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Hello and welcome to the show. | 0:00:02 | 0:00:03 | |
If you were in the market to buy yourself a property, | 0:00:03 | 0:00:05 | |
-what would you want, do you think? -A bungalow, perhaps. | 0:00:05 | 0:00:08 | |
Maybe a flat near trendy cafes and bars | 0:00:08 | 0:00:12 | |
or a family home near good schools. | 0:00:12 | 0:00:14 | |
Yes, you can find fine examples of all of those under the hammer. | 0:00:14 | 0:00:18 | |
I'm in Wales for our first lot. | 0:00:48 | 0:00:50 | |
Port Talbot straddles the eastern rim of Swansea Bay, | 0:00:50 | 0:00:54 | |
where Aberavon Sands and Morfa Beach | 0:00:54 | 0:00:57 | |
are popular with surfers and beachcombers alike. | 0:00:57 | 0:01:01 | |
However, there's more industry than recreation in evidence here. | 0:01:01 | 0:01:05 | |
The Port Talbot Steelworks and other heavy industries | 0:01:05 | 0:01:08 | |
dominate the landscape - or should that be sandscape? | 0:01:08 | 0:01:12 | |
# Go down | 0:01:14 | 0:01:16 | |
# Down to the sea... # | 0:01:16 | 0:01:18 | |
Well, I'm in the appropriately named Sandfields area of Port Talbot | 0:01:20 | 0:01:26 | |
to see a property which is one of those which really gets you thinking | 0:01:26 | 0:01:29 | |
because the average price for a three-bed semidetached around here | 0:01:29 | 0:01:34 | |
is around £70, £80, £90,000. | 0:01:34 | 0:01:36 | |
The guide price on this one was just £22,000. | 0:01:36 | 0:01:40 | |
There must be something wrong. | 0:01:41 | 0:01:43 | |
Yes, indeed. | 0:01:46 | 0:01:47 | |
Unfortunately, this property was set on fire while it was empty | 0:01:47 | 0:01:51 | |
and the damage is so extensive that it's too dangerous to go in. | 0:01:51 | 0:01:55 | |
We're going to have to start assessing things as best we can | 0:01:56 | 0:01:59 | |
from the exterior of the property. | 0:01:59 | 0:02:02 | |
Apart from no roof, half of the floor joists have collapsed | 0:02:02 | 0:02:05 | |
and the other half are about to. | 0:02:05 | 0:02:08 | |
There are two collapsed chimney stacks and that's what you CAN see. | 0:02:08 | 0:02:13 | |
Fire and smoke residues carry real health risks | 0:02:13 | 0:02:17 | |
and there can be all sorts of chemicals and compounds | 0:02:17 | 0:02:20 | |
that you really don't want to be breathing in. | 0:02:20 | 0:02:23 | |
Does it go without saying that this is a job for a professional? | 0:02:23 | 0:02:27 | |
So, there needs to be a proper risk assessment and a survey. | 0:02:27 | 0:02:31 | |
There are specialists who deal with smoke and fire damage properties, | 0:02:31 | 0:02:34 | |
so do some research. | 0:02:34 | 0:02:36 | |
The thing about fire damage is sometimes it's not quite apparent | 0:02:38 | 0:02:43 | |
how much actual structural damage has actually been done. | 0:02:43 | 0:02:48 | |
In this case...everything in there is going to have to be replaced. | 0:02:48 | 0:02:53 | |
From the joists, to the roof, to the electrics, to the plumbing. | 0:02:53 | 0:02:57 | |
In some ways that's bad because it's a lot more work to do | 0:02:57 | 0:03:00 | |
but in other ways it's quite good. | 0:03:00 | 0:03:01 | |
There can be no illusion... | 0:03:01 | 0:03:04 | |
you're going to have to do everything. | 0:03:04 | 0:03:08 | |
That guide price would definitely attract potential buyers, | 0:03:10 | 0:03:14 | |
but I guess many of them would have quickly turned tail when they saw it. | 0:03:14 | 0:03:18 | |
So, why would we want to buy it, then? | 0:03:19 | 0:03:21 | |
I mean, it's a heck of a lot of work | 0:03:21 | 0:03:23 | |
but you've got to start thinking about other things. | 0:03:23 | 0:03:25 | |
The garden, for instance, it's a nice size. | 0:03:25 | 0:03:28 | |
The location is a very popular area, close to the beach, | 0:03:28 | 0:03:31 | |
good transport links. | 0:03:31 | 0:03:33 | |
So, suddenly we're viewing it almost like it's a plot of land, | 0:03:33 | 0:03:37 | |
which it certainly is, with the sort of beginnings of a property on it. | 0:03:37 | 0:03:44 | |
View it like that and, actually, hm-mm, | 0:03:44 | 0:03:47 | |
it's quite an appealing opportunity. | 0:03:47 | 0:03:50 | |
Bearing in mind this lot is guided at £22,000, | 0:03:55 | 0:03:59 | |
what does a local estate agent | 0:03:59 | 0:04:01 | |
think this property could or should become? | 0:04:01 | 0:04:04 | |
They could possibly look at extending the property | 0:04:06 | 0:04:09 | |
and putting an extension on, which will add ground floor accommodation | 0:04:09 | 0:04:14 | |
which people need these days. | 0:04:14 | 0:04:16 | |
If it's currently done up to the standard that most properties | 0:04:16 | 0:04:20 | |
are in this area, and it hasn't got an extension on it, | 0:04:20 | 0:04:23 | |
then you're most probably looking at £80-£85,000. | 0:04:23 | 0:04:27 | |
If the extension was put on, you would most probably achieve | 0:04:28 | 0:04:31 | |
something between £90-95,000. | 0:04:31 | 0:04:33 | |
Hm-mm, if you take into account the extension build costs | 0:04:35 | 0:04:39 | |
you might not make much, if anything. And what about rental? | 0:04:39 | 0:04:43 | |
Without the extension, it's going to be 450-475 per calendar month. | 0:04:43 | 0:04:50 | |
Well, not a project for the faint-hearted, | 0:04:50 | 0:04:53 | |
but even a property in a state like this can still be a money-spinner | 0:04:53 | 0:04:59 | |
if you can buy it at the right price. | 0:04:59 | 0:05:03 | |
Let's find out what that was when it went under the hammer. | 0:05:03 | 0:05:07 | |
We have, basically, a shell of a house. Guide price £22,000. | 0:05:08 | 0:05:13 | |
20,000 can we see to start? Make it 18, if you like, I'm in your hands. | 0:05:13 | 0:05:17 | |
18? Wave a hand at me. Make it 15, then, if you want. | 0:05:17 | 0:05:20 | |
Thank you, 15, I've got you there. At 15,000 on my left-hand side, at 15. | 0:05:20 | 0:05:23 | |
16, now, can I see? 16, sir, 17? | 0:05:23 | 0:05:27 | |
17? 17. 18? | 0:05:27 | 0:05:29 | |
18. 19? 19? | 0:05:29 | 0:05:32 | |
19,000, no. | 0:05:32 | 0:05:33 | |
At 18,000 on my right-hand side, here, then. 19... | 0:05:33 | 0:05:36 | |
19, thank you. 19, seated. 20 now? | 0:05:36 | 0:05:38 | |
20. 21, 22, 23. | 0:05:38 | 0:05:42 | |
24? 24. 25? 25, no. | 0:05:42 | 0:05:45 | |
You're saying no, on my left, it's with you at 24,000. | 0:05:45 | 0:05:48 | |
At 24,000, then, for the first time. | 0:05:48 | 0:05:49 | |
Second time. Third and last time... | 0:05:50 | 0:05:53 | |
25. 25. 26? No. | 0:05:53 | 0:05:55 | |
At 25, then, seated. | 0:05:55 | 0:05:57 | |
