:51 > 0:28:52so, yeah...thanks for that(!)
0:28:54 > 0:28:59Sorry, George! But I'm glad to hear we've helped with their timetable.
0:29:00 > 0:29:02Time to find out what value it's added, though.
0:29:02 > 0:29:05Carolyn didn't have a budget in mind when she started,
0:29:05 > 0:29:08but ended up spending £34,000.
0:29:08 > 0:29:11So, added to the purchase price of £538,000,
0:29:11 > 0:29:15that's a total outlay of 572 grand.
0:29:20 > 0:29:23So, do those figures mean this has been a good investment
0:29:23 > 0:29:25for a rainy day?
0:29:25 > 0:29:28Two property agents braved the elements
0:29:28 > 0:29:30to give us their verdict.
0:29:34 > 0:29:36I think the changes to this house are lovely.
0:29:36 > 0:29:40It looks really modern, contemporary.
0:29:40 > 0:29:43And there's been good attention to detail, I'd say.
0:29:43 > 0:29:46I think when you walk in, you get a really good feel.
0:29:46 > 0:29:48It looks really inviting -
0:29:48 > 0:29:51all clean, perfectly neutral.
0:29:51 > 0:29:54But the kitchen and the bathroom and shower room really stand out.
0:29:54 > 0:29:57I think the conversion of the storage room on the landing
0:29:57 > 0:30:00to provide a second bathroom or shower room
0:30:00 > 0:30:02is really, really fantastic,
0:30:02 > 0:30:06particularly for buyers, because it's likely to appeal to
0:30:06 > 0:30:09a large family or a medium-sized family.
0:30:11 > 0:30:12So what about values, then?
0:30:12 > 0:30:14First, the resale price.
0:30:14 > 0:30:18Remember, the total spend here has been £572,000.
0:30:18 > 0:30:19So what's it worth now?
0:30:21 > 0:30:25The property could now be sold for £650,000.
0:30:25 > 0:30:27I think if we put it to the market,
0:30:27 > 0:30:30we would be looking to put it on for about £650,000,
0:30:30 > 0:30:34and I think we would look at lowest offers of £625,000,
0:30:34 > 0:30:37increasing from there.
0:30:37 > 0:30:42I'm pleasantly surprised. I think £650,000 is a good number.
0:30:42 > 0:30:44It's more than I thought.
0:30:44 > 0:30:48That top figure would mean a healthy profit of £78,000,
0:30:48 > 0:30:50minus the usual fees and tax, of course.
0:30:50 > 0:30:53But Carolyn and her daughters intend to let the flat,
0:30:53 > 0:30:56so what could they get for that?
0:30:57 > 0:31:01This property could currently rent for £2,500 per calendar month.
0:31:01 > 0:31:03If we looked to rent the property,
0:31:03 > 0:31:08we'd be looking, I think, for about £2,300, £2,400
0:31:08 > 0:31:10per calendar month.
0:31:10 > 0:31:13That's a good number - a bit more than I thought,
0:31:13 > 0:31:16so I'm pleased with that number as well.
0:31:17 > 0:31:20Yes, that would mean an annual rental yield
0:31:20 > 0:31:21of around 5%.
0:31:21 > 0:31:23Not too bad.
0:31:23 > 0:31:27This property development looks as though it has paid off.
0:31:27 > 0:31:30So, what does Carolyn think her two daughters
0:31:30 > 0:31:33will make of their new career in property developing?
0:31:33 > 0:31:36They'll be looking forward to an income,
0:31:36 > 0:31:39so they can afford to stay at university.
0:31:43 > 0:31:45Margate in Kent may once have been synonymous
0:31:45 > 0:31:48with a typical day out at the seaside,
0:31:48 > 0:31:51but in recent years, it's seen a bit of a decline.
0:31:51 > 0:31:53Now it seems the tide has turned
0:31:53 > 0:31:56and it appears to be very much on the up.
0:31:56 > 0:31:59With the Turner Contemporary art gallery
0:31:59 > 0:32:01and investment by local government,
0:32:01 > 0:32:04the town is undergoing a renaissance of its own.
0:32:04 > 0:32:06But there is still some way to go,
0:32:06 > 0:32:10and properties in Margate - well, compared to other areas,
0:32:10 > 0:32:12they are still something of a bargain.
0:32:12 > 0:32:15# Now the autumn wind
0:32:17 > 0:32:21# Brings to them the end
0:32:22 > 0:32:28# Of a faded summer love... #
0:32:30 > 0:32:32When you're viewing property in a coastal location,
0:32:32 > 0:32:37you're just hoping against hope that it might be overlooking the water,
0:32:37 > 0:32:40and today, well, it's my lucky day!
