0:00:02 > 0:00:04Hello and welcome. Now, those properties you see
0:00:04 > 0:00:06in glamorous magazines look very tempting, don't they?
0:00:06 > 0:00:09Don't you find they are usually way out of your budget?
0:00:09 > 0:00:12Well, one way you could possibly lay your hands on something a bit
0:00:12 > 0:00:14more affordable or possibly unusual
0:00:14 > 0:00:17is by going to the property auctions.
0:00:42 > 0:00:45Well, there are literally thousands of properties
0:00:45 > 0:00:49available at the auctions every month, from building plots to flats
0:00:49 > 0:00:51to, oh, anything that is ripe for development.
0:00:51 > 0:00:53Yep, there is lots on offer,
0:00:53 > 0:00:56and you can usually find something that fits the bill.
0:00:56 > 0:00:58So let's see what got our buyers'
0:00:58 > 0:01:02arms waving around in the auction room on today's show.
0:01:03 > 0:01:08In Carlisle, is this pretty farmhouse tumbling down?
0:01:08 > 0:01:12It is so dangerous, I'm not even going to go in there.
0:01:12 > 0:01:16While in London, the prices are spiralling up.
0:01:16 > 0:01:18150. 1,150,000.
0:01:18 > 0:01:19160.
0:01:19 > 0:01:21170.
0:01:23 > 0:01:27And we return to the Cornish cottage that I fell for.
0:01:27 > 0:01:33You cannot criticise the location. This is a fantastic place.
0:01:34 > 0:01:36All these properties have been sold at auction.
0:01:36 > 0:01:39We'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 > 0:01:42Well done, sir.
0:01:45 > 0:01:50I'm in the village of Great Orton, five miles from Carlisle.
0:01:50 > 0:01:53It is a beautiful spot laid out primarily along this one road.
0:01:53 > 0:01:57And interestingly enough, they used to chain the village
0:01:57 > 0:02:00up at night to stop the cattle escaping.
0:02:00 > 0:02:02It has got everything you could want - a school,
0:02:02 > 0:02:06the pub and this church, which is over 1,000 years old,
0:02:06 > 0:02:08built in 1098.
0:02:19 > 0:02:21Well, the property I am here to see is a young
0:02:21 > 0:02:24whippersnapper by comparison.
0:02:24 > 0:02:28It is a Grade 2 listed farmhouse, 200 years old,
0:02:28 > 0:02:31at a guide price of 100,000 quid.
0:02:31 > 0:02:35And you know what? It's very pretty. Look at that.
0:02:35 > 0:02:37Fantastic!
0:02:38 > 0:02:42Ah, a charming and spacious three-bedroom farmhouse
0:02:42 > 0:02:45sitting amidst the beautiful Cumbrian countryside.
0:02:45 > 0:02:48What could possibly spoil this idyllic scene?
0:02:51 > 0:02:52That's not good.
0:02:53 > 0:02:55Come and have a look.
0:02:55 > 0:02:58I mean, straightaway, even before I've got into the house,
0:02:58 > 0:03:02I'm noticing something really quite serious.
0:03:02 > 0:03:05Look at this crack - it runs literally all
0:03:05 > 0:03:08the way down from the ground right up to the top.
0:03:08 > 0:03:12And even at that edges of the window frames, there is a big gap.
0:03:12 > 0:03:14Now, that is quite serious.
0:03:16 > 0:03:18Oh, dear.
0:03:18 > 0:03:21# Crack me up
0:03:21 > 0:03:23# Do you really...? #
0:03:23 > 0:03:27Don't panic, I don't think it is quite ready to tumble down.
0:03:27 > 0:03:30But the house has been lying empty for 11 years
0:03:30 > 0:03:32and has deteriorated badly.
0:03:32 > 0:03:33# Break me up! #
0:03:33 > 0:03:38I would definitely get a structural engineer to have a look toot sweet.
0:03:38 > 0:03:41Let's hope there's nothing quite as dramatic inside.
0:03:41 > 0:03:45But through the front door, and straightaway, big,
0:03:45 > 0:03:47solid flagstone floor.
0:03:47 > 0:03:49It looks absolutely beautiful cleaned up,
0:03:49 > 0:03:53but you can bet your bottom dollar, there is no damp proofing,
0:03:53 > 0:03:56so it will be cold and slightly damp.
0:03:56 > 0:04:00But very traditional layout, very symmetrical,
0:04:00 > 0:04:01a bit like the exterior.
0:04:01 > 0:04:05On each side, a kind of reception room, living room area.
0:04:05 > 0:04:07Your stairs are going in front of you there.
0:04:07 > 0:04:09A rear reception there.
0:04:09 > 0:04:13And then through into, well, a rear reception on this side.
0:04:13 > 0:04:15There you go, surprise, surprise.
0:04:15 > 0:04:18As you can see, it is definitely a project.
0:04:18 > 0:04:21You couldn't live in it as it is.
0:04:21 > 0:04:25But nice size, nice sort of feel to the place
0:04:25 > 0:04:28in terms of the layout and also the proportions.
0:04:28 > 0:04:32Out the back here, though, whereas this bit is just, well,
0:04:32 > 0:04:36a bit of a mess, out here, a room that is so dangerous,
0:04:36 > 0:04:38I'm not even going to go in there.
0:04:42 > 0:04:46Let's be honest, this house is a money pit.
0:04:46 > 0:04:50A lot of cash will have to be spent rebuilding this dangerous part
0:04:50 > 0:04:52of the house.
0:04:52 > 0:04:54On the plus side, it feels big.
0:04:54 > 0:04:56And once restored, it could be beautiful.
0:04:58 > 0:05:04Upstairs, there are three very good-sized bedrooms and a bathroom.
0:05:04 > 0:05:06There isn't a small room anywhere.
0:05:07 > 0:05:11Outside, there is space at the front and side,
0:05:11 > 0:05:14although it will take some digging to find it.
0:05:14 > 0:05:16But before you even begin, there is
0:05:16 > 0:05:19one more important thing to take into account.
0:05:21 > 0:05:24So, the building is Grade 2 listed, but what does that mean?
0:05:24 > 0:05:27It basically means you can't do any alterations,
0:05:27 > 0:05:31extensions or any demolition work without getting
0:05:31 > 0:05:35approval of the listed building authorities. Um...
0:05:35 > 0:05:37As long as you are doing stuff sympathetically
0:05:37 > 0:05:41and in character, then those approvals will come.
0:05:41 > 0:05:43But it takes time and it costs money.
0:05:43 > 0:05:46In this instance, and straightaway,
0:05:46 > 0:05:52I'm noticing something which clearly is not in keeping with the original.
0:05:52 > 0:05:53These are plastic.
0:05:53 > 0:05:56They've probably been put in by somebody in the past without
0:05:56 > 0:05:57getting the approvals.
0:05:57 > 0:05:59The thing is, as the new owner,
0:05:59 > 0:06:04you are liable for any changes that might have happened in the past.
0:06:04 > 0:06:08So you could be ending up spending money to replace those.
0:06:08 > 0:06:12And if you don't, you could be liable for criminal prosecution.
0:06:12 > 0:06:15# Breaking the law Breaking the law. #
0:06:15 > 0:06:18That means that the local council can force you to make changes
0:06:18 > 0:06:22to the building that you had nothing to do with in the first place.
0:06:22 > 0:06:23It may sound unfair,
0:06:23 > 0:06:28but it is all part of owning a significant building like this one.
0:06:28 > 0:06:31But even with the restrictions on it and the repairs that are needed,
0:06:31 > 0:06:34I still think this building is one to root for.
0:06:36 > 0:06:39So, we asked a local property expert to take a look and give us
0:06:39 > 0:06:41her opinion.
0:06:41 > 0:06:44It has got a very prominent position within the village
0:06:44 > 0:06:47and does stand very nicely.