His first bid at 25,000, might buy it. | 0:05:57 | 0:06:00 | |
At 25, I'll take a half from anybody, if you want. | 0:06:00 | 0:06:02 | |
Otherwise, 25,000 for the first time, second time, | 0:06:02 | 0:06:06 | |
third and last time, at £25,000... | 0:06:06 | 0:06:08 | |
Sold. Sir, madam, well done, yours. Your number, please. | 0:06:09 | 0:06:13 | |
Successful bidder Andy was hidden from view during this busy auction, | 0:06:13 | 0:06:18 | |
but his bid of £25,000 was enough to seal the deal. | 0:06:18 | 0:06:21 | |
I went along to the property, | 0:06:23 | 0:06:24 | |
or the four walls of what remains of the property, | 0:06:24 | 0:06:27 | |
to meet him and his daughter Hannah to find out what their plans were. | 0:06:27 | 0:06:32 | |
-Andy, Hannah, good to meet you both. -Nice to meet you. -Thank you. | 0:06:32 | 0:06:35 | |
Right. | 0:06:35 | 0:06:36 | |
ANDY LAUGHS | 0:06:36 | 0:06:38 | |
-Interesting property. -It is. -What was it that appealed? -The location. | 0:06:38 | 0:06:43 | |
Three minutes' walk from the beach, sunny Wales, you know, it's good. | 0:06:44 | 0:06:49 | |
What more could you possibly want? Apart from maybe a roof | 0:06:49 | 0:06:52 | |
-and an inside. -Yeah! And everything else. | 0:06:52 | 0:06:54 | |
Now, I imagine a lot of people were put off by the state of this. | 0:06:54 | 0:06:58 | |
-I think so, yeah. -Why weren't you? | 0:06:58 | 0:07:00 | |
Um, it's similar to what we've done several times before, so it's no... | 0:07:00 | 0:07:04 | |
-Nothing new to us. -And "us" being...? | 0:07:04 | 0:07:06 | |
What, you? You're a builder, or what? | 0:07:06 | 0:07:09 | |
-No. I've been gravitated in the profession. -OK. | 0:07:09 | 0:07:14 | |
-But you've got a team of people... -That's right, | 0:07:14 | 0:07:16 | |
we've got six of us altogether. | 0:07:16 | 0:07:18 | |
Andy has gravitated, as he puts it, to his property development business | 0:07:20 | 0:07:24 | |
over the last 18 years. | 0:07:24 | 0:07:26 | |
He normally renovates and rents the properties. | 0:07:27 | 0:07:30 | |
And daughter Hannah has been working with him for the past year, | 0:07:30 | 0:07:33 | |
the last four months of which have been spent | 0:07:33 | 0:07:36 | |
sorting out the company's IT issues. | 0:07:36 | 0:07:38 | |
So, does she find the prospect of this job daunting? | 0:07:39 | 0:07:44 | |
I'm looking forward to having a go. | 0:07:44 | 0:07:46 | |
I haven't done it before so, it will be my first hands-on job, I think. | 0:07:46 | 0:07:50 | |
How do you view this building, | 0:07:50 | 0:07:52 | |
which bit of it do you think you can salvage, if any? | 0:07:52 | 0:07:56 | |
The three walls - that's it. | 0:07:56 | 0:07:58 | |
Everything internally is going to go. | 0:07:58 | 0:08:01 | |
Initially, we're going to cut a hole in the window there | 0:08:01 | 0:08:04 | |
to get a machine inside and we're just going to clear everything out, | 0:08:04 | 0:08:07 | |
totally gut it inside. | 0:08:07 | 0:08:10 | |
Then wait until the planning permission is put through | 0:08:10 | 0:08:14 | |
for the single-storey extension at the rear here, | 0:08:14 | 0:08:17 | |
and a bedroom in the attic space. | 0:08:17 | 0:08:21 | |
So, you're going to extend significantly? | 0:08:21 | 0:08:24 | |
-Yes, yeah. -You've got plans in your hand? -Oh, I have, yeah. | 0:08:24 | 0:08:26 | |
-Is that what it's for? -Yes. | 0:08:26 | 0:08:28 | |
Just talk me through what you're going to do. | 0:08:28 | 0:08:30 | |
As you can see, we've got a... | 0:08:30 | 0:08:31 | |
There we go, single-storey extension | 0:08:33 | 0:08:35 | |
-that extends the whole width of the building. -Oh, wow. | 0:08:35 | 0:08:38 | |
That'll be the kitchen/diner and we're hoping to put a dormer window | 0:08:38 | 0:08:43 | |
-in the loft space, which is this here. -Right. | 0:08:43 | 0:08:46 | |
Facing the back garden | 0:08:46 | 0:08:48 | |
and we'll have a nice sizeable room in the attic space. | 0:08:48 | 0:08:51 | |
So, what do you reckon the budget is, | 0:08:51 | 0:08:52 | |
for if you get the opportunity to do everything you want? | 0:08:52 | 0:08:55 | |
Oh, 30,000. | 0:08:55 | 0:08:56 | |
OK, £30,000 is not a lot of money to do this job, | 0:08:58 | 0:09:02 | |
but Andy is confident that if he uses his well-trusted team | 0:09:02 | 0:09:07 | |
and works six or seven days a week he can turn this around. | 0:09:07 | 0:09:11 | |
And, in this case, he's not going to rent it. He's hoping to sell on. | 0:09:11 | 0:09:16 | |
The sky is the limit for the family team | 0:09:16 | 0:09:18 | |
unless planning brings them crashing back to Earth. | 0:09:18 | 0:09:21 | |
So, this is going to delay things in terms of the timescale, presumably. | 0:09:23 | 0:09:27 | |
Hopefully we'll hear something back within six to eight weeks. | 0:09:27 | 0:09:30 | |
And if it's a yes? | 0:09:30 | 0:09:31 | |
Probably looking at six months. | 0:09:33 | 0:09:34 | |
And if it's a no, well, | 0:09:34 | 0:09:36 | |
property developers don't want to think about that word. | 0:09:36 | 0:09:39 | |
But six months could be a good amount of time | 0:09:39 | 0:09:42 | |
for certain family members to learn the trade. | 0:09:42 | 0:09:45 | |
And what involvement, if Dad lets you, would you like to have? | 0:09:49 | 0:09:53 | |
-I mean, how hands dirty would you like to get? -Full-on. -Wow. | 0:09:53 | 0:09:56 | |
Want to learn everything that my dad knows, I want him to teach me, | 0:09:56 | 0:09:59 | |
because I'd like to work for him full-time and... | 0:09:59 | 0:10:02 | |
..help him retire. | 0:10:04 | 0:10:05 | |
-And then take over the business? -Yeah. -Yeah, yeah. -Oh, brilliant. | 0:10:05 | 0:10:10 | |
-Well, a major transformation in store. -Yes. | 0:10:10 | 0:10:13 | |
We really look forward to seeing how you get on. Nice to meet you. | 0:10:13 | 0:10:16 | |
-And you, too. -Good luck. -Nice to meet you, Martin. | 0:10:16 | 0:10:19 | |
Well, it's a big project by anyone's standards | 0:10:19 | 0:10:23 | |
and I can't wait to see the transformation. | 0:10:23 | 0:10:25 | |
Big question is - will Dad let Hannah get involved? | 0:10:25 | 0:10:30 | |
I do hope so. You can find out later in the show. | 0:10:30 | 0:10:33 | |
MUSIC: London Calling by The Clash | 0:10:36 | 0:10:38 | |
It was back in October 2013 when I first visited | 0:10:40 | 0:10:43 | |
this former beauty salon in Wimbledon, West London. | 0:10:43 | 0:10:46 | |
With a guide price of 700,000, | 0:10:48 | 0:10:50 | |
it came with lots of space to play with - | 0:10:50 | 0:10:52 | |