0:32:40 > 0:32:42For more reasons than one.
0:32:42 > 0:32:44Because this is the property I'm here to see.
0:32:44 > 0:32:51Yes, all of it, and it had a guide price of just £220,000 to £240,000.
0:32:55 > 0:32:57This auction lot comprises four storeys
0:32:57 > 0:33:00of faded Victorian seaside glamour.
0:33:00 > 0:33:03But there are still traces of its old splendour to be seen
0:33:03 > 0:33:05in its ironwork and masonry.
0:33:07 > 0:33:09The building has been put to a number of uses in its time.
0:33:09 > 0:33:12Most recently, it was a sweet shop.
0:33:12 > 0:33:14So is it going to be a bag of Love Hearts
0:33:14 > 0:33:16or bah, humbug?
0:33:21 > 0:33:23It's actually making my mouth water -
0:33:23 > 0:33:26look at all those yummy sweets on the window!
0:33:26 > 0:33:27Boy, oh, boy!
0:33:27 > 0:33:30This place is MASSIVE!
0:33:30 > 0:33:33From the outside, you certainly don't expect it to be this big.
0:33:33 > 0:33:35Wow!
0:33:35 > 0:33:36It's got a big old echo in here.
0:33:36 > 0:33:38You've got huge high ceilings.
0:33:38 > 0:33:40It's fantastic!
0:33:40 > 0:33:43Wow! This place really is incredible.
0:33:43 > 0:33:44And this is just the beginning.
0:33:44 > 0:33:46So how do we get round to the rest of it?
0:33:46 > 0:33:48Through the front door, turn left, round the back,
0:33:48 > 0:33:53up the stairs, left again through the second shop entrance.
0:33:53 > 0:33:55See? Told you it was big.
0:33:58 > 0:34:00Don't worry - all will become clear.
0:34:00 > 0:34:04I can't quite get over how spacious this place is.
0:34:04 > 0:34:07Below me, this is the basement,
0:34:07 > 0:34:09which is a warren of nooks and crannies
0:34:09 > 0:34:12and also has enough space to be utilised.
0:34:12 > 0:34:14The stairs from the ground floor
0:34:14 > 0:34:16leading to the two floors above are blocked.
0:34:16 > 0:34:18But where there's a will, there's a way.
0:34:18 > 0:34:21So it's time for me to stretch my legs.
0:34:23 > 0:34:25# So come on, feet Start walking
0:34:25 > 0:34:28# Mouth stop talking
0:34:28 > 0:34:30# Arms, let him go
0:34:30 > 0:34:33# Can't you see
0:34:33 > 0:34:34# He don't love you
0:34:34 > 0:34:37# He don't love you any more... #
0:34:37 > 0:34:41So, through the front door... Bit of deja vu here, anyone?
0:34:41 > 0:34:44And into the second shop unit.
0:34:44 > 0:34:47Now, this is actually the first floor of the front of the building,
0:34:47 > 0:34:51so this whole property is on slightly different levels.
0:34:51 > 0:34:52Following? Do try and keep up.
0:34:52 > 0:34:56It's an equally big space, sea views here too,
0:34:56 > 0:34:58beautiful old pillars...
0:34:58 > 0:35:01Look, you've got marble on the walls over here.
0:35:01 > 0:35:03Signs this was once a grand space.
0:35:03 > 0:35:06It faces a more standard shopping street,
0:35:06 > 0:35:09but what a commercial opportunity.
0:35:09 > 0:35:11It's like you get two bites of the cherry -
0:35:11 > 0:35:16two main roads to ply trade on from the one building. Bonus!
0:35:22 > 0:35:24Just take a look at this lovely balcony,
0:35:24 > 0:35:27with its fantastic seafront views.
0:35:27 > 0:35:31This building really does cry out to be brought back to life.
0:35:31 > 0:35:35I'm very excited to be exploring this grand old Victorian property.
0:35:35 > 0:35:39But the more I see, the more the harsh reality's hit home.
0:35:39 > 0:35:43It's a tough economic climate to be starting up a high street business
0:35:43 > 0:35:46and this place needs a lot of work.
0:35:50 > 0:35:52Now, there's still one more floor to explore,
0:35:52 > 0:35:56so it's onwards and upwards once again.
0:36:00 > 0:36:02More and more and more space
0:36:02 > 0:36:05as you get towards the top of the building.
0:36:05 > 0:36:08And the views...well, they just get better and better.
0:36:08 > 0:36:11How fab would it be to have a flat up here,
0:36:11 > 0:36:13right in the centre of town,
0:36:13 > 0:36:16but feeling like a million miles away from it all?