0:06:47 > 0:06:49It is in need of lot of modernization,
0:06:49 > 0:06:50a thorough renovation.
0:06:50 > 0:06:54Basically, a lovely style property with good-sized rooms.
0:06:54 > 0:06:58The budget to renovate a property like this could be never-ending,
0:06:58 > 0:07:01but I think £80,000 is realistic.
0:07:01 > 0:07:04Will it be worth it?
0:07:04 > 0:07:06Renovated to a good standard throughout,
0:07:06 > 0:07:10the property could achieve up to £300,000.
0:07:13 > 0:07:18There is definitely room for profit here if the new owners wanted
0:07:18 > 0:07:22to sell it on, but would it be as successful as a rental property?
0:07:22 > 0:07:26It would probably be a very limited rental market out here, but you
0:07:26 > 0:07:31could achieve somewhere between £750 and £800 per calendar month.
0:07:32 > 0:07:35Well, not a project for the faint-hearted
0:07:35 > 0:07:38or those on a tight budget.
0:07:38 > 0:07:42The fact that it is listed throws in a few added complications too.
0:07:42 > 0:07:44But you know what?
0:07:44 > 0:07:48This is one of those projects that is definitely worth the effort.
0:07:48 > 0:07:51Can you imagine this place when it's done up? Wow.
0:07:51 > 0:07:54Let's see who fancied taking on the challenge
0:07:54 > 0:07:56when it went under the hammer.
0:07:56 > 0:07:58OK. Lot number 36.
0:07:58 > 0:08:01This is a detached farmhouse in a derelict condition.
0:08:01 > 0:08:03However, offers fabulous potential.
0:08:03 > 0:08:08Three bedrooms, three reception rooms and two bathrooms.
0:08:08 > 0:08:09Good opportunity, this.
0:08:09 > 0:08:12Not for the faint-hearted, but there is money in it.
0:08:12 > 0:08:14Anybody going to start me at 100?
0:08:14 > 0:08:16Let's get under way.
0:08:16 > 0:08:1895 for this.
0:08:18 > 0:08:20It has got to be worth 95.
0:08:20 > 0:08:2290, then?
0:08:22 > 0:08:23Any hands at 90?
0:08:24 > 0:08:2790 I've got. At £90,000, we're away.
0:08:27 > 0:08:32I'll take in one's, nice and easy. At 90, I've got. Is that a bid?
0:08:32 > 0:08:3491, I have. 92. 93.
0:08:34 > 0:08:38Four. Five. Six. Seven.
0:08:38 > 0:08:40Eight. Nine. Ten.
0:08:40 > 0:08:42100. 100 bid.
0:08:42 > 0:08:44101, shall we say?
0:08:44 > 0:08:45102.
0:08:45 > 0:08:48103. 104.
0:08:48 > 0:08:51105. 106, thinking about it.
0:08:51 > 0:08:54It's with you at the back at £105,000.
0:08:54 > 0:08:57106, 107. Eight.
0:08:58 > 0:09:00Eight I've got. Nine.
0:09:00 > 0:09:02110. Shake of the head.
0:09:02 > 0:09:05It's with you at the back at £109,000.
0:09:05 > 0:09:09109,500. 110, sir?
0:09:09 > 0:09:12And a half? Shake of the head. Was it worth it?
0:09:12 > 0:09:15With you there now, £110,000.
0:09:15 > 0:09:18Back of the room. Selling this.
0:09:18 > 0:09:23First time. You're out. Second time. 110. Third and final time.
0:09:23 > 0:09:26All done, all out. Well done, sir.
0:09:26 > 0:09:29Tom and Dave, who are friends
0:09:29 > 0:09:33and business partners made that successful bid of 110,000.
0:09:33 > 0:09:35Dave is a local farmer.
0:09:35 > 0:09:37# Me and the farmer Like brother, like sister
0:09:37 > 0:09:39# Getting on like hand and blister
0:09:39 > 0:09:43# Me and the farmer. #
0:09:43 > 0:09:48The pair met through farming and have been friends for 25 years.
0:09:48 > 0:09:50However, this is their first renovation for profit.
0:09:50 > 0:09:55I met up with Dave back at the house to discover their plans.
0:09:55 > 0:09:57- Congratulations.- Thank you.
0:09:57 > 0:09:59I'm sure there are a lot of very envious people watching,
0:09:59 > 0:10:02cos it is a great house, although it needs a bit of work.
0:10:02 > 0:10:04- Yeah, that's right. - Tell me why you wanted to buy it.
0:10:04 > 0:10:09Well, I mean, the problem was we haven't looked at any.
0:10:09 > 0:10:12And this was the first one we looked at.
0:10:12 > 0:10:17And we set a price on it and went to auction and bought it.
0:10:17 > 0:10:18- Right.- Yep.
0:10:18 > 0:10:22So talk me through exactly what you are going to do to it.
0:10:22 > 0:10:24Well, most of the work is going to be inside.
0:10:24 > 0:10:28Re-wire, re-plumb, a lot of plastering to do.
0:10:28 > 0:10:33We'll put at least one en-suite in upstairs. A new bathroom down and up.
0:10:33 > 0:10:36A new kitchen. There is a double garage to build at the back.
0:10:36 > 0:10:40- And a general tidy up outside as well.- What about the floor?
0:10:40 > 0:10:42Because it's a solid floor at the moment, isn't it?
0:10:42 > 0:10:44- Some of it is solid.- Yeah.- Yeah.
0:10:44 > 0:10:47Well, we may have to dig that up, put insulation and
0:10:47 > 0:10:49a damp course in as well.
0:10:49 > 0:10:52He makes it all sound so straightforward,
0:10:52 > 0:10:54but this project is far from that.
0:10:54 > 0:10:58However, partner Tom has quite a few renovations under his belt.
0:10:58 > 0:11:03And farmer Dave has just built himself a new family house,
0:11:03 > 0:11:05tackling most of the work himself.
0:11:05 > 0:11:08# Hard-working man
0:11:08 > 0:11:10# If you are a hard-working man
0:11:10 > 0:11:15# You're a hard-working... #
0:11:15 > 0:11:17I don't doubt that for a second,
0:11:17 > 0:11:20but what does Dave see as his biggest challenge?
0:11:21 > 0:11:24Well, it's listed. You know, there is a few obstacles there.
0:11:24 > 0:11:28We're going to have to work within the constraints of the listed
0:11:28 > 0:11:30building regulations.
0:11:30 > 0:11:33All the windows need a change. Windows and doors.
0:11:33 > 0:11:38- They'll need to go back to an original type...- Wood.- Wood, yep.
0:11:38 > 0:11:41- Which of course is going to be expensive, but lovely.- Yeah.
0:11:41 > 0:11:44Apart from that, I don't think there's too many big challenges.
0:11:44 > 0:11:47Right. Other than the room out the back, which is completely derelict.
0:11:47 > 0:11:50Yeah, there's a bit of work to do there.
0:11:50 > 0:11:52A bit of rebuilding.
0:11:52 > 0:11:56And outside, there is obviously this pretty scary crack on the front.
0:11:56 > 0:11:59- Is that of concern to you? - You've noticed(!)
0:11:59 > 0:12:00- (LAUGHING)- Yeah.
0:12:00 > 0:12:02I don't think it's too much of a concern.
0:12:02 > 0:12:05It has obviously been there quite a while.
0:12:05 > 0:12:07I think we'll be able to get around that
0:12:07 > 0:12:10with some stainless steel ties in.
0:12:10 > 0:12:13Well, both Dave and Tom have got their work cut out for them,
0:12:13 > 0:12:15inside and out.
0:12:15 > 0:12:19But are their pockets deep enough to finance this job?
0:12:19 > 0:12:22This can obviously chomp through a budget.
0:12:22 > 0:12:25What kind of money have you got set aside for it?
0:12:25 > 0:12:27Well, we think 60,
0:12:27 > 0:12:31- 60,000 to 80,000.- Right. So a fairly healthy budget, then.