more than 3,000 square feet - spread over three floors. | 0:10:52 | 0:10:56 | |
# London calling to the faraway towns... # | 0:10:57 | 0:11:00 | |
Now, you can see the front desk area here, | 0:11:03 | 0:11:05 | |
and there are loads of treatment rooms further back. | 0:11:05 | 0:11:08 | |
It currently has A1 business usage, so that means a different retailer | 0:11:08 | 0:11:13 | |
can move in here without applying for change of use. | 0:11:13 | 0:11:16 | |
But it doesn't cover financial services | 0:11:16 | 0:11:18 | |
or hot food outlets and restaurants. | 0:11:18 | 0:11:21 | |
So, all in all, it's a versatile, large commercial space | 0:11:21 | 0:11:25 | |
but it is right in the heart of a busy, thriving shopping centre. | 0:11:25 | 0:11:29 | |
So, it's looking good so far. Now, where are those beauty rooms? | 0:11:29 | 0:11:33 | |
# Lipstick, powder and paint | 0:11:36 | 0:11:39 | |
# Lipstick, powder and paint... # | 0:11:39 | 0:11:43 | |
So, on the upper floors there are loads of further treatment rooms - | 0:11:43 | 0:11:46 | |
it is a real warren up here - | 0:11:46 | 0:11:49 | |
but I'm thinking this is ripe for residential conversion. | 0:11:49 | 0:11:53 | |
You could easily fit in loads of flats up here. | 0:11:53 | 0:11:57 | |
Now, you would have to sort out separate access | 0:11:57 | 0:12:00 | |
as you currently have to go through the shop downstairs | 0:12:00 | 0:12:02 | |
and, of course, you would need to apply for planning permission. | 0:12:02 | 0:12:05 | |
No doubting the potential of this building, | 0:12:07 | 0:12:09 | |
but unlocking its riches would hinge on | 0:12:09 | 0:12:12 | |
obtaining that all-important planning permission. | 0:12:12 | 0:12:14 | |
It took an exciting auction battle to decide the new owners | 0:12:14 | 0:12:18 | |
and that battle started with a very big number indeed. | 0:12:18 | 0:12:22 | |
It's a good-sized mid-terraced building, | 0:12:23 | 0:12:25 | |
sort of round 3,500 square ft. | 0:12:25 | 0:12:28 | |
700 anywhere? | 0:12:28 | 0:12:29 | |
Not going to go below seven. | 0:12:29 | 0:12:31 | |
700 down here, 710? 710. 720... | 0:12:31 | 0:12:37 | |
Brace yourselves, this auction was just about to get very interesting. | 0:12:37 | 0:12:42 | |
One million. 1,010,000? | 0:12:42 | 0:12:45 | |
10,000. 20,000, 30,000. | 0:12:45 | 0:12:49 | |
40,000, 50,000, | 0:12:49 | 0:12:52 | |
60,000, 70,000, | 0:12:52 | 0:12:56 | |
80,000, 90,000, 100,000. | 0:12:56 | 0:13:00 | |
1.1 million. 110. | 0:13:00 | 0:13:03 | |
120, 130. | 0:13:05 | 0:13:07 | |
150. 1,150,000. | 0:13:10 | 0:13:13 | |
160, 170, | 0:13:13 | 0:13:17 | |
180, 190, 200. | 0:13:17 | 0:13:20 | |
1.2 million. 210. | 0:13:20 | 0:13:24 | |
220? 210 with you, 1,210,000. | 0:13:24 | 0:13:29 | |
220 elsewhere? | 0:13:29 | 0:13:31 | |
1,210,000. | 0:13:33 | 0:13:34 | |
First time, | 0:13:34 | 0:13:36 | |
second time, | 0:13:36 | 0:13:38 | |
third and last time, if you're all done... | 0:13:38 | 0:13:40 | |
Sold, 1,210,000. | 0:13:40 | 0:13:43 | |
Well bought, it's a good buy, Freehold. | 0:13:43 | 0:13:45 | |
That huge bid of just over 1.2 million | 0:13:48 | 0:13:52 | |
was made by Steve and his three cousins. | 0:13:52 | 0:13:54 | |
There were six family members who had a stake in this purchase | 0:13:56 | 0:13:59 | |
and I caught up with Steve to find out what kind of makeover | 0:13:59 | 0:14:02 | |
they had planned for this former beauty salon. | 0:14:02 | 0:14:05 | |
-Steve, congratulations. -Thank you. -Now, did you enjoy the auction? | 0:14:08 | 0:14:11 | |
It was amazing. The feeling... | 0:14:11 | 0:14:13 | |
Finally get a property with my cousins and my brother. | 0:14:13 | 0:14:17 | |
-1.2 million. -A lot of money. | 0:14:17 | 0:14:20 | |
Yes, a lot of money indeed, | 0:14:20 | 0:14:22 | |
and that's before any development started. | 0:14:22 | 0:14:25 | |
So, what was the plan? | 0:14:27 | 0:14:29 | |
We've had a look and there's no sort of fish bar or restaurants here. | 0:14:30 | 0:14:35 | |
We've all got background from restaurants cos that's how we were brought up. | 0:14:35 | 0:14:38 | |
You know, we started from washing plates | 0:14:38 | 0:14:40 | |
-to running the restaurants for our family. -Really? | 0:14:40 | 0:14:43 | |
Yes, and we're all sort of saying, like, | 0:14:43 | 0:14:45 | |
"Why don't we have a little dabble in that?" | 0:14:45 | 0:14:50 | |
'So a fish restaurant was the big idea for the ground floor. | 0:14:50 | 0:14:53 | |
'But for the first and second floors, | 0:14:53 | 0:14:55 | |
'the hope was to develop four two-bedroom flats at the very least.' | 0:14:55 | 0:14:59 | |
With this property, as it is at the moment, | 0:15:02 | 0:15:04 | |
-are you looking to extend and create extra square footage? -Oh, yes. | 0:15:04 | 0:15:09 | |
There's a yard at the back that we hope to... | 0:15:09 | 0:15:11 | |
Also there's a flat roof, which we're hoping to build right out to the top. | 0:15:11 | 0:15:15 | |
Also we're hoping to get another floor within this building. | 0:15:15 | 0:15:19 | |
So, you know, four by two-bedroom is the minimum that I'm after. | 0:15:19 | 0:15:24 | |
What is the budget that you plan on spending here? | 0:15:24 | 0:15:27 | |
We think the flats - half a million. And we think the shop - 200,000. | 0:15:27 | 0:15:31 | |
Wow. Even more big numbers. | 0:15:31 | 0:15:33 | |
With that £700,000 budget added to their £1.2 million, | 0:15:33 | 0:15:38 | |
they were heading towards a £2 million investment. | 0:15:38 | 0:15:41 | |
We returned eight months later to find out | 0:15:46 | 0:15:49 | |
how the family fish enterprise had gone, | 0:15:49 | 0:15:51 | |
but it appeared their ambitions had been thwarted a little | 0:15:51 | 0:15:54 | |
and the huge ground floor was still very much a work in progress. | 0:15:54 | 0:15:59 | |
The last remnants of the beauty salon had been stripped out, | 0:15:59 | 0:16:02 | |
but it was planning permission that had proved to be | 0:16:02 | 0:16:05 | |
the biggest stumbling block. | 0:16:05 | 0:16:07 | |
Yeah, the planning process we had to go through with the restaurant | 0:16:08 | 0:16:11 | |
was quite difficult. We had to have change of use. | 0:16:11 | 0:16:15 | |
Before, it was a retail outlet | 0:16:15 | 0:16:17 | |
and obviously we needed A3 use for the restaurant and also takeaway. | 0:16:17 | 0:16:22 | |
And also we had to apply for a premises licence, | 0:16:22 | 0:16:26 | |
which allowed us to sell wine and beer. | 0:16:26 | 0:16:28 | |
The boys decided to make the fish restaurant top priority | 0:16:32 | 0:16:35 | |