0:36:17 > 0:36:20Funnily enough, that's exactly what someone else thought.
0:36:20 > 0:36:23Plans have been passed to turn this building
0:36:23 > 0:36:27into four two-bedroom flats and two one-bedroom flats.
0:36:27 > 0:36:29That includes a two-bedroom penthouse apartment
0:36:29 > 0:36:31on a newly constructed fourth floor.
0:36:33 > 0:36:35There are opportunities galore with this auction lot -
0:36:35 > 0:36:37business or residential -
0:36:37 > 0:36:40but it'll need a hefty investment either way.
0:36:40 > 0:36:45However, this really is my favourite kind of property.
0:36:47 > 0:36:49Do I sound like a kid in a sweet shop?
0:36:50 > 0:36:54# Because I'm sweet on Candy
0:36:55 > 0:36:58# And Candy's sweet on me... #
0:36:58 > 0:37:01We invited a local estate agent to give us his opinion
0:37:01 > 0:37:06on this property, which had a guide price of between £220,000
0:37:06 > 0:37:08and £240,000.
0:37:09 > 0:37:12I think the plans that have been passed on this building
0:37:12 > 0:37:14will make it quite impressive. There's an extension
0:37:14 > 0:37:17on the upper floors to make the most of the flats,
0:37:17 > 0:37:20and also plans passed to build a completely separate penthouse
0:37:20 > 0:37:22on top of the building,
0:37:22 > 0:37:25which I think will really be an absolutely fantastic apartment.
0:37:25 > 0:37:28Of course, I'm sure that's going to be priced the highest.
0:37:30 > 0:37:34So how much might it cost to realise those plans?
0:37:36 > 0:37:37To convert this building
0:37:37 > 0:37:40to the sort of standard I think it would need to be to,
0:37:40 > 0:37:44you're going to be spending in excess of £500,000 to do the conversion.
0:37:44 > 0:37:47Adding those building costs to the guide price
0:37:47 > 0:37:52means an approximate outlay of around £750,000.
0:37:52 > 0:37:56So could a heavy investment like that be recouped?
0:37:57 > 0:37:58I think the flats in here
0:37:58 > 0:38:01are going to be quite a high quality of conversion,
0:38:01 > 0:38:04so I would be imagining the price at the moment of the one-bedrooms
0:38:04 > 0:38:07would be around about £90,000.
0:38:07 > 0:38:13The two-bedroom flats would be in terms of about £120,000.
0:38:13 > 0:38:16I think the penthouse, dependent on how special it actually is,
0:38:16 > 0:38:19could be up to £200,000.
0:38:19 > 0:38:21This property is a gamble,
0:38:21 > 0:38:24and needs to be viewed as a long-term investment.
0:38:24 > 0:38:26Buy it now while prices are low
0:38:26 > 0:38:29and before the regeneration of Margate is complete,
0:38:29 > 0:38:31meaning higher property prices,
0:38:31 > 0:38:33then, hopefully, cash in your chips
0:38:33 > 0:38:36and you could have earned a small fortune.
0:38:36 > 0:38:39But is it a bet worth making?
0:38:40 > 0:38:43Let's see what happened when this went to auction.
0:38:44 > 0:38:46220,000. 220 to start me.
0:38:46 > 0:38:48Where do you want to start? 200.
0:38:48 > 0:38:50200, straight on.
0:38:50 > 0:38:52£200,000. Now 205.
0:38:52 > 0:38:54205.
0:38:54 > 0:38:55205 I've got.
0:38:55 > 0:38:57210. 210 is with you.
0:38:57 > 0:39:00215 I've got. 220, it's with you.
0:39:00 > 0:39:02225, it's against you, at the back again.
0:39:02 > 0:39:04225.
0:39:04 > 0:39:05225.
0:39:05 > 0:39:07225 I've got. And 230 if you like.
0:39:07 > 0:39:10230 I've got. And 5. It's against you again.
0:39:10 > 0:39:12At £232,000.
0:39:12 > 0:39:14232. 234.
0:39:14 > 0:39:16234. And 6.
0:39:16 > 0:39:18236 I've got.
0:39:18 > 0:39:21238, straight away. And 40 now, if you like.
0:39:21 > 0:39:22240 I'm looking for.
0:39:23 > 0:39:25240 I've got.
0:39:25 > 0:39:26242.
0:39:27 > 0:39:29242? 242.
0:39:29 > 0:39:31And 244 now.
0:39:31 > 0:39:33244 I've got.
0:39:33 > 0:39:34245 I've got.
0:39:34 > 0:39:36245.
0:39:36 > 0:39:37246.
0:39:37 > 0:39:38246?