0:12:31 > 0:12:34- Yeah.- So what is the timescale for doing the work?
0:12:34 > 0:12:37Well, we think probably about 15 to 18 months.
0:12:37 > 0:12:39So there is no set dates or anything, we will just
0:12:39 > 0:12:44fit in with each other as in when, you know, farm work permits.
0:12:44 > 0:12:46- Are you excited about this? - Oh, yes, yes.
0:12:46 > 0:12:49- What are you most excited about? - Selling it.
0:12:50 > 0:12:53- Listen, congratulations, good luck. - Thank you very much.
0:12:53 > 0:12:56- Look forward to seeing how you get on.- Thank you.
0:12:56 > 0:12:59Well, lots of work on the horizon for Dave and his partner,
0:12:59 > 0:13:02but at least they've set themselves a realistic budget
0:13:02 > 0:13:05and they taken the time pressures off.
0:13:05 > 0:13:08Still, what problems will they encounter as they start
0:13:08 > 0:13:12the renovation? You can find out later in the show.
0:13:15 > 0:13:18Well, if an idyllic country cottage isn't your thing,
0:13:18 > 0:13:22how about this bustling part of South London?
0:13:22 > 0:13:23This is Wimbledon,
0:13:23 > 0:13:27a thriving area just seven miles from Central London.
0:13:27 > 0:13:32Wimbledon is divided into two sections - the village and the town.
0:13:32 > 0:13:34The town is the slightly more modern section,
0:13:34 > 0:13:38as it developed after the railway station was built in 1838.
0:13:38 > 0:13:40And of course, there is one part of Wimbledon
0:13:40 > 0:13:43that doesn't need an introduction.
0:13:43 > 0:13:46# Anyone for tennis
0:13:46 > 0:13:49# Wouldn't that be nice? #
0:13:50 > 0:13:55Wimbledon is, of course, home to the world-famous tennis championships.
0:13:55 > 0:13:57It also has its own theatre.
0:13:57 > 0:14:00It has a buzzing high street with loads of shops, bars and restaurants
0:14:00 > 0:14:04and it is just a 20-minute train ride into Central London.
0:14:04 > 0:14:09No wonder this is a very popular place for people to live.
0:14:09 > 0:14:12The property I am here to see is right in the heart of the busy
0:14:12 > 0:14:15commercial centre of Wimbledon.
0:14:15 > 0:14:18And it's this, a three-storey building.
0:14:18 > 0:14:22It has a ground floor resale unit with two more floors above,
0:14:22 > 0:14:27and the guide price at auction was £700,000.
0:14:27 > 0:14:30I'm going to go inside and explore.
0:14:30 > 0:14:33This commercial unit used to be a beauty salon.
0:14:33 > 0:14:36Now, you can see the front desk area here
0:14:36 > 0:14:39and there are loads of treatment rooms further back.
0:14:39 > 0:14:43In all its 1,500 square feet, well,
0:14:43 > 0:14:46it currently has A1 business usage, so that means a
0:14:46 > 0:14:50different retailer can move in here without applying for change of use.
0:14:50 > 0:14:54But it doesn't cover financial services or hot food outlets
0:14:54 > 0:14:55and restaurants.
0:14:55 > 0:14:59So all in all, it is a versatile and large commercial space,
0:14:59 > 0:15:03but it is right in the heart of a busy, thriving shopping centre.
0:15:03 > 0:15:07So, it is looking good so far. Now where are those beauty rooms?
0:15:11 > 0:15:14# Lipstick Powder and paint
0:15:14 > 0:15:17# Lipstick Powder and paint. #
0:15:17 > 0:15:20Unfortunately, there is no chance of a spray tan or pedicure here
0:15:20 > 0:15:23these days, as all the rooms have been stripped out
0:15:23 > 0:15:28and everything is looking a bit tired, tatty and a little bit shaky.
0:15:28 > 0:15:32# Is you is or is you ain't? #
0:15:32 > 0:15:36And if there is anything that needs a make-over in here,
0:15:36 > 0:15:37it's that flooring.
0:15:37 > 0:15:42Well, I'm sure by now, you've all noticed this rather unusual
0:15:42 > 0:15:45sort of outdoor floor indoors.
0:15:45 > 0:15:50And if you'd like to look closely, it's like a pebbly resin.
0:15:50 > 0:15:54It's not what you'd expect to find on the inside of a property.
0:15:54 > 0:15:57It looks a little bit like somebody has laid their driveway
0:15:57 > 0:15:59throughout the whole building.
0:15:59 > 0:16:03But this is what I find really, really interesting and exciting.
0:16:03 > 0:16:04Come down here.
0:16:04 > 0:16:08Because this beautiful, original, solid wood,
0:16:08 > 0:16:13parquet floor runs the whole way through this building.
0:16:13 > 0:16:17So somebody is going to have a field day getting all this up.
0:16:20 > 0:16:21This building is huge!
0:16:21 > 0:16:23You might have thought the ground floor was big,
0:16:23 > 0:16:28and it is, but the entire lot in total is 3,300 square feet
0:16:28 > 0:16:34spread over three floors, with lots of rooms, big and small.
0:16:34 > 0:16:38So, on the upper floors, there are loads of further treatment rooms.
0:16:38 > 0:16:41It is a real warren up here,
0:16:41 > 0:16:45but I'm thinking this is ripe for residential conversion.
0:16:45 > 0:16:49You could easily fit in loads of flats up here.
0:16:49 > 0:16:51Now, you would have to sort out separate access,
0:16:51 > 0:16:54as you currently have to go through the shop downstairs.
0:16:54 > 0:16:57And of course, you would need to apply for planning permission.
0:16:57 > 0:17:01But we are right slap bang in the centre of town here
0:17:01 > 0:17:05and property values are just so high and flats are in demand.
0:17:05 > 0:17:08This place could be a gold mine.
0:17:09 > 0:17:12So there could be a bright future for this premises,
0:17:12 > 0:17:15but was does the local property expert think? Let's find out.
0:17:15 > 0:17:19# The gold dust at my feet
0:17:19 > 0:17:22# On the sunny side of the street. #
0:17:24 > 0:17:26With the grant of planning permission, considering retail
0:17:26 > 0:17:29and residential on either side of the property, they'd have
0:17:29 > 0:17:32no problem at all with applying for commercial and residential
0:17:32 > 0:17:33use of this building.
0:17:33 > 0:17:36With the residential use on the first and second floor,
0:17:36 > 0:17:37I'd keep it as one-bedroom flats.
0:17:37 > 0:17:39They'd work well for the market at the moment,
0:17:39 > 0:17:41for the demand of one-bedrooms.
0:17:41 > 0:17:44Which would really, really suit first-time buyers.
0:17:44 > 0:17:47I would potentially look at extending to create a couple of
0:17:47 > 0:17:50two bedrooms at the back of the property.
0:17:50 > 0:17:54What is her recommendation for the shop premises on the ground floor?
0:17:54 > 0:17:57In terms of business use, I think it would best suit a restaurant,
0:17:57 > 0:17:59cos the size of the unit is very large.
0:17:59 > 0:18:02That being said, the usage of the ground floor would affect
0:18:02 > 0:18:05the desirability of the flats above if they are residential use.
0:18:05 > 0:18:08Right now it is hard to say how many flats you could get in this
0:18:08 > 0:18:12rabbit warren of a space. But how much could you get per flat?
0:18:12 > 0:18:14With refurbishment,
0:18:14 > 0:18:16a two-bedroom flat with a good square footage in this location
0:18:16 > 0:18:21could achieve anywhere from £350,000 up to around about £400,000.
0:18:21 > 0:18:25And would you get a good return if you opted to let instead?
0:18:25 > 0:18:27If planning permission was granted for two-bedroom flats,
0:18:27 > 0:18:31I'd expect the rent to be achieved somewhere between £1,400
0:18:31 > 0:18:34and £1,450 per calendar month.