and, as a temporary measure, | 0:16:35 | 0:16:37 | |
lease the upper floors to a letting agency. | 0:16:37 | 0:16:39 | |
During the strip out, the builders made an unexpected discovery | 0:16:43 | 0:16:47 | |
underneath the floor. | 0:16:47 | 0:16:48 | |
Such an old building, | 0:16:56 | 0:16:58 | |
we found a river going beneath the flooring here. | 0:16:58 | 0:17:01 | |
I've heard that there's not a lot that we can do... | 0:17:01 | 0:17:04 | |
We'll just cover it up | 0:17:04 | 0:17:06 | |
and it's a stream that goes along underneath the building here. | 0:17:06 | 0:17:08 | |
But it was a shock when we first saw it. | 0:17:08 | 0:17:10 | |
With six family members involved in the design process, | 0:17:16 | 0:17:19 | |
it must have been a nightmare to keep everyone happy? | 0:17:19 | 0:17:22 | |
There was six of us involved. | 0:17:23 | 0:17:25 | |
Everyone had different ideas and, of course, | 0:17:25 | 0:17:27 | |
we're restaurant people, they're designers people. | 0:17:27 | 0:17:30 | |
So, after a discussion with the cousins, we decided | 0:17:30 | 0:17:34 | |
that we'll leave the food and the menu to us | 0:17:34 | 0:17:37 | |
and let the designers get on with designing the place. | 0:17:37 | 0:17:41 | |
It'll be nice to see when it's finished. | 0:17:41 | 0:17:43 | |
Taking the property from beauty salon to fish restaurant and flats | 0:17:45 | 0:17:48 | |
was clearly going to be a bit of a long haul | 0:17:48 | 0:17:51 | |
and it would be a further six months on before we would see | 0:17:51 | 0:17:54 | |
if the family would be, um, well, serving in Wimbledon. | 0:17:54 | 0:17:58 | |
Find out how it turned out later in the programme. | 0:17:58 | 0:18:01 | |
Still to come, there are things to do in Telford. | 0:18:06 | 0:18:10 | |
I think a rewire is in order... | 0:18:10 | 0:18:12 | |
..and also a bit of a hoover. | 0:18:13 | 0:18:14 | |
And we find out if Steve is cleaning up with his fish restaurant. | 0:18:17 | 0:18:21 | |
I'm really enjoying even serving on the tables now that it's open. | 0:18:21 | 0:18:24 | |
I've really enjoyed it. | 0:18:24 | 0:18:25 | |
But first, we're docking back at Port Talbot now, | 0:18:30 | 0:18:33 | |
an industrial town, but one that also boasts golden sands. | 0:18:33 | 0:18:38 | |
And near to this beach you could get a house for around £80,000... | 0:18:38 | 0:18:42 | |
but not this one. | 0:18:42 | 0:18:44 | |
The guide price on this one was just £22,000. | 0:18:45 | 0:18:50 | |
There must be something wrong. | 0:18:50 | 0:18:52 | |
I look forward to collecting my award | 0:18:55 | 0:18:57 | |
for understatement of the year | 0:18:57 | 0:18:59 | |
because there was a lot wrong with this house. | 0:18:59 | 0:19:03 | |
A fire had gutted it, leaving nothing but rubble. | 0:19:03 | 0:19:06 | |
But Andy and his daughter Hannah were up to the challenge, | 0:19:06 | 0:19:09 | |
buying the property for £25,000. | 0:19:09 | 0:19:12 | |
We came back nine months later | 0:19:12 | 0:19:14 | |
and, from the outside, it looks like Andy has done a great job. | 0:19:14 | 0:19:19 | |
Together with daughter Hannah and grandson William, | 0:19:21 | 0:19:24 | |
Andy has come back to the house to tell us what's been going on. | 0:19:24 | 0:19:28 | |
It's gone under a complete renovation | 0:19:28 | 0:19:30 | |
because the original property... | 0:19:30 | 0:19:31 | |
We were only left with three walls. | 0:19:31 | 0:19:35 | |
Basically, we cut a hole in the back of the property to get | 0:19:35 | 0:19:37 | |
a machine in, in order to empty the property of the debris completely. | 0:19:37 | 0:19:42 | |
And then it was, more or less, put the roof on, roof trusses, | 0:19:42 | 0:19:46 | |
and do a complete refurb on the interior. | 0:19:46 | 0:19:49 | |
We had planning permission to put an extension on the back, | 0:19:49 | 0:19:52 | |
a seven-metre by four-metre extension. | 0:19:52 | 0:19:55 | |
That went tremendously well. | 0:19:55 | 0:19:57 | |
I think we put the extension up in ten days. | 0:19:57 | 0:20:00 | |
What was ruins, so unsafe we couldn't go in, | 0:20:02 | 0:20:05 | |
is now a large living room. | 0:20:05 | 0:20:08 | |
And off to the side of it | 0:20:08 | 0:20:09 | |
is a small utility room with a brand-new boiler. | 0:20:09 | 0:20:12 | |
This leads on to a spacious bathroom, | 0:20:13 | 0:20:15 | |
with a shower and a modern suite. | 0:20:15 | 0:20:17 | |
But even more impressive is the way the open-plan living room | 0:20:19 | 0:20:22 | |
leads to an absolutely stunning kitchen/diner. | 0:20:22 | 0:20:26 | |
This is the new extension that we've built onto the property. | 0:20:38 | 0:20:41 | |
As we were... Our intentions are to sell the property, | 0:20:41 | 0:20:44 | |
we added a little bit of extras for the property. | 0:20:44 | 0:20:47 | |
As with the worktops, | 0:20:47 | 0:20:48 | |
the sink and the cooking appliances, | 0:20:48 | 0:20:51 | |
erm... We've upgraded things a bit to our normal rental properties | 0:20:51 | 0:20:56 | |
and I'm really pleased with the way it's ended. | 0:20:56 | 0:20:59 | |
It's all looking fabulous downstairs. | 0:20:59 | 0:21:02 | |
But what about upstairs? | 0:21:02 | 0:21:03 | |
Yeah, we... | 0:21:05 | 0:21:06 | |
Unfortunately, we couldn't get planning permission for the loft | 0:21:06 | 0:21:10 | |
conversion here, but I'm very pleased how the upstairs turned out. | 0:21:10 | 0:21:14 | |
We rejigged the upstairs completely | 0:21:14 | 0:21:16 | |
to have three reasonably sized bedrooms | 0:21:16 | 0:21:20 | |
and a family bathroom here, with a shower over the bath. | 0:21:20 | 0:21:23 | |
In the two main bedrooms, | 0:21:23 | 0:21:25 | |
we had built in wardrobes installed there, | 0:21:25 | 0:21:28 | |
so it's quite a nice layout. | 0:21:28 | 0:21:31 | |
Andy has every right to be pleased. | 0:21:33 | 0:21:36 | |
This house was a total wreck | 0:21:36 | 0:21:38 | |
and he's managed to turn it around in nine months | 0:21:38 | 0:21:40 | |
and has spent £35,000, | 0:21:40 | 0:21:42 | |
only £5,000 more than his original budget. | 0:21:42 | 0:21:47 | |
But were there any challenges | 0:21:47 | 0:21:49 | |
and what is he most proud of? | 0:21:49 | 0:21:51 | |
There were no problems with this property. | 0:21:51 | 0:21:54 | |
We thoroughly enjoyed every part of the aspect of the renovation. | 0:21:54 | 0:21:58 | |
The kitchen, I think, was the best part of the property. | 0:21:58 | 0:22:01 | |
This is a great family kitchen, | 0:22:04 | 0:22:06 | |
ably demonstrated by Hannah, William and grandpa Andy. | 0:22:06 | 0:22:10 | |