0:39:40 > 0:39:42Otherwise, at £245,000 for the first time...
0:39:42 > 0:39:45245 for the second...
0:39:45 > 0:39:47I'm not going to dwell on this one.
0:39:47 > 0:39:49245 for the third and final time.
0:39:49 > 0:39:52If you're sure you're all done at £245,000...
0:39:54 > 0:39:56After that tense tussle,
0:39:56 > 0:39:59the successful bid of £245,000
0:39:59 > 0:40:01was placed by Nick.
0:40:03 > 0:40:06However, it was nearly ten months after that auction
0:40:06 > 0:40:08that we met up.
0:40:08 > 0:40:11Not that Nick hasn't been busy in that time.
0:40:11 > 0:40:14After taking early retirement from managing pension funds,
0:40:14 > 0:40:16he's been building a sizeable portfolio,
0:40:16 > 0:40:20with three tenanted properties, plus this project -
0:40:20 > 0:40:22his most challenging to date.
0:40:22 > 0:40:24So will he sink or swim?
0:40:26 > 0:40:27- Nick, congratulations.- Thank you.
0:40:27 > 0:40:30What an enormous amount of space for the money.
0:40:30 > 0:40:33Well, it is a lot of building, but as you can see,
0:40:33 > 0:40:36it's been neglected rather. It's been empty for quite a while now.
0:40:36 > 0:40:38So it's got permission for six flats.
0:40:38 > 0:40:40Is that what you're going to do with it?
0:40:40 > 0:40:42That's what I was going to do,
0:40:42 > 0:40:44but I wasn't going to rush the project,
0:40:44 > 0:40:47because I just think it's a very special building.
0:40:47 > 0:40:50But actually, over that time, I've suddenly realised,
0:40:50 > 0:40:53because there's a dearth of good hotels in Margate,
0:40:53 > 0:40:55I actually decided this could be a hotel.
0:40:55 > 0:40:58Wow! So you've completely thrown the flats idea out,
0:40:58 > 0:41:01the hotel idea in?
0:41:01 > 0:41:02I think the time is right.
0:41:02 > 0:41:05Margate seems to really need an upscale boutique hotel.
0:41:05 > 0:41:08And have you had permission to turn this into a hotel?
0:41:08 > 0:41:11We've put plans in. They've been very positively received.
0:41:13 > 0:41:16And judging from the plans, I can see why.
0:41:16 > 0:41:19There are many hotels with lovely sea views in Margate,
0:41:19 > 0:41:23but this cool, contemporary vision will make a lovely addition.
0:41:23 > 0:41:25While the sweet shop might be no more,
0:41:25 > 0:41:28there will be an ice cream parlour on the seafront.
0:41:28 > 0:41:30Nick has wisely engaged an expert
0:41:30 > 0:41:33to help him realise this ambitious project.
0:41:33 > 0:41:37Conrad's a consultant who helped with the initial design
0:41:37 > 0:41:38and negotiations.
0:41:40 > 0:41:42Conrad, I'm really excited to find out
0:41:42 > 0:41:45what your involvement with this project is going to be.
0:41:45 > 0:41:49Nick brought me on board to look at the hotel feasibility initially.
0:41:49 > 0:41:51I'm a consultant who specialises in hotel and leisure.
0:41:51 > 0:41:54Nick asked me to come on board to look at the feasibility
0:41:54 > 0:41:56of developing and operating a hotel here
0:41:56 > 0:41:58on the seafront in Margate.
0:41:58 > 0:42:02So why do you think this building is perfect?
0:42:02 > 0:42:04What makes a hotel so special?
0:42:04 > 0:42:08Well, first and foremost, location, location, location.
0:42:08 > 0:42:10And the dimensions are superb
0:42:10 > 0:42:12from the point of view of a boutique hotel.
0:42:12 > 0:42:15Conrad, tell me, how much does it cost to develop such a site?
0:42:15 > 0:42:19Are we talking millions, hundreds of thousands?
0:42:19 > 0:42:22Well, it depends how many multiples of hundreds of thousands
0:42:22 > 0:42:23you want to use!
0:42:23 > 0:42:25But it is a substantial sum.
0:42:25 > 0:42:29As I say, we're going for quality, but this is a very old building,
0:42:29 > 0:42:32which needs to be respected, treated with care.
0:42:32 > 0:42:35We need to reinstate all the main services and go all the way up
0:42:35 > 0:42:37to the very top.
0:42:37 > 0:42:39And these things don't come cheap.
0:42:40 > 0:42:42So this is a really major financial gamble
0:42:42 > 0:42:45and a lot hinges on Margate's rejuvenation.
0:42:47 > 0:42:50It is a big venture. Does it make you slightly nervous?