0:18:34 > 0:18:37Well, there is plenty of potential here with a ground-floor shop
0:18:37 > 0:18:40in a busy and prosperous shopping area.
0:18:40 > 0:18:44And there's also the possibility of creating flats above.
0:18:44 > 0:18:48But of course, it all depends on getting that planning permission to
0:18:48 > 0:18:50convert those upper floors.
0:18:50 > 0:18:53So who dared to take a punt on this Wimbledon wonder?
0:18:53 > 0:18:56Let's find out what happened when it went to auction.
0:18:56 > 0:18:58Good-sized mid-terrace building,
0:18:58 > 0:19:01sort of around 3,500 square feet.
0:19:01 > 0:19:03700 anywhere?
0:19:03 > 0:19:04I'm not going to go below seven.
0:19:04 > 0:19:05700.
0:19:05 > 0:19:08Down here, 710. 710.
0:19:08 > 0:19:10720.
0:19:10 > 0:19:15Brace yourselves, this auction was just about to get very interesting.
0:19:15 > 0:19:17A million. A million and ten.
0:19:17 > 0:19:1910,000.
0:19:19 > 0:19:2020,000.
0:19:20 > 0:19:2230,000.
0:19:22 > 0:19:2440,000.
0:19:24 > 0:19:2550,000.
0:19:25 > 0:19:2760,000.
0:19:27 > 0:19:2970,000.
0:19:29 > 0:19:3080,000.
0:19:30 > 0:19:3390,000.
0:19:33 > 0:19:35100,000. 1,100,000.
0:19:35 > 0:19:37110.
0:19:37 > 0:19:39120.
0:19:39 > 0:19:41130.
0:19:43 > 0:19:46150. 1,150,000.
0:19:46 > 0:19:47160.
0:19:47 > 0:19:49170.
0:19:49 > 0:19:51180.
0:19:51 > 0:19:53190.
0:19:53 > 0:19:55200. 1,200,000.
0:19:55 > 0:19:57210.
0:19:57 > 0:19:59220.
0:19:59 > 0:20:02210 with you. 1,210,000.
0:20:02 > 0:20:04220. Elsewhere?
0:20:06 > 0:20:071,210,000.
0:20:07 > 0:20:09First time.
0:20:09 > 0:20:11Second time.
0:20:11 > 0:20:13Third and last time. Have you all done?
0:20:13 > 0:20:16Sold, 1,210,000.
0:20:16 > 0:20:18Well bought. It's a good buy. Freehold.
0:20:21 > 0:20:25That huge bid of just over 1.2 million was made
0:20:25 > 0:20:27by Panos and his three cousins.
0:20:28 > 0:20:31There are six family members involved in all.
0:20:31 > 0:20:35I met Steve back of the property to find out what his clan had planned.
0:20:37 > 0:20:40- Steve, congratulations.- Thank you. - Now, did you enjoy the auction?
0:20:40 > 0:20:43It was amazing. The feeling...
0:20:43 > 0:20:46Finally get a property with my cousins and my brother.
0:20:46 > 0:20:49How many of you were there on the day bidding for this?
0:20:49 > 0:20:52There's actually six partners, but there was four of us there.
0:20:52 > 0:20:54Four. What happened after the hammer went down?
0:20:54 > 0:20:55- What did you do?- Group hug.
0:20:55 > 0:20:57It was like the scrum of a rugby match,
0:20:57 > 0:21:00we just all got together, we celebrated.
0:21:00 > 0:21:02The feeling was unbelievable.
0:21:02 > 0:21:05- 1.2 million.- A lot of money. But...
0:21:05 > 0:21:08Yes, it is all yours!
0:21:08 > 0:21:12The plan is to turn the upper floor into four two-bedroom flats.
0:21:12 > 0:21:15The cousins all have varied business interests of their own.
0:21:15 > 0:21:20For example, Steve owns a bar and he also owns a wedding dress shop
0:21:20 > 0:21:24with his brother, Dus, who is a partner in this property.
0:21:24 > 0:21:27I'm expecting the ground floor is going to offer an exciting
0:21:27 > 0:21:30opportunity for all of them.
0:21:30 > 0:21:35We've had a look and there is no sort of fish-bar restaurants here.
0:21:35 > 0:21:37And we've all got background from restaurants, cos that's how
0:21:37 > 0:21:41we were brought up, in our fathers' and our families'... You know.
0:21:41 > 0:21:45We, you know...we started from washing plates to running
0:21:45 > 0:21:48- the restaurants for our family. - Really?- Yes.
0:21:48 > 0:21:50And we all are sort of saying like,
0:21:50 > 0:21:51"Why don't we have a little dabble in that?"
0:21:51 > 0:21:56So, as a little boy, you grew up in restaurants, washing up out back.
0:21:56 > 0:21:59Never a Saturday off, never a Sunday off.
0:21:59 > 0:22:02We had the hardest education ever with our fathers,
0:22:02 > 0:22:04they were really strict.
0:22:04 > 0:22:08And customer service was very, very important to our families.
0:22:08 > 0:22:12I mean, they came over from Cyprus
0:22:12 > 0:22:15in the '60s, that is how they started - washing up plates.
0:22:15 > 0:22:19And through help, of family again, they ended up with a restaurant.
0:22:19 > 0:22:24'Once again, I should go and get the fishmonger to prepare the fish.'
0:22:27 > 0:22:30Of course, the fish restaurant is an exciting idea,
0:22:30 > 0:22:34but I think the really exciting part is the potential upstairs.
0:22:36 > 0:22:39With this property as it is at the moment, are you looking to extend
0:22:39 > 0:22:43- and create extra square footage? - Oh, yes. Of course.
0:22:43 > 0:22:47There is a yard at the back and also there is a flat roof,
0:22:47 > 0:22:50which we are hoping to build right up to the top.
0:22:50 > 0:22:54Also, we are hoping to get another floor within this building.
0:22:54 > 0:22:59So, you know, four by two bedroom is the minimum that I am after.
0:22:59 > 0:23:03- It could get even bigger, Steve? - Well, I'm being reserved.
0:23:03 > 0:23:06- Wait until we come back. Watch this space.- Absolutely.
0:23:06 > 0:23:09What is the budget that you plan on spending here?
0:23:09 > 0:23:11Have you all got that magic figure in your head?
0:23:11 > 0:23:16We think the flat is half a million and we think the shop, 200,000.
0:23:16 > 0:23:21Steve is hoping they can utilise every square inch of this building.
0:23:21 > 0:23:24Neighbouring properties have set a precedent, which he hopes will
0:23:24 > 0:23:26make planning permission possible.
0:23:26 > 0:23:30So this is a huge investment, but their early dishwashing
0:23:30 > 0:23:35apprenticeships mean they are definitely a driven bunch.
0:23:35 > 0:23:37At the end of the day, we will be employing top people here -
0:23:37 > 0:23:42top builders, top architects, top designers for the fish shop.
0:23:42 > 0:23:45These are all people who are hungry for success, it's not just us.
0:23:45 > 0:23:49So... But we will be hard bosses, we will be hard to please.
0:23:49 > 0:23:53- So we will be on top of things. - Steve, good luck with this project.
0:23:53 > 0:23:54You've got a long way to go,
0:23:54 > 0:23:56but it really is going to be an exciting one.
0:23:56 > 0:24:00- Amazing, yes.- Congratulations. - Thank you very much. Thank you.
0:24:00 > 0:24:03Well, Steve and his family have ambitious plans for this
0:24:03 > 0:24:05million-pound property.
0:24:05 > 0:24:08Not only are they hoping to start a restaurant business here,
0:24:08 > 0:24:11but they are also hoping to get planning permission to extend
0:24:11 > 0:24:14and create quite a few flats upstairs.