But did Hannah manage to finally muck in and learn the family trade? | 0:22:12 | 0:22:16 | |
It turns out I wasn't as hands-on, or hands-on at all. | 0:22:16 | 0:22:20 | |
Erm, life got in the way. | 0:22:20 | 0:22:22 | |
I'm a single mum with two children, so it ended up... | 0:22:22 | 0:22:25 | |
I ended up taking care of the rentals, | 0:22:25 | 0:22:27 | |
as opposed to being hands-on with this property. | 0:22:27 | 0:22:30 | |
Is she impressed by her dad's work? | 0:22:31 | 0:22:34 | |
I think he's fantastic. | 0:22:34 | 0:22:36 | |
It's an amazing job to see, from the rubble that it was, | 0:22:36 | 0:22:39 | |
to what it is now is amazing. | 0:22:39 | 0:22:41 | |
I wouldn't mind living here myself. | 0:22:41 | 0:22:43 | |
Well, like me, she's impressed. | 0:22:46 | 0:22:48 | |
But are two local estate agents feeling the same way? | 0:22:48 | 0:22:52 | |
Andy bought the property at £25,000, | 0:22:54 | 0:22:57 | |
and having done a lot of the work himself, | 0:22:57 | 0:22:59 | |
his renovation cost was 35,000, | 0:22:59 | 0:23:02 | |
meaning a total spend of £60,000. | 0:23:02 | 0:23:05 | |
So, what could it resell for? | 0:23:05 | 0:23:07 | |
We would market this property at £125,000. | 0:23:09 | 0:23:13 | |
This property would sell between £115,000 and £120,000. | 0:23:13 | 0:23:17 | |
A top valuation of 125,000 | 0:23:19 | 0:23:22 | |
could mean a potential profit, before taxes and expenses, | 0:23:22 | 0:23:25 | |
of £65,000. | 0:23:25 | 0:23:28 | |
-It's a good price. -It's a very good result, yes. Very good result. | 0:23:28 | 0:23:31 | |
Another renovation done. | 0:23:31 | 0:23:33 | |
What's the plan for the family now? | 0:23:33 | 0:23:35 | |
Will Hannah finally get to learn the trades? | 0:23:35 | 0:23:38 | |
Well, I hope he's going to show me the ropes and, yeah, | 0:23:38 | 0:23:41 | |
teach me all the... | 0:23:41 | 0:23:42 | |
How to plaster and do all the grafting. | 0:23:42 | 0:23:45 | |
For the future, | 0:23:45 | 0:23:46 | |
I'm retiring, you're taking over. | 0:23:46 | 0:23:48 | |
Telford in Shropshire, one of the new towns of the 1960s, | 0:23:57 | 0:24:01 | |
is named after Thomas Telford, | 0:24:01 | 0:24:03 | |
the famous 18th-century Scottish civil engineer | 0:24:03 | 0:24:07 | |
whose work on the local canals and roads | 0:24:07 | 0:24:09 | |
earned him the nickname of the "Colossus of Roads". | 0:24:09 | 0:24:13 | |
That's r-o-a-d-s, get it? | 0:24:13 | 0:24:15 | |
Yeah. Well, it's all Greek to me, too. | 0:24:15 | 0:24:17 | |
Well, three miles northwest of the town centre, | 0:24:21 | 0:24:24 | |
on this popular ex-local authority estate, | 0:24:24 | 0:24:27 | |
is the property I'm here to see. | 0:24:27 | 0:24:29 | |
Three-bedroomed semi detached had a guide price of £65,000 plus, | 0:24:29 | 0:24:34 | |
but for that you have to replace the fence to start off with! | 0:24:34 | 0:24:38 | |
Or maybe you could just take it all down | 0:24:38 | 0:24:40 | |
and turn it into a driveway? | 0:24:40 | 0:24:42 | |
You'll need to get permission from the council to lower the curb, | 0:24:42 | 0:24:45 | |
but it's a good-sized space at the front here. | 0:24:45 | 0:24:48 | |
Promising so far. | 0:24:48 | 0:24:50 | |
Oh, previous owner obviously had a dog. | 0:24:52 | 0:24:55 | |
Now, I love dogs, I've got two. | 0:24:55 | 0:24:58 | |
But when it comes to properties, | 0:24:58 | 0:24:59 | |
it really depends on how the owner has been with the dog, | 0:24:59 | 0:25:04 | |
or what kind of dog it is, cos they can cause all sorts of damage. | 0:25:04 | 0:25:07 | |
Erm... But anyway, we will be aware of that. | 0:25:07 | 0:25:10 | |
Through the front door, a useful little entrance area here. | 0:25:10 | 0:25:15 | |
Erm, and then down to the kitchen. | 0:25:15 | 0:25:19 | |
Now, it is an ex-local authority property | 0:25:19 | 0:25:21 | |
and that generally means you get a lot of space for your money, | 0:25:21 | 0:25:25 | |
and things like the kitchens are really well proportioned. | 0:25:25 | 0:25:27 | |
It's not quite big enough for a sort of kitchen/diner, but it's... | 0:25:27 | 0:25:31 | |
It's OK. It obviously needs a bit of refurbishment, | 0:25:31 | 0:25:34 | |
well, new units, basically. | 0:25:34 | 0:25:36 | |
A nice little added bonus, | 0:25:36 | 0:25:39 | |
useful little utility area there. | 0:25:39 | 0:25:41 | |
You might want to think about incubating that with the kitchen. | 0:25:41 | 0:25:44 | |
Bit of work, but could be worth it. | 0:25:44 | 0:25:47 | |
One design feature that I'd certainly want to | 0:25:47 | 0:25:51 | |
look at a way of resolving is here. | 0:25:51 | 0:25:54 | |
The toilet is actually situated | 0:25:54 | 0:25:58 | |
on this little, sort of, semi-landing bit. | 0:25:58 | 0:26:01 | |
Not ideal. | 0:26:01 | 0:26:02 | |
Hmm. | 0:26:03 | 0:26:05 | |
Hopefully, that's not the only toilet. | 0:26:05 | 0:26:07 | |
# How bizarre | 0:26:07 | 0:26:08 | |
# How bizarre, how bizarre... # | 0:26:10 | 0:26:12 | |
There's also a good-sized living room to the right of the front door, | 0:26:13 | 0:26:17 | |
with nice big windows and an appealing dual aspect. | 0:26:17 | 0:26:20 | |
There's work to be done here but, so far, I'm impressed. | 0:26:22 | 0:26:26 | |
What about upstairs? | 0:26:26 | 0:26:27 | |
Well, coming back to doggy damage, it's not exactly damage but... | 0:26:29 | 0:26:33 | |
That stair carpet is a classic. | 0:26:35 | 0:26:39 | |
HE CLEARS HIS THROAT | 0:26:39 | 0:26:40 | |
Anyway, what have we got up here? | 0:26:40 | 0:26:43 | |
Three half-decent sized bedrooms, especially that one. | 0:26:43 | 0:26:46 | |
Really good dual aspect there. | 0:26:46 | 0:26:48 | |
So, we like that. And two reasonable sized extra bedrooms. | 0:26:48 | 0:26:52 | |
One thing which is a bit of a disappointment, | 0:26:52 | 0:26:54 | |
as I kind of suspected, | 0:26:54 | 0:26:57 | |
erm... This is a bathroom, but it doesn't have the loo. | 0:26:57 | 0:27:01 | |
The only loo is that one at the bottom of the stairs there, | 0:27:01 | 0:27:04 | |
so ideally you'd want to move that up. | 0:27:04 | 0:27:06 | |
Now, you could get rid of what's here, which is actually the boiler, | 0:27:06 | 0:27:10 | |
move that downstairs into the kitchen perhaps, | 0:27:10 | 0:27:12 | |
create a bit of extra space. That's one option. | 0:27:12 | 0:27:14 | |
But here, in the rear bedroom, | 0:27:14 | 0:27:17 | |
or one of the rear bedrooms, another potential problem. | 0:27:17 | 0:27:20 | |
Well, not really a potential problem, | 0:27:20 | 0:27:21 | |