0:42:50 > 0:42:52Well, it does. It does.
0:42:52 > 0:42:54Hotels don't come cheap,
0:42:54 > 0:42:59but that's why I needed expert help, and that's where Conrad comes in.
0:42:59 > 0:43:01Nick, if there's one venture I am excited about,
0:43:01 > 0:43:03it's this one!
0:43:03 > 0:43:05I cannot wait to see what you do with this hotel.
0:43:05 > 0:43:07- Good luck.- Thank you very much.
0:43:07 > 0:43:09- I think it's great for you. - Thank you.
0:43:11 > 0:43:14Well, I was not expecting that!
0:43:14 > 0:43:17But what a fabulous idea of Nick's -
0:43:17 > 0:43:20a boutique hotel could be just what Margate needs
0:43:20 > 0:43:22to lift it to the next level.
0:43:22 > 0:43:25But don't forget, this building needs a huge amount of work,
0:43:25 > 0:43:28and then you've got to fill it with paying guests.
0:43:28 > 0:43:32Let's see if Nick manages it later on in the programme.
0:43:35 > 0:43:39Now, if you want to make serious profit from property,
0:43:39 > 0:43:40timing is crucial.
0:43:40 > 0:43:44You need to be flexible and also prepared for the unexpected.
0:43:44 > 0:43:47And not let time pass you by.
0:43:47 > 0:43:50Let's have a look and see how our buyers got on.
0:43:51 > 0:43:53Back to the '70s again now.
0:43:53 > 0:43:55But this three-bed South Shields semi
0:43:55 > 0:43:58was looking none too glam when we last visited.
0:44:00 > 0:44:02Indeed, bits of it were unaccounted for.
0:44:04 > 0:44:05Including the kitchen.
0:44:05 > 0:44:07# I've been missing you
0:44:09 > 0:44:11# I've been missing you
0:44:13 > 0:44:16# For so long... #
0:44:18 > 0:44:20But for local property developer Tahir,
0:44:20 > 0:44:22this was too good an opportunity to miss.
0:44:22 > 0:44:26So he bought it for £32,500,
0:44:26 > 0:44:30planning to refurbish it quickly and rent or sell it on.
0:44:31 > 0:44:33He'd given himself a budget of £10,000
0:44:33 > 0:44:36and a deadline of six to eight weeks.
0:44:38 > 0:44:40But before he could really get down to work here,
0:44:40 > 0:44:43there was a slightly more pressing issue.
0:44:44 > 0:44:45How old are your kids?
0:44:45 > 0:44:47I've got two girls, six and four - Sophia and Amelia -
0:44:47 > 0:44:49and I've got another one on the way.
0:44:49 > 0:44:51Tomorrow.
0:44:51 > 0:44:52Tomorrow?!
0:44:52 > 0:44:54Tomorrow, yes - unbelievable!
0:44:54 > 0:44:57- You mean like any time now? - Any time now!
0:44:57 > 0:45:00I could get a call and I'd have to run off and do what I have to do.
0:45:00 > 0:45:02Oh, wow! How exciting!
0:45:02 > 0:45:04It is very exciting, yes.
0:45:05 > 0:45:08Crikey! With a house refurbishment to manage,
0:45:08 > 0:45:10plus the arrival of a new baby,
0:45:10 > 0:45:12Tahir was going to be a busy man.
0:45:14 > 0:45:18Well, 14 weeks later, what's the story?
0:45:22 > 0:45:26So, it's a smarter-looking semi which greets us now.
0:45:26 > 0:45:29There's a new fence, and that old rotten timber cladding
0:45:29 > 0:45:32has been replaced with modern, more durable uPVC.
0:45:32 > 0:45:34So there's some progress on the property front,
0:45:34 > 0:45:37but what's the news on Tahir's home front?
0:45:37 > 0:45:41The biggest news we had was the day after you were here,
0:45:41 > 0:45:42we had a baby.
0:45:42 > 0:45:44We had a baby boy.
0:45:44 > 0:45:46His name is Zachary
0:45:46 > 0:45:49and since then, we've had quite a few sleepless nights.
0:45:49 > 0:45:53So this project got a little bit delayed,
0:45:53 > 0:45:57simply because my attention needed to be elsewhere.
0:45:57 > 0:45:58Helping my wife.
0:46:06 > 0:46:09So, very understandably, Tahir's six- to eight-week timescale
0:46:09 > 0:46:10went out of the window.
0:46:10 > 0:46:14It's only in the last few weeks that he's focused on the house again,
0:46:14 > 0:46:17as it was also crying out for his attention.