0:24:14 > 0:24:17So, will they be on track to make big bucks or find
0:24:17 > 0:24:19themselves in big trouble?
0:24:19 > 0:24:23You can find out how they get on later in the programme.
0:24:23 > 0:24:28Still to come, it's another family committee, this time in Cornwall.
0:24:28 > 0:24:30Justine, my youngest daughter, and Sarah.
0:24:30 > 0:24:33But at the end of the day, I have the casting vote.
0:24:35 > 0:24:39And in Wimbledon, the fish restaurant braves choppy waters.
0:24:39 > 0:24:42The planning process we had to go through with the restaurant
0:24:42 > 0:24:43was quite difficult.
0:24:46 > 0:24:50Northwest England boasts scenic splendour as well as ancient
0:24:50 > 0:24:55monuments. This old farm house in the village of Great Orton had
0:24:55 > 0:24:58a list of defects as long as Hadrian's Wall.
0:24:58 > 0:25:03It was bought for £110,000 by Dave, on the right,
0:25:03 > 0:25:05and business partner Tom.
0:25:05 > 0:25:08With three bedrooms and plenty of space downstairs,
0:25:08 > 0:25:11I felt it had great potential as an investment,
0:25:11 > 0:25:14provided there were no major structural issues.
0:25:15 > 0:25:19However, when I first visited 2.5 years ago,
0:25:19 > 0:25:22something worryingly immediately caught my eye.
0:25:22 > 0:25:25Now, that is quite serious.
0:25:25 > 0:25:30MUSIC: "Don't Worry Be Happy"
0:25:30 > 0:25:34Dave, on the other hand, seemed unperturbed.
0:25:34 > 0:25:37- There is, obviously, this pretty scary crack.- You've noticed(!)
0:25:39 > 0:25:42I don't think it's too much of a concern.
0:25:42 > 0:25:46Definitely not worried. The inside was in pretty poor condition too.
0:25:46 > 0:25:49There aren't too many places I fear to tread,
0:25:49 > 0:25:52but I found one at the back of this house.
0:25:52 > 0:25:56It's so dangerous, I'm not even going to go in there.
0:25:56 > 0:25:59Collapsed ceilings and dodgy cracks are one thing,
0:25:59 > 0:26:03but Dave and Tom also had to contend with renovating
0:26:03 > 0:26:07a listed building, potentially expensive and difficult.
0:26:07 > 0:26:11Original features like windows and doors would have to be reinstated.
0:26:12 > 0:26:15- They will need to go back to an original type...- Right, wood.
0:26:15 > 0:26:18- Wood, yep.- Which of course is going to be expensive.- Yep.
0:26:18 > 0:26:22Apart from that, I don't think there is too many big challenges.
0:26:22 > 0:26:25Unflappable, that is how I describe Dave.
0:26:25 > 0:26:30Let's hope the budget of £60,000 to £80,000 didn't grow wings.
0:26:30 > 0:26:34With a timescale of up to 18 months and an admirable lack of
0:26:34 > 0:26:38concern for any problems that might arise, let's see how they got on.
0:26:50 > 0:26:54I think you'll agree, this is an amazing transformation.
0:26:57 > 0:27:00That cold and damp entrance has been transformed into a bright
0:27:00 > 0:27:02and welcoming hallway.
0:27:02 > 0:27:06The original flagstones have been polished and relayed.
0:27:06 > 0:27:08Just beautiful.
0:27:08 > 0:27:12The front rooms on either side have been completely refurbished.
0:27:12 > 0:27:16And just look at those gorgeous new windows.
0:27:16 > 0:27:20The UPVC double glazing has been removed with sash encasements
0:27:20 > 0:27:22taking their place.
0:27:22 > 0:27:26The new windows seem to draw light into every corner.
0:27:26 > 0:27:28In keeping with listed building guidelines,
0:27:28 > 0:27:31fixtures and fittings are traditional.
0:27:31 > 0:27:33And Dave and Tom have exposed
0:27:33 > 0:27:38and restored the wooden beams on the ceilings and doorways.
0:27:38 > 0:27:41At the back of the ground floor, a wall has been knocked through,
0:27:41 > 0:27:44creating an enormous kitchen dining area.
0:27:44 > 0:27:47I really can't get over the amount of space.
0:27:47 > 0:27:51The kitchen has been finished to a very high standard.
0:27:51 > 0:27:56I think the blend of modern and traditional works really well here.
0:27:56 > 0:27:59And as for the room at the back that had fallen down, well,
0:27:59 > 0:28:02here is an understatement.
0:28:02 > 0:28:06The back bit of the house was in quite a state.
0:28:06 > 0:28:08In fact, it was difficult to see what was what.
0:28:08 > 0:28:12The wall had totally fell in, the beam had fell down.
0:28:12 > 0:28:15We had to jack it all back up and rebuild from the bottom
0:28:15 > 0:28:18and join the upper story.
0:28:21 > 0:28:24Wow, that is certainly more than a paint job.
0:28:24 > 0:28:27The rear of the house looks fantastic.
0:28:28 > 0:28:32As well as this downstairs room, an extra bedroom has been created,
0:28:32 > 0:28:35which is separate from the rest of the house.
0:28:36 > 0:28:40The existing three bedrooms have been completely revamped
0:28:40 > 0:28:44and the lads have added three en-suites.
0:28:44 > 0:28:47The main bathroom is simple yet stylish.
0:28:49 > 0:28:52Decoration throughout has been kept neutral.
0:28:52 > 0:28:54The doors have been lovingly restored, right down
0:28:54 > 0:28:58to details like the handles and locks. Fantastic!
0:28:58 > 0:29:02And there's a mix of carpeting, stone and tiled flooring.
0:29:06 > 0:29:09Outside the house, the rubble has been cleared,
0:29:09 > 0:29:11the garden has been tidied and re-turfed.
0:29:11 > 0:29:15And look at this - a new double garage.
0:29:15 > 0:29:20The materials we used was sandstone, which was all laid around,
0:29:20 > 0:29:23which probably have come off the farm buildings that were once
0:29:23 > 0:29:25attached to the house.
0:29:25 > 0:29:28Nice recycling there, Dave, but I can't believe everything was
0:29:28 > 0:29:30so straightforward.
0:29:30 > 0:29:33What about that big crack at the front of the house?
0:29:33 > 0:29:36We had it looked at and there was no problems there.
0:29:36 > 0:29:39But it turned out that the guttering right around the whole house
0:29:39 > 0:29:42was all leaking. A lot of water running down that wall,
0:29:42 > 0:29:44which probably had caused the crack.
0:29:46 > 0:29:48Well, that is a huge relief.
0:29:48 > 0:29:51Dave and Tom seemed to have taken everything this property
0:29:51 > 0:29:53could throw at them.
0:29:53 > 0:29:56The boys have obviously spent much more than a penny on this
0:29:56 > 0:29:58refurbishment.
0:29:58 > 0:30:02The budget had allowed for £60,000 to £80,000,
0:30:02 > 0:30:06the question is, did they stick to that or was it money down the drain?
0:30:06 > 0:30:10I think we have come in at the bottom end of that, around 60,000 mark.
0:30:10 > 0:30:13So we are happy with that.
0:30:13 > 0:30:15I'm flabbergasted how well this has turned out,
0:30:15 > 0:30:18more so that they managed to keep to budget.
0:30:18 > 0:30:22Was that 18-month time frame realistic?
0:30:22 > 0:30:25It was difficult to gauge because being an old house,
0:30:25 > 0:30:29you come across all sorts of things that you maybe don't expect.
0:30:29 > 0:30:33So the house has actually taken here longer than that.
0:30:33 > 0:30:36It hasn't been full-time work.
0:30:36 > 0:30:39Considering this was a part-time project,
0:30:39 > 0:30:43I reckon getting finished in 2.5 years is pretty good going.