just something you're going to have to look at. | 0:27:21 | 0:27:24 | |
Oh, my goodness, he says, kneeling down on the floor gingerly. | 0:27:24 | 0:27:27 | |
Only one socket for the whole room. | 0:27:27 | 0:27:31 | |
Now, in a room like this, you would expect around four. | 0:27:31 | 0:27:35 | |
So, I think a rewire is in order... | 0:27:35 | 0:27:37 | |
..and also a bit of a hoover. | 0:27:39 | 0:27:41 | |
-# Who let the dogs out? -Who, who, who, who? | 0:27:41 | 0:27:45 | |
-# Who let the dogs out? -Who, who, who, who? -# | 0:27:45 | 0:27:48 | |
Well, at the back of the property, a reasonable sized garden. | 0:27:48 | 0:27:51 | |
Obviously, needs a bit of tender loving care, | 0:27:51 | 0:27:53 | |
some plants would be nice and a slightly better lawn. | 0:27:53 | 0:27:57 | |
But apart from that, it's not a bad size. | 0:27:57 | 0:27:59 | |
While I'm out here, just a quick glance at the rear of the property. | 0:27:59 | 0:28:03 | |
Soffit up there could do with replacing. | 0:28:03 | 0:28:05 | |
It looks to me like that might be asbestos sheets, | 0:28:05 | 0:28:07 | |
so you have to be careful about that. | 0:28:07 | 0:28:09 | |
But other than that, | 0:28:09 | 0:28:10 | |
all in all, it's a pretty solid and together house. | 0:28:10 | 0:28:14 | |
And in case you were wondering, the soffit is the board | 0:28:14 | 0:28:17 | |
that runs along the wall, protecting the rafters. | 0:28:17 | 0:28:20 | |
And, moving swiftly on, I reckon | 0:28:20 | 0:28:22 | |
that guide price of £65,000 plus | 0:28:22 | 0:28:25 | |
represents great value for money. | 0:28:25 | 0:28:27 | |
Let's see if a local estate agent agrees. | 0:28:27 | 0:28:30 | |
If the current owners actually made significant changes to the layout, | 0:28:32 | 0:28:36 | |
ie putting a toilet upstairs, opening out the kitchen | 0:28:36 | 0:28:40 | |
into the outhouse, I would value this between 105 and £110,000. | 0:28:40 | 0:28:45 | |
And what about rental figures? | 0:28:45 | 0:28:47 | |
If this was to go on the open rental market, | 0:28:47 | 0:28:49 | |
I don't think it would make any difference whether you made | 0:28:49 | 0:28:52 | |
any changes to the layout or not, | 0:28:52 | 0:28:53 | |
so I would just actually just do a quick refurb. | 0:28:53 | 0:28:56 | |
And I would suggest a rental valuation of around | 0:28:56 | 0:28:59 | |
£575 per calendar month. | 0:28:59 | 0:29:02 | |
Well, it's a good, solid, little property | 0:29:03 | 0:29:06 | |
that I don't think needs too much to sort it out. | 0:29:06 | 0:29:09 | |
Yes, a good one to go for. | 0:29:09 | 0:29:10 | |
Let's see who agreed when it went under the hammer. | 0:29:10 | 0:29:13 | |
A three-bedroom, semidetached house in need of modernisation. | 0:29:13 | 0:29:17 | |
It's at 60 to start me. | 0:29:17 | 0:29:19 | |
60 bid, seated. | 0:29:21 | 0:29:22 | |
At £60,000. | 0:29:22 | 0:29:24 | |
65, can I see now? | 0:29:24 | 0:29:26 | |
At £60,000. | 0:29:26 | 0:29:28 | |
I'll go in ones if it helps? | 0:29:28 | 0:29:29 | |
Bid's at 60. 61. | 0:29:29 | 0:29:31 | |
No? At 61,000 seated. At 61. | 0:29:31 | 0:29:34 | |
62, 63, 64, | 0:29:34 | 0:29:37 | |
65, 66, 67, | 0:29:37 | 0:29:40 | |
68, 69, 70, | 0:29:40 | 0:29:43 | |
71, 72, 73, | 0:29:43 | 0:29:46 | |
74, 75... | 0:29:46 | 0:29:49 | |
No? At 75. Your bid, seated, sir, at £75,000. | 0:29:49 | 0:29:53 | |
76 anywhere else? | 0:29:53 | 0:29:55 | |
If not, I'm selling it at £75,000 for the first time... | 0:29:56 | 0:30:00 | |
£75,000 for the second time... | 0:30:00 | 0:30:03 | |
76, 77. | 0:30:03 | 0:30:05 | |
Lady's bid now, 78. | 0:30:07 | 0:30:09 | |
79... | 0:30:09 | 0:30:11 | |
No? 79. Still with you, sir. | 0:30:11 | 0:30:13 | |
80 anywhere else? | 0:30:13 | 0:30:14 | |
If not, 79 once, 79 twice, | 0:30:16 | 0:30:19 | |
third and final time, £79,000... | 0:30:19 | 0:30:22 | |
GAVEL TAPS Your lot, sir. Well done. | 0:30:22 | 0:30:24 | |
The successful bid of £79,000 was made by Tony and his wife Shirley. | 0:30:29 | 0:30:34 | |
Full-time service engineer Tony | 0:30:34 | 0:30:36 | |
is a part-time property developer | 0:30:36 | 0:30:39 | |
who is building a portfolio. | 0:30:39 | 0:30:41 | |
I met him back at his latest acquisition to find out | 0:30:41 | 0:30:44 | |
the plan for this one. | 0:30:44 | 0:30:47 | |
-Tony, good to meet you. -Hello. | 0:30:47 | 0:30:49 | |
Congratulations. Tell me why you wanted to buy this place. | 0:30:49 | 0:30:51 | |
We decided the time was right to get another rental property - | 0:30:51 | 0:30:55 | |
we've got two already. | 0:30:55 | 0:30:56 | |
The time was right. | 0:30:56 | 0:30:58 | |
Erm... The weather was right. | 0:30:58 | 0:31:01 | |
Our last two houses have been done over winter, | 0:31:01 | 0:31:03 | |
they've been winter refurbs. | 0:31:03 | 0:31:04 | |
This hopefully will be a summer refurb, which will be a bit easier. | 0:31:04 | 0:31:08 | |
So what's the plan for it? | 0:31:08 | 0:31:10 | |
It's rental. | 0:31:10 | 0:31:12 | |
In terms of what we're going to do to it, | 0:31:12 | 0:31:14 | |
it's been a bit difficult having not seen it properly | 0:31:14 | 0:31:18 | |
to know what needed doing. | 0:31:18 | 0:31:20 | |
But all the wallpaper will be stripped off, | 0:31:20 | 0:31:23 | |
skirting boards off, radiators out... | 0:31:23 | 0:31:26 | |
architrave doors gone... | 0:31:26 | 0:31:27 | |
When it's finished, it'll be the traditional rental, | 0:31:27 | 0:31:31 | |
white skirting boards... | 0:31:31 | 0:31:32 | |
..magnolia walls. | 0:31:34 | 0:31:35 | |
But it will be clean, tidy, a lot more power points, | 0:31:35 | 0:31:38 | |
satellite TV, you know, the things that people want | 0:31:38 | 0:31:41 | |
that I don't want them laying cables all around the place for. | 0:31:41 | 0:31:45 | |
We'll do what needs to be done. | 0:31:45 | 0:31:46 | |
It'll need... Fit a new kitchen. | 0:31:46 | 0:31:49 | |
We've got to get a toilet in the bathroom upstairs somehow. | 0:31:49 | 0:31:52 | |
Haven't quite figured that one out yet | 0:31:52 | 0:31:54 | |
cos I haven't had enough time to measure the dimensions. | 0:31:54 | 0:31:57 | |
I'm glad to hear that Tony does plan to make the kitchen more | 0:31:57 | 0:32:00 | |
family-friendly by utilising the utility area. | 0:32:00 | 0:32:04 | |
He's earmarked a total budget of £15,000 | 0:32:06 | 0:32:09 | |
and a timescale of three to four months | 0:32:09 | 0:32:11 | |
before it's ready for the rental market. | 0:32:11 | 0:32:13 | |
In the past, Tony has taken a lead on the renovations, | 0:32:14 | 0:32:18 | |
only this time, he's handing the reins over | 0:32:18 | 0:32:20 | |