0:46:28 > 0:46:30He hasn't been idle, though,
0:46:30 > 0:46:33with walls knocked down to create a big kitchen/diner.
0:46:33 > 0:46:36And the kitchen has, well...
0:46:36 > 0:46:38well, it has a kitchen in it!
0:46:38 > 0:46:39How novel!
0:46:49 > 0:46:52With the black hole of the cloakroom now radiating light,
0:46:52 > 0:46:55downstairs has definitely started to shape up.
0:46:55 > 0:46:58I'm quite happy the way it's turned out.
0:46:58 > 0:47:01It's not quite finished 100%.
0:47:09 > 0:47:12Upstairs, the three bedrooms are all rejuvenated.
0:47:22 > 0:47:25As is the retiled and redecorated bathroom.
0:47:25 > 0:47:27Although there are still a few snagging problems,
0:47:27 > 0:47:29he's certainly well under way.
0:47:29 > 0:47:32And he's not finished yet.
0:47:33 > 0:47:38The car port/garage area was pretty rotten
0:47:38 > 0:47:42and in a condition ready to be falling apart.
0:47:42 > 0:47:46Which we were going to replace,
0:47:46 > 0:47:49but I thought I'd go a little bit further,
0:47:49 > 0:47:53apply for some planning permission to turn that into a habitable room,
0:47:53 > 0:47:56so that whoever takes the property, they have either a bedroom
0:47:56 > 0:47:58or a playroom,
0:47:58 > 0:48:01which is much more needed than a garage.
0:48:01 > 0:48:05Tahir has submitted an application for planning permission
0:48:05 > 0:48:08for the changes, and is still awaiting the outcome.
0:48:09 > 0:48:12He will either sell the house on with planning permission in place
0:48:12 > 0:48:14or let it out with the intention
0:48:14 > 0:48:17of doing the conversion at a later date.
0:48:18 > 0:48:21But what has it all cost him so far?
0:48:21 > 0:48:26So far, I have spent just over £5,000,
0:48:26 > 0:48:29which leaves me with round about £5,000
0:48:29 > 0:48:31to do the garage conversion.
0:48:31 > 0:48:36I'm hoping that that's going to be well under that price -
0:48:36 > 0:48:40three to four. I'm going to hopefully save on...
0:48:40 > 0:48:43It's going to come well within the budget.
0:48:46 > 0:48:51Well, a £5,000 to £10,000 spend on top of his £32,500 purchase price
0:48:51 > 0:48:57will take his total outlay to between £37,500 and £42,500.
0:48:58 > 0:49:01So has he got the best from this property?
0:49:02 > 0:49:05What do two local estate agents think?
0:49:06 > 0:49:09It's most definitely far brighter than it was the last time.
0:49:09 > 0:49:11It was very dark, very dingy, very old,
0:49:11 > 0:49:14and the brightness in here - everything cream, neutral,
0:49:14 > 0:49:17the space it gives because of that, is wonderful.
0:49:17 > 0:49:19I think the property's been refurbished
0:49:19 > 0:49:21to a reasonable standard.
0:49:21 > 0:49:23However, I do think it could be improved upon,
0:49:23 > 0:49:26to get it up to a marketable standard.
0:49:26 > 0:49:31The kerb appeal, exterior-wise, has been improved immensely.
0:49:31 > 0:49:34The cladding's great in the respect that it's clean, it's modern,
0:49:34 > 0:49:39and it's also got the benefit of lower maintenance than timber.
0:49:39 > 0:49:43Tahir knows there are still some snagging issues to address,
0:49:43 > 0:49:46but even so, bearing in mind the current market,
0:49:46 > 0:49:50has this house that he's spent £37,500 on to date
0:49:50 > 0:49:52been a wise investment?
0:49:52 > 0:49:55I do feel the sale value is £60,000.
0:49:55 > 0:49:57However, due to the finish
0:49:57 > 0:50:01not quite being so good as one would have expected,
0:50:01 > 0:50:04they may have to consider offers upon that figure.
0:50:04 > 0:50:08When the finishing touches have been done on this property,
0:50:08 > 0:50:13I would recommend a sale price of between £55,000 and £65,000.
0:50:13 > 0:50:16If a fourth bedroom was added by way of extension,
0:50:16 > 0:50:19I do think it would increase saleability
0:50:19 > 0:50:22and it would increase appeal to potential purchasers.
0:50:22 > 0:50:26However, the price would remain at £65,000.
0:50:26 > 0:50:30£65,000 is, er...
0:50:30 > 0:50:32Yes, it's not too bad.
0:50:32 > 0:50:35It's around the figure I expected.
0:50:35 > 0:50:39I was hoping for 70 at the top, when the extra room was added.