0:30:45 > 0:30:49With Dave and Tom planning to sell the farm house, we asked two
0:30:49 > 0:30:53local estate agents to come along and give us their expert opinion.
0:30:54 > 0:30:57This is the first time I've seen the property
0:30:57 > 0:31:00and the work has been carried out to a very high standard.
0:31:00 > 0:31:03A great mix of old and new and a great finish throughout.
0:31:03 > 0:31:06There is a very good demand for properties like this in the area.
0:31:06 > 0:31:08I think we'll attract viewers
0:31:08 > 0:31:11from both local and outside the area,
0:31:11 > 0:31:13and I think demand should be very high.
0:31:15 > 0:31:18The standard of the finish of this property is superb.
0:31:18 > 0:31:20It is very high quality all the way through.
0:31:20 > 0:31:22It is a listed building, so obviously,
0:31:22 > 0:31:24you are kind of limited on things that you can do,
0:31:24 > 0:31:27but overall, it is absolutely fantastic.
0:31:27 > 0:31:30Oh, I do love the sound of happy estate agents.
0:31:30 > 0:31:34This property was always destined for resale.
0:31:34 > 0:31:37So, have Dave and Tom's 2.5 years
0:31:37 > 0:31:42and a total investment of £170,000 been well spent?
0:31:42 > 0:31:45I would expect to achieve £315,000
0:31:45 > 0:31:47if this was placed on the open market.
0:31:47 > 0:31:50If I was marketing this property, I would put it on the market
0:31:50 > 0:31:53for offers in the region of £350,000.
0:31:53 > 0:31:57That makes a potentially tasty profit, after the usual fees
0:31:57 > 0:32:00and taxes, of between £145,000
0:32:00 > 0:32:03and £180,000.
0:32:03 > 0:32:06I was thinking sort of in the middle of those two values,
0:32:06 > 0:32:09so, yeah, we are quite happy.
0:32:09 > 0:32:11I take my hat off to Dave and Tom.
0:32:11 > 0:32:13What advice do they have for anyone
0:32:13 > 0:32:16taking on a project as scary as this?
0:32:16 > 0:32:22You must do your sums correctly at the start and not...
0:32:22 > 0:32:24not be overambitious.
0:32:30 > 0:32:35We now return to a property we first visited in March 2013.
0:32:35 > 0:32:39It is situated in the picture postcard village of Kingsand.
0:32:41 > 0:32:43Well, on a day like today,
0:32:43 > 0:32:47you are really not seeing Kingsand at its best because
0:32:47 > 0:32:52when the sun is shining, this is an absolutely charming little spot.
0:32:52 > 0:32:5517th century, traditional Cornish fishing village,
0:32:55 > 0:32:59with meandering streets, charming houses and...
0:33:00 > 0:33:03..you know, as much character as you could ever wish for.
0:33:03 > 0:33:04And joy of joys,
0:33:04 > 0:33:07the property I am here to see is actually a traditional home.
0:33:07 > 0:33:10It is a two-bedroom cottage
0:33:10 > 0:33:13at a guide price of £120,000 to £140,000,
0:33:13 > 0:33:17which for Kingsand, I reckon could be extremely good value for money.
0:33:17 > 0:33:20The only way to find out is to take a look inside.
0:33:20 > 0:33:24Oh, there's a foghorn. It really is a ropey day.
0:33:26 > 0:33:28Uf, glad to get out of that.
0:33:28 > 0:33:31Well, here is a big bonus, especially on a day like today -
0:33:31 > 0:33:33straight off the road into not a living room,
0:33:33 > 0:33:36as you might have expected for this kind of cottage here,
0:33:36 > 0:33:40but into a hallway, which means that at least, on a day like today, as I
0:33:40 > 0:33:43said, you have somewhere to put your umbrella, your coat or whatever.
0:33:43 > 0:33:45Your lounge is there.
0:33:45 > 0:33:48It is looking a little bit in need of some tender loving care,
0:33:48 > 0:33:51but some really nice original features -
0:33:51 > 0:33:54that fireplace probably going back to the 1920s or whatever.
0:33:54 > 0:33:58But a nice-sized front lounge. Down this very narrow corridor.
0:33:58 > 0:34:00And then into your kitchen area.
0:34:00 > 0:34:02I mean, it's a fairly traditional layout.
0:34:02 > 0:34:05But the kitchen itself... A bit lacking in units.
0:34:05 > 0:34:07But it is a nice size.
0:34:07 > 0:34:10And again, given the facade of the property,
0:34:10 > 0:34:12quite a surprisingly large space.
0:34:12 > 0:34:15Something that won't be to everyone's liking, that is
0:34:15 > 0:34:19the only bathroom and toilet in the property. Could you live with that?
0:34:19 > 0:34:22I think you probably could. There might be space for it upstairs.
0:34:22 > 0:34:24There is only one way to find out.
0:34:24 > 0:34:29This Cornish cottage was ticking a whole lot of boxes for me.
0:34:29 > 0:34:31I love this part of the world.
0:34:31 > 0:34:34It would take a falling down wreck to put me off.
0:34:34 > 0:34:37What have we got up here? Good-sized double bedroom at the front,
0:34:37 > 0:34:41smaller-sized single bedroom at the back.
0:34:41 > 0:34:44That whole bathroom question - is there space to move it up here?
0:34:44 > 0:34:47I don't think so. I mean, possibly.
0:34:47 > 0:34:51But for the sake of it, I would pretty much leave it where it is.
0:34:51 > 0:34:54And again, really nice thing - some of the original windows.
0:34:54 > 0:34:56And views, not of the sea,
0:34:56 > 0:34:59but at least some interesting rooftops of Kingsand.
0:35:04 > 0:35:06I was smitten.
0:35:06 > 0:35:09Even on such a grotty day, the location had me.
0:35:09 > 0:35:13But locations like this don't come without a catch.
0:35:13 > 0:35:15The house is in a conservation area,
0:35:15 > 0:35:18so what does that mean in terms of what you can do with it?
0:35:18 > 0:35:20Well, it is not quite as restrictive, say,
0:35:20 > 0:35:22as if it was a listed building.
0:35:22 > 0:35:26What it is basically saying is that the area is of interest
0:35:26 > 0:35:30in some way - historical, traditional, whatever it might be.
0:35:30 > 0:35:33So in general, it is the exterior of the property that
0:35:33 > 0:35:35the planners are going to be most concerned about.
0:35:35 > 0:35:39And so things like changing the windows is going to be a big no-no.
0:35:39 > 0:35:42Inside, you can do, hmm, pretty much what you want.
0:35:42 > 0:35:46One thing you might want to do for sure inside is...
0:35:46 > 0:35:48Change the heating system.
0:35:48 > 0:35:50I love this.
0:35:50 > 0:35:54This is an absolutely fantastically beautiful, original,
0:35:54 > 0:35:57I think probably Georgian fireplace.
0:35:57 > 0:36:00And in front of it, this charming
0:36:00 > 0:36:031970s, 1980s storage heater.
0:36:04 > 0:36:08Brilliant. The fact that they put it in front of that...
0:36:09 > 0:36:17# Why-y-y-y...? #
0:36:17 > 0:36:22Why indeed. Some features like this fireplace are timeless.
0:36:22 > 0:36:25The interior period features are part of the overall appeal
0:36:25 > 0:36:27and need to be preserved.
0:36:27 > 0:36:30Well, it obviously needs a bit of tender loving care,
0:36:30 > 0:36:33but you cannot criticise the location.
0:36:33 > 0:36:35This is a fantastic place,
0:36:35 > 0:36:39either as maybe a holiday home or holiday let or somewhere to live.
0:36:39 > 0:36:42So, who is going to do the whole room a favour
0:36:42 > 0:36:45and bid 130 to get it going?
0:36:45 > 0:36:47130, thank you. 130, I've got.
0:36:47 > 0:36:49At 130. At 130, looking for two.