to stepsons Adam and Kieran. | 0:32:20 | 0:32:23 | |
The boys have picked up the experience. | 0:32:23 | 0:32:25 | |
-They've now just formed their own limited company. -Oh, right. | 0:32:25 | 0:32:28 | |
One of them's been doing weekend building work and stuff anyway, | 0:32:28 | 0:32:31 | |
so they're going to be our commercial builders for... | 0:32:31 | 0:32:36 | |
-We're their first major project. -Oh, great. | 0:32:36 | 0:32:39 | |
So, your sons are doing the work. Are you going to get involved? | 0:32:39 | 0:32:42 | |
Yeah, I'm going to be running project interference... | 0:32:42 | 0:32:44 | |
HE LAUGHS | 0:32:44 | 0:32:46 | |
They're going to take the lead. | 0:32:46 | 0:32:48 | |
It's going to be a family project. | 0:32:48 | 0:32:50 | |
It's a family affair again, I suppose, really. | 0:32:50 | 0:32:52 | |
I want to be... I'll be guiding it. It will be running... | 0:32:52 | 0:32:55 | |
And I'm picking up the bill, ultimately. | 0:32:55 | 0:32:57 | |
So, yes, it will be under my interfering hand. | 0:32:57 | 0:33:02 | |
-Listen, congratulations. Good luck with it. -Oh, thank you. | 0:33:02 | 0:33:05 | |
-Look forward to seeing how you get on. -Thank you. | 0:33:05 | 0:33:08 | |
So, Tony keeping it in the family | 0:33:08 | 0:33:10 | |
and employing his sons to do the work, | 0:33:10 | 0:33:12 | |
but will he manage to stay away and not interfere? | 0:33:12 | 0:33:17 | |
Well, make your own mind up. | 0:33:18 | 0:33:20 | |
You can find out how it all goes later in the programme. | 0:33:20 | 0:33:23 | |
Earlier in the programme, we met Steve in Wimbledon, West London, | 0:33:27 | 0:33:31 | |
where it was all systems go for a fish restaurant | 0:33:31 | 0:33:35 | |
on the ground floor of this former beauty salon. | 0:33:35 | 0:33:38 | |
They bought the building at auction for a mouthwatering | 0:33:38 | 0:33:41 | |
£1.2 million | 0:33:41 | 0:33:43 | |
in October, 2013. | 0:33:43 | 0:33:47 | |
We pitched up 14 months after the original purchase | 0:33:47 | 0:33:51 | |
to see if the Frying Tonight sign was up. | 0:33:51 | 0:33:54 | |
Well, it looks like things have really taken off. | 0:34:04 | 0:34:07 | |
The sound of frying fish is mixed with the ringing of cash registers | 0:34:07 | 0:34:11 | |
and Steve looks like a really happy man. | 0:34:11 | 0:34:14 | |
Finally, up and running | 0:34:16 | 0:34:18 | |
and what a response as well from the locals in Wimbledon. | 0:34:18 | 0:34:22 | |
For me, I was running the actual build-up | 0:34:22 | 0:34:26 | |
to get it where we are today. | 0:34:26 | 0:34:28 | |
And, you know, | 0:34:28 | 0:34:30 | |
I'm really enjoying even serving on the tables, now that it's open. | 0:34:30 | 0:34:34 | |
I've really enjoyed it. | 0:34:34 | 0:34:35 | |
And what a difference six months has made. | 0:34:37 | 0:34:39 | |
The building site has been transformed into a modern | 0:34:39 | 0:34:42 | |
restaurant with an open plan kitchen area and seating to the side. | 0:34:42 | 0:34:47 | |
There's a storage and food preparation area at the back. | 0:34:47 | 0:34:51 | |
But the most striking thing about the restaurant is its design. | 0:34:51 | 0:34:56 | |
All respect to the designers who designed it for us. | 0:34:56 | 0:34:58 | |
They've come up with this great 1950s look. | 0:34:58 | 0:35:02 | |
The colour scheme inspiration came from the film The Life Aquatic. | 0:35:02 | 0:35:06 | |
I mean, if you see, like, Bill Murray's hat in the film | 0:35:06 | 0:35:08 | |
is the red, the actual boat is the yellow, | 0:35:08 | 0:35:11 | |
their uniform is the blue. | 0:35:11 | 0:35:13 | |
So, the colour scheme inspiration came from that film | 0:35:13 | 0:35:16 | |
and, obviously, the design was the 1950s English fish and chip shop. | 0:35:16 | 0:35:22 | |
The Life Aquatic has worked pretty well on the ground floor, | 0:35:33 | 0:35:37 | |
but what about that mysterious river that ran underneath? | 0:35:37 | 0:35:42 | |
Everything's fine with that. | 0:35:42 | 0:35:43 | |
It ended up being a burst pipe that was really leaking slowly, | 0:35:43 | 0:35:48 | |
so we literally just replaced the pipe. | 0:35:48 | 0:35:53 | |
One of the exciting things about this property were those fantastic | 0:35:54 | 0:35:58 | |
spaces upstairs, which we all agreed would make some amazing flats. | 0:35:58 | 0:36:03 | |
So, given they've been tied up with the ground-floor project, | 0:36:03 | 0:36:06 | |
what's been happening with that area? | 0:36:06 | 0:36:08 | |
With the upstairs, as you know, I sublet it straight away, | 0:36:10 | 0:36:14 | |
which has been fine. It's been a nice, useful income for us. | 0:36:14 | 0:36:18 | |
I'm not entirely sure of what the people have done with it upstairs, | 0:36:18 | 0:36:23 | |
but I am considering taking it back | 0:36:23 | 0:36:25 | |
because I think I'm going to need it for the staff | 0:36:25 | 0:36:28 | |
that I'm employing here. | 0:36:28 | 0:36:29 | |
So, for the moment, all those amazing plans to build | 0:36:31 | 0:36:33 | |
another floor and extend out have been put on hold. | 0:36:33 | 0:36:37 | |
But what about what the family have achieved so far? | 0:36:39 | 0:36:43 | |
They have an amazing commercial premises | 0:36:43 | 0:36:45 | |
but have they spent their money wisely? | 0:36:45 | 0:36:48 | |
We asked a residential and commercial property agent | 0:36:48 | 0:36:51 | |
if this renovation was going to cook up some big profits. | 0:36:51 | 0:36:56 | |
We anticipate the rental for the restaurant | 0:36:56 | 0:36:59 | |
to be in the region of £5,000 a month. | 0:36:59 | 0:37:02 | |
And for resale, we would anticipate | 0:37:02 | 0:37:04 | |
in the region of £850,000. | 0:37:04 | 0:37:06 | |
And don't forget there's still the option of developing | 0:37:08 | 0:37:11 | |
those four flats. What would they fetch on the open market? | 0:37:11 | 0:37:14 | |
We anticipate that a two-bedroom flat here | 0:37:16 | 0:37:19 | |
will rent for approximately | 0:37:19 | 0:37:21 | |
£1,500 per calendar month, | 0:37:21 | 0:37:24 | |
and sell for approximately £475,000. | 0:37:24 | 0:37:27 | |
Assuming Steve's original renovation budget of £500,000, | 0:37:29 | 0:37:33 | |
the valuation for the flats would give him a profit of 1.4 million. | 0:37:33 | 0:37:38 | |
I'm going to keep talking in millions, | 0:37:38 | 0:37:40 | |
so you better pay attention! | 0:37:40 | 0:37:42 | |
If you add the value of the restaurant and the flats together, | 0:37:42 | 0:37:45 | |
that would bring a total value of around 2.75 million, | 0:37:45 | 0:37:50 | |