0:50:39 > 0:50:44So...yeah, I'm pretty pleased with that.
0:50:45 > 0:50:49In fact, since filming, Tahir has accepted an offer on the house
0:50:49 > 0:50:52of £64,950.
0:50:52 > 0:50:55If that sale goes through, it would mean a pre-tax profit
0:50:55 > 0:50:58of 27,450 quid for him.
0:50:58 > 0:51:00Not bad at all.
0:51:00 > 0:51:02So is there anything else in the pipeline?
0:51:05 > 0:51:07I've got quite a number of projects to get on with,
0:51:07 > 0:51:10so this year's going to be pretty hectic!
0:51:17 > 0:51:19It's time to get the sun hat on
0:51:19 > 0:51:22as we return to the golden sands of Margate
0:51:22 > 0:51:24and this fabulous Victorian pile.
0:51:24 > 0:51:26With sea views to the front,
0:51:26 > 0:51:29yet also with the frontage on the High Street,
0:51:29 > 0:51:32it had planning permission in place to convert it into six flats.
0:51:32 > 0:51:37So, this large commercial building certainly had tremendous potential.
0:51:40 > 0:51:43Former pension fund manager and property developer Nick
0:51:43 > 0:51:47bought it at auction for £245,000.
0:51:49 > 0:51:51So it's got permission for six flats.
0:51:51 > 0:51:53Is that what you're going to do with it?
0:51:53 > 0:51:55That's what I was going to do,
0:51:55 > 0:51:56but actually, I suddenly realised,
0:51:56 > 0:51:59because there's a dearth of good hotels in Margate,
0:51:59 > 0:52:01I actually decided this could be a hotel.
0:52:01 > 0:52:05Wow! So you've completely thrown the flats idea out,
0:52:05 > 0:52:07the hotel idea in?
0:52:07 > 0:52:08I think the time is right.
0:52:08 > 0:52:11Margate seems to really need an upscale boutique hotel.
0:52:11 > 0:52:15Wow! So, quite a radical rethink by Nick.
0:52:15 > 0:52:18But with no background in tackling such a big undertaking,
0:52:18 > 0:52:22he sensibly brought on board hotel consultant Conrad
0:52:22 > 0:52:24to assist with it.
0:52:25 > 0:52:27We're going for quality, but this is a very old building,
0:52:27 > 0:52:30which needs to be respected, treated with care.
0:52:30 > 0:52:33We need to reinstate all the main services and go all the way up
0:52:33 > 0:52:34to the very top.
0:52:34 > 0:52:37Even with Conrad's help,
0:52:37 > 0:52:39this was still going to be a massive project.
0:52:39 > 0:52:43As long as planning permission to make it a hotel was granted,
0:52:43 > 0:52:46they hoped to do the work in eight to nine months.
0:52:49 > 0:52:52Now, almost one year after we first saw
0:52:52 > 0:52:56this huge dilapidated and sprawling building,
0:52:56 > 0:52:58we're back.
0:53:00 > 0:53:04We've created exactly what we set out to create -
0:53:04 > 0:53:05a 20-bedroom hotel.
0:53:11 > 0:53:16Some of the 20 bedrooms are in a new large extension at the back.
0:53:18 > 0:53:20They are mainly across three floors,
0:53:20 > 0:53:22with six bedrooms per floor,
0:53:22 > 0:53:24all en suite.
0:53:31 > 0:53:34Nine of the bedrooms have sea views.
0:53:40 > 0:53:43We've created the restaurant and bar,
0:53:43 > 0:53:45which completely covers one floor.
0:53:48 > 0:53:50It has a large west-facing terrace.
0:53:53 > 0:53:56What a truly magnificent space.
0:53:56 > 0:53:59And they've blended the old with the new beautifully.
0:54:01 > 0:54:04We've actually built rooms into the original roof
0:54:04 > 0:54:06and created a roof terrace on top of that.
0:54:06 > 0:54:08But we've gone to great lengths
0:54:08 > 0:54:12to preserve the original Victorian facade, which dates from 1888.
0:54:12 > 0:54:15So the building's actually 125 years old this year.
0:54:15 > 0:54:18So, parts of it might be 125 years old,
0:54:18 > 0:54:21but I doubt it's ever looked so good.
0:54:23 > 0:54:26# Welcome to the hotel... #
0:54:31 > 0:54:33LIFT BELL PINGS
0:54:33 > 0:54:35We opened about two weeks ago.
0:54:35 > 0:54:38And it's all gone extremely well so far.
0:54:38 > 0:54:41The bar and restaurant is absolutely thriving.
0:54:41 > 0:54:45And bookings are picking up, so it's all looking very good.