0:36:49 > 0:36:54Not surprisingly, there was a fair bit of interest in this property.
0:36:55 > 0:36:59The guide price of 120,000 to 140,000 was left far behind,
0:36:59 > 0:37:03and bidders were still keen at 175,000.
0:37:04 > 0:37:067.5 on my right now.
0:37:06 > 0:37:08178.
0:37:08 > 0:37:10At 178.
0:37:10 > 0:37:12179. 179.
0:37:12 > 0:37:14180, let's find out. 180.
0:37:14 > 0:37:16At 180. At 180.
0:37:16 > 0:37:18181. 181.
0:37:18 > 0:37:20At 182. 183.
0:37:20 > 0:37:22183. 184.
0:37:22 > 0:37:25Looking for five. We'll take a half.
0:37:25 > 0:37:27But at 184 first time.
0:37:27 > 0:37:28184 second time.
0:37:28 > 0:37:30At 184 and done.
0:37:31 > 0:37:33Sir, yours. Thank you.
0:37:33 > 0:37:36The successful bid of 184,000,
0:37:36 > 0:37:4144,000 over the top guide price was made by Mike and daughter Justine,
0:37:41 > 0:37:44who seemed rather pleased.
0:37:44 > 0:37:49# Somewhere beyond the sea
0:37:49 > 0:37:53# Somewhere waiting for me... #
0:37:53 > 0:37:55I met Mike and his other daughter, Sarah,
0:37:55 > 0:37:59at the property to find out the plan.
0:37:59 > 0:38:01Sarah, Mike, great to meet you both.
0:38:01 > 0:38:03- Hi.- Hi.- Congratulations.
0:38:03 > 0:38:05Tell me why you wanted to buy it.
0:38:05 > 0:38:07Well, Sarah lives in the village.
0:38:07 > 0:38:11And this was really bought so that my wife and I can come down
0:38:11 > 0:38:14and spend some time in the village with the grandson.
0:38:14 > 0:38:17But also our youngest daughter, Justine, used to
0:38:17 > 0:38:21work in the village, and she is keen to come back here at some stage.
0:38:21 > 0:38:24- Right.- It may well be that sometime in the future she will move in.
0:38:24 > 0:38:28- So there is a strong family history with Kingsand.- Yeah.
0:38:28 > 0:38:30- Well, we've been here about 20 years.- Wow.- Yeah.
0:38:30 > 0:38:32How will you decide what is going to happen?
0:38:32 > 0:38:36It sounds like Justine is going to have the most powerful influence
0:38:36 > 0:38:39- over what happens. - We have a committee.
0:38:40 > 0:38:44Ah, committees, sometimes they work and sometimes they don't.
0:38:44 > 0:38:47I had a feeling, though, that Mike, who used to work in building
0:38:47 > 0:38:52supplies before he retired, would be on top of this refurbishment.
0:38:52 > 0:38:57And to prove it, he had a priority that often is overlooked.
0:38:57 > 0:39:00The plan is the EPC certificate for this property is quite poor,
0:39:00 > 0:39:03- it's an F.- So that's the energy performance.- That's right,
0:39:03 > 0:39:06it's an F, which is just one step up above from the bottom.
0:39:06 > 0:39:10So the plan is to obviously make it more energy efficient.
0:39:10 > 0:39:12I'm looking to replace the windows as well.
0:39:12 > 0:39:15Currently, they are single-glazed sash windows.
0:39:15 > 0:39:18I'm looking to replace them with double-glazed sash windows.
0:39:18 > 0:39:20How difficult are they to source these days?
0:39:20 > 0:39:24Well, I did contact the local authorities to see what the
0:39:24 > 0:39:27rules and regs were, whether I could replace the windows under
0:39:27 > 0:39:31planning...under building regs or whether I would need full planning.
0:39:31 > 0:39:34So it may well be, if it is going to be difficult,
0:39:34 > 0:39:37- I'll actually use secondary glazing. - Right.- On the inside.
0:39:37 > 0:39:40Which is normally used in conservation areas
0:39:40 > 0:39:42and on listed buildings.
0:39:42 > 0:39:44When the weather is like this,
0:39:44 > 0:39:47a well-insulated home is obviously desirable.
0:39:47 > 0:39:51But there was something else I was keen on.
0:39:51 > 0:39:52What about floor coverings, then?
0:39:52 > 0:39:55Cos I'd love to see what is under the carpet.
0:39:55 > 0:39:57I bet they're beautiful floors.
0:39:57 > 0:40:01I'm going to take the carpets off upstairs and down the stairs as well.
0:40:01 > 0:40:06If they're in good condition, then obviously we may well buff them up.
0:40:08 > 0:40:12Mike had a two to three-month timescale
0:40:12 > 0:40:14and a budget of 20 to 25,000.
0:40:14 > 0:40:18When we first returned in November, 2013,
0:40:18 > 0:40:20things had definitely moved on.
0:40:20 > 0:40:24But Mike hadn't quite managed to finish the renovations.
0:40:24 > 0:40:26The structural work had been done,
0:40:26 > 0:40:30but the public areas were still to be floored and decorated.
0:40:32 > 0:40:34By-fold doors had replaced the kitchen sink
0:40:34 > 0:40:37and a new kitchen had been created.
0:40:40 > 0:40:42This was originally the bathroom.
0:40:42 > 0:40:46We've extended it behind me about a metre and put this new
0:40:46 > 0:40:50kitchen in, which will have integrated appliances shortly.
0:40:50 > 0:40:53Then through here... This originally was the kitchen.
0:40:53 > 0:40:56We've knocked a hole through between the kitchen
0:40:56 > 0:40:59and the lounge to make it a lounge-diner,
0:40:59 > 0:41:02so I think this now complements the property very well.
0:41:02 > 0:41:06One of the issues with this cottage was the downstairs bathroom.
0:41:06 > 0:41:10I didn't think there was anywhere else to put it.
0:41:10 > 0:41:13But Mike managed to get two en-suites up here.
0:41:13 > 0:41:14Amazing!
0:41:15 > 0:41:18And while he managed to get all the mod cons you could ask for,
0:41:18 > 0:41:22they maintain the cottage's old world charm.
0:41:22 > 0:41:24From the outside, it is a pretty little cottage,
0:41:24 > 0:41:26and it is just going to be really nice.
0:41:26 > 0:41:28It is going to be lovely and warm and cosy.
0:41:28 > 0:41:31It is just going to be a really nice house to live in.
0:41:32 > 0:41:37And I was delighted Mike dealt with the cottage's poor insulation.
0:41:38 > 0:41:43The building has been completely replastered. New ceilings.
0:41:43 > 0:41:45The floors have been repaired, insulated.
0:41:45 > 0:41:49And the external walls have also been insulated internally as well.
0:41:51 > 0:41:52All very impressive,
0:41:52 > 0:41:55though Mike's plan to replace the single-glazed sash windows
0:41:55 > 0:41:57with double-glazed sash windows fell through,
0:41:57 > 0:42:02as the conservation officer insisted on the original windows remaining.
0:42:02 > 0:42:04So they were duly refurbished.
0:42:04 > 0:42:08Mike's team of local builders did the majority of the work.
0:42:08 > 0:42:11But at this point, Mike hadn't exactly been sitting back.
0:42:11 > 0:42:14So with the work not quite complete,
0:42:14 > 0:42:17I wondered how the committee idea was working out.
0:42:19 > 0:42:22I think the committee worked quite well, which was comprised
0:42:22 > 0:42:26of myself, my wife, Justine, my youngest daughter, and Sarah.
0:42:26 > 0:42:29But at the end of the day, I had the casting vote.
0:42:29 > 0:42:32Yeah, we said how we liked it and then he went ahead
0:42:32 > 0:42:33and did what he wanted.
0:42:36 > 0:42:40Join us later in the programme to see the Cornish cottage
0:42:40 > 0:42:43in all its glory, thanks to the family committee.