less an estimated total investment of 1.9 million. | 0:37:50 | 0:37:54 | |
So, selling the whole lot could mean a possible | 0:37:54 | 0:37:58 | |
£850,000 profit, | 0:37:58 | 0:38:01 | |
minus tax and expenses, of course. | 0:38:01 | 0:38:04 | |
But, obviously, with the business up and running, | 0:38:04 | 0:38:07 | |
that's just the beginning. | 0:38:07 | 0:38:09 | |
For the time being, Steve is enjoying life as a restaurateur. | 0:38:09 | 0:38:14 | |
But what does the future hold? | 0:38:14 | 0:38:16 | |
I think it would be to increase the seating of this restaurant. | 0:38:16 | 0:38:19 | |
The cellar downstairs, we'll develop it so we can have more services | 0:38:19 | 0:38:23 | |
down there and then increase the seating upstairs. | 0:38:23 | 0:38:26 | |
Our future-future, would... | 0:38:26 | 0:38:29 | |
I think, would be to open another couple of these restaurants - | 0:38:29 | 0:38:31 | |
that would be good. | 0:38:31 | 0:38:33 | |
Guess where we're going back to now? | 0:38:39 | 0:38:41 | |
Yes, that's right. It's time to toddle back to Telford, | 0:38:41 | 0:38:44 | |
where this three-bed end terrace was up for grabs at a guide price | 0:38:44 | 0:38:48 | |
of £65,000. | 0:38:48 | 0:38:50 | |
Tony bought the property for £79,000. | 0:38:52 | 0:38:56 | |
He was quite handy himself, | 0:38:56 | 0:38:58 | |
being a computer service engineer, | 0:38:58 | 0:39:01 | |
but the work would be done by stepsons Adam and Kieran. | 0:39:01 | 0:39:05 | |
Tony had hoped the renovation would take around four months | 0:39:06 | 0:39:10 | |
and at seven months later, we're back. | 0:39:10 | 0:39:12 | |
The front has been landscaped and once the curb has been dropped, | 0:39:14 | 0:39:18 | |
it'll make an ideal off-road parking space. | 0:39:18 | 0:39:21 | |
While the back looks similarly neat and tidy, | 0:39:21 | 0:39:24 | |
but what about inside? | 0:39:24 | 0:39:26 | |
As well as updating the existing loo, | 0:39:41 | 0:39:43 | |
Tony did manage to squeeze in an extra toilet | 0:39:43 | 0:39:46 | |
in the upstairs bathroom. | 0:39:46 | 0:39:48 | |
We put the priority on getting the toilet into the bathroom | 0:39:49 | 0:39:52 | |
and finding a bathroom suite that would fit into that space, | 0:39:52 | 0:39:55 | |
and I think we've achieved that. | 0:39:55 | 0:39:58 | |
Very clean, modern bathroom. | 0:39:58 | 0:40:00 | |
Similarly, the kitchen is now also bright and modern with added space. | 0:40:00 | 0:40:06 | |
The kitchen, we felt, would be better as a kitchen/diner | 0:40:08 | 0:40:12 | |
and we also thought the space was wasted with, | 0:40:12 | 0:40:15 | |
what was originally, a bare utility area. | 0:40:15 | 0:40:18 | |
We removed the walls. | 0:40:18 | 0:40:20 | |
We did do a little bit of extra beam work above, | 0:40:20 | 0:40:22 | |
just to make sure there were no issues. And basically lined it | 0:40:22 | 0:40:26 | |
and opened into a kitchen/diner, and it works very well. | 0:40:26 | 0:40:29 | |
Taking away that utility room has added a lot of space, | 0:40:29 | 0:40:32 | |
but I'm wondering if it's added a lot of cost. | 0:40:32 | 0:40:35 | |
How was that £15,000 budget? | 0:40:35 | 0:40:38 | |
The budget was great, yeah. | 0:40:38 | 0:40:40 | |
We have spent £15,000, | 0:40:40 | 0:40:43 | |
plus another £10,000, | 0:40:43 | 0:40:46 | |
plus possibly a bit more. | 0:40:46 | 0:40:47 | |
Oh, dear. | 0:40:47 | 0:40:49 | |
Most of the overspend was due to running overtime with this | 0:40:49 | 0:40:52 | |
project, taking seven months. | 0:40:52 | 0:40:54 | |
Tony was project managing his stepsons, | 0:40:56 | 0:40:59 | |
so how did that relationship work? | 0:40:59 | 0:41:02 | |
I tried to direct them but, as builders, | 0:41:02 | 0:41:05 | |
they went in their own directions at times. | 0:41:05 | 0:41:08 | |
I kept the materials supplied. | 0:41:08 | 0:41:10 | |
They're working on another house for me now | 0:41:10 | 0:41:12 | |
and it's much more hands off from the experience of this house. | 0:41:12 | 0:41:16 | |
They've basically got a free rein. | 0:41:16 | 0:41:19 | |
Now, the info we do need from two local estate agents. | 0:41:20 | 0:41:26 | |
Purchased at auction for £79,000 | 0:41:26 | 0:41:28 | |
and renovated at a cost of £25,000, | 0:41:28 | 0:41:32 | |
Tony's total spend is £104,000, | 0:41:32 | 0:41:35 | |
so time for those all-important values. | 0:41:35 | 0:41:39 | |
If this property was to go onto the open market today, | 0:41:39 | 0:41:42 | |
I would suggest an asking price of £120,000. | 0:41:42 | 0:41:44 | |
And if the owner was to let the property out, | 0:41:44 | 0:41:48 | |
I would recommend somewhere between £575 and £600 per calendar month. | 0:41:48 | 0:41:53 | |
This property could resell anything between 95 and £100,000, | 0:41:53 | 0:41:56 | |
and the property could rent anything between 575 | 0:41:56 | 0:41:58 | |
and 595 per calendar month. | 0:41:58 | 0:42:01 | |
The top resale value of 120,000 | 0:42:01 | 0:42:04 | |
means Tony could make a pre-tax profit of £16,000, | 0:42:04 | 0:42:08 | |
but he always planned to rent and the top figure of £600 | 0:42:08 | 0:42:12 | |
per calendar month would net him a yield of nearly 7%. | 0:42:12 | 0:42:15 | |
We've already got tenants lined up. | 0:42:17 | 0:42:20 | |
We had quite a lot of strong interest, | 0:42:20 | 0:42:22 | |
so we don't think we're out on our price | 0:42:22 | 0:42:25 | |
and it's considerably higher than the agency. | 0:42:25 | 0:42:29 | |
Well, Tony and his wife Shirley have done better | 0:42:29 | 0:42:31 | |
than the agents expected. | 0:42:31 | 0:42:34 | |
And with stepsons Kieran and Adam getting on with another | 0:42:34 | 0:42:37 | |
project for the couple, it's time for a rest for Tony. | 0:42:37 | 0:42:40 | |
Or has the real boss of this group, | 0:42:40 | 0:42:42 | |
Shirley, got other plans for him? | 0:42:42 | 0:42:45 | |
There's no rest because I've got to go back to the work | 0:42:47 | 0:42:49 | |
I started at home that got suspended when I started on this, | 0:42:49 | 0:42:53 | |
because my real boss is insisting | 0:42:53 | 0:42:57 | |
I get her house sorted out | 0:42:57 | 0:42:59 | |
and she's complaining that we're making better houses for other | 0:42:59 | 0:43:02 | |
people than she is expected to live in. | 0:43:02 | 0:43:04 | |
Well, sadly, that's all we've got time for on today's show | 0:43:07 | 0:43:10 | |
but we'll have more properties from the auctions next time. | 0:43:10 | 0:43:14 | |
-Look forward to seeing you then. -Goodbye. -Goodbye. | 0:43:14 | 0:43:16 |