0:54:46 > 0:54:48It's not just the hotel that's looking cool.
0:54:48 > 0:54:50Remember the old sweet shop?
0:54:56 > 0:54:59Well, it's now an ice cream parlour.
0:54:59 > 0:55:02So what's it been like licking this building into shape?
0:55:04 > 0:55:06It's been fascinating, the whole project.
0:55:06 > 0:55:08I've obviously had a lot to learn about hotels.
0:55:08 > 0:55:13But...the whole thing has been extremely enjoyable.
0:55:14 > 0:55:17After planning permission was granted,
0:55:17 > 0:55:19the build process took ten months to complete.
0:55:19 > 0:55:23It's been a collaborative process between Nick and Conrad.
0:55:23 > 0:55:25So how well did that work?
0:55:27 > 0:55:29We both bring different things to the party, I think.
0:55:29 > 0:55:33It's always good to have someone to sound ideas off anyway.
0:55:33 > 0:55:36Although we had some very lively debates about certain aspects,
0:55:36 > 0:55:38these were very much a minority of issues,
0:55:38 > 0:55:40rather than the overall scheme.
0:55:40 > 0:55:43So, yeah, we've worked together extremely well.
0:55:43 > 0:55:46With this boutique hotel complex now complete,
0:55:46 > 0:55:49will Nick and Conrad step away from the project
0:55:49 > 0:55:51and go their separate ways?
0:55:52 > 0:55:54We've got a team of managers in place.
0:55:54 > 0:56:00However, Conrad and I do intend to be very much involved day-to-day,
0:56:00 > 0:56:04because we want to make sure it's working operationally perfectly,
0:56:04 > 0:56:06so, yeah.
0:56:07 > 0:56:10This has clearly been a huge undertaking,
0:56:10 > 0:56:13with a considerable amount of money spent.
0:56:13 > 0:56:16And although Nick won't disclose the total cost of the project,
0:56:16 > 0:56:19it's not surprisingly in excess of £1 million.
0:56:19 > 0:56:21So, what do two local estate agents
0:56:21 > 0:56:25make of Margate's latest seaside attraction?
0:56:27 > 0:56:31When this was initially sold, it had planning consent for apartments.
0:56:31 > 0:56:33I think they've done exactly the right thing.
0:56:33 > 0:56:36Margate was totally overloaded with the amount of property
0:56:36 > 0:56:38that was available that's converted into flats.
0:56:38 > 0:56:41So this is something that's a real landmark in the area.
0:56:41 > 0:56:44The selling feature of the hotel is obviously the finish,
0:56:44 > 0:56:46but the quality of the rooms, the sea views,
0:56:46 > 0:56:48the roof terrace gardens...
0:56:48 > 0:56:51Just everything - the ambience about it.
0:56:51 > 0:56:53In terms of the building itself,
0:56:53 > 0:56:55it's a lovely property, stunningly converted,
0:56:55 > 0:56:59retained a lot of the character, although it's new.
0:56:59 > 0:57:03So that's all very appealing, but a very tough one to value.
0:57:03 > 0:57:05Yes...value.
0:57:05 > 0:57:08Hotels and commercial properties are very difficult to value,
0:57:08 > 0:57:11as they're not just based on the bricks and mortar,
0:57:11 > 0:57:14but also on the commercial success of the business.
0:57:14 > 0:57:16Hotels are normally valued
0:57:16 > 0:57:19after they've been trading for at least three years.
0:57:19 > 0:57:21So, having only just opened its doors,
0:57:21 > 0:57:24this building and business are hard to put a price on.
0:57:26 > 0:57:28But the estate agents reckon the building itself
0:57:28 > 0:57:32is worth between about £600,000 and £700,000.
0:57:32 > 0:57:35And if sold as a going concern,
0:57:35 > 0:57:39could be worth £1.2 to £1.5 million.
0:57:39 > 0:57:42And with Margate apparently on the crest of a wave,
0:57:42 > 0:57:45who knows how much it might be worth in a year or two?
0:57:45 > 0:57:48How does Nick feel about this development now?
0:57:48 > 0:57:50I'm very excited about the hotel
0:57:50 > 0:57:52and about Margate generally.
0:57:52 > 0:57:56There's so much happening here now. It's just a very exciting time.
0:57:56 > 0:57:57Yep.
0:57:57 > 0:57:59Indeed it is!
0:58:08 > 0:58:12Well, that's it for now. We'll have more great stories for you
0:58:12 > 0:58:14next time here on Homes Under The Hammer.
0:58:14 > 0:58:16- And we look forward to seeing you then.- Goodbye.- Goodbye.
0:58:24 > 0:58:27Subtitles by Red Bee Media Ltd