0:42:49 > 0:42:51Well, after the work has been done,
0:42:51 > 0:42:53those properties should be worth a lot more money.
0:42:53 > 0:42:56Did it take them a lot of time? Were there troublesome delays?
0:42:56 > 0:42:58Let's go back and find out.
0:43:03 > 0:43:05It is back to the centre of the tennis universe.
0:43:05 > 0:43:07We are in Wimbledon, where earlier,
0:43:07 > 0:43:12we saw Steve and his family bid a massive 1.2 million on this
0:43:12 > 0:43:16property, sitting smack bang in the middle of the borough.
0:43:16 > 0:43:22# It's a family affair It's a family aff... #
0:43:22 > 0:43:25Spread over three floors, this former beauty salon
0:43:25 > 0:43:27had many potential uses.
0:43:27 > 0:43:29But Steve, his brother and four cousins
0:43:29 > 0:43:32had a family tradition to uphold.
0:43:32 > 0:43:35So, as a little boy, you grew up in restaurants,
0:43:35 > 0:43:40- washing up out the back?- Never a Saturday off, never a Sunday off.
0:43:40 > 0:43:46We've had a look and there is no sort of fish-bar restaurants here.
0:43:46 > 0:43:49Upstairs, the plan was to create at least four two-bedroom flats,
0:43:49 > 0:43:51depending on planning approval.
0:43:51 > 0:43:56And Steve was looking to expand out and up to create even more space.
0:43:56 > 0:44:00We are hoping to get another floor within this building.
0:44:00 > 0:44:05So, you know, four by two bedroom is the minimum.
0:44:05 > 0:44:08A fish restaurant on this busy street could be a great
0:44:08 > 0:44:12addition to the local menu and with two-bed flats in high demand
0:44:12 > 0:44:16in this area, it could be an extremely profitable venture.
0:44:19 > 0:44:22Eight months have past since we last spoke to Steve and we're
0:44:22 > 0:44:26meeting up again to find out how this family affair is shaping up.
0:44:32 > 0:44:34Now, I know what you are thinking -
0:44:34 > 0:44:38"This place looks a lot worse now than it did then."
0:44:38 > 0:44:42Despite appearances, work has actually progressed on this build.
0:44:42 > 0:44:45But it looks to me like Steve's six-month schedule
0:44:45 > 0:44:47has slipped slightly.
0:44:47 > 0:44:50Yeah, the planning process we had to go through with the restaurant
0:44:50 > 0:44:53was quite difficult. We had to have change of use.
0:44:53 > 0:44:56Before it was a retail outlet and, obviously,
0:44:56 > 0:44:59we needed A3 use for the restaurant,
0:44:59 > 0:45:01and also take away.
0:45:01 > 0:45:04And also, we had to apply for a premises licence,
0:45:04 > 0:45:07which allowed us to sell wine and beer.
0:45:07 > 0:45:08As far as upstairs goes,
0:45:08 > 0:45:11a pre-planning application has been submitted.
0:45:11 > 0:45:13Once the council have responded,
0:45:13 > 0:45:16the architect will draw up an appropriate design.
0:45:16 > 0:45:20In the meantime, they are renting the upstairs space as bedsits
0:45:20 > 0:45:23through an agency for £25,000 a year,
0:45:23 > 0:45:26which is bringing in some income.
0:45:26 > 0:45:30So all focus for the moment is on the restaurant downstairs.
0:45:30 > 0:45:34We did start off that it was going to be a fish and chips,
0:45:34 > 0:45:38but now we've dropped the chips out of the name because
0:45:38 > 0:45:41we actually want it to be a fish restaurant
0:45:41 > 0:45:43doing fish and chips.
0:45:46 > 0:45:51Fish with or without chips, either way, I can't wait to book a table.
0:45:52 > 0:45:56Looking around, it is difficult to imagine what the restaurant
0:45:56 > 0:45:57will eventually look like.
0:45:57 > 0:46:01But thankfully, Steve has a clear plan in mind.
0:46:01 > 0:46:03This is the space that we have got to work with,
0:46:03 > 0:46:06and we're going to divide the whole restaurant, half of it being
0:46:06 > 0:46:09the cooking and the other half of it being the seating area.
0:46:09 > 0:46:13To the left of me, there will be all the fish ranges, the grills,
0:46:13 > 0:46:15the chefs working.
0:46:15 > 0:46:18And to the right-hand side will be all the booth seating.
0:46:18 > 0:46:20And in the front area, it's going to be high-level seating.
0:46:20 > 0:46:23Also, we are going to divide the shop front,
0:46:23 > 0:46:28where part of it is going to be for the take away.
0:46:28 > 0:46:32And there'll be a counter where they'll get served
0:46:32 > 0:46:34to take their fish and chips home.
0:46:35 > 0:46:40The plans are impressive and I love the idea of that open cooking area.
0:46:40 > 0:46:44As you can imagine, finding a design that six partners can agree on,
0:46:44 > 0:46:47well, that can be tricky, so how did they manage?
0:46:47 > 0:46:50There was six of us involved, everyone had different ideas.
0:46:50 > 0:46:53And of course, we are restaurant people, they are designer people.
0:46:53 > 0:46:56So after discussing with the cousins,
0:46:56 > 0:47:01we decided that we'll leave the food and the menu to us
0:47:01 > 0:47:05and let the designers get on with designing the place.
0:47:05 > 0:47:07It will be nice to see when it is finished.
0:47:09 > 0:47:13All trace of the former beauty salon has been removed
0:47:13 > 0:47:14during the strip-out.
0:47:14 > 0:47:17But after all, beauty is only skin deep.
0:47:17 > 0:47:20However, look a bit deeper underneath
0:47:20 > 0:47:22and you never know what you might uncover.
0:47:23 > 0:47:25It is such an old building.
0:47:25 > 0:47:28We found a river going beneath the floor in here.
0:47:28 > 0:47:32I've heard that there's not a lot we can do. We just cover it up
0:47:32 > 0:47:36and it's a stream that goes along underneath the building here.
0:47:36 > 0:47:38But it was a shock when we first saw it.
0:47:38 > 0:47:41# Black river... #
0:47:42 > 0:47:45Now that's what I call a water feature.
0:47:48 > 0:47:51We know estate agents are an imaginative lot,
0:47:51 > 0:47:53so we asked two property experts
0:47:53 > 0:47:55to visit the premises,
0:47:55 > 0:47:56gaze into their crystal balls
0:47:56 > 0:47:59and tell us what the future could hold for Steve
0:47:59 > 0:48:00and the family business.
0:48:02 > 0:48:06This property was bought at auction for a cool 1.2 million.
0:48:06 > 0:48:12Steve has a firm price of 220,000 to fully fit out the restaurant.
0:48:12 > 0:48:16Add to that an estimated half a million pounds to convert upstairs
0:48:16 > 0:48:21to flats, and the total price is not far off two million quid.
0:48:21 > 0:48:25That buys you a lot of fish and chips.
0:48:25 > 0:48:27But is it a wise investment?
0:48:27 > 0:48:32We would suggest that a sensible figure
0:48:32 > 0:48:34for the restaurant, once it is up and running,
0:48:34 > 0:48:37in terms of a sale price, would be in the region
0:48:37 > 0:48:38of £750,000.
0:48:38 > 0:48:42And if the boys decided to lease it out?
0:48:42 > 0:48:46The rental value of the property would probably be in the region
0:48:46 > 0:48:48of £45,000 per annum.
0:48:48 > 0:48:53That could give a capital value in the region of £750,000.
0:48:53 > 0:48:57I think that is a lot less than what I had estimated.
0:48:57 > 0:49:01If we were to let it out, I'm sure we would get in excess of £60,000
0:49:01 > 0:49:05and we would be looking at sort of 850 to 900,000 for a sale.
0:49:05 > 0:49:06Well, it's clear,
0:49:06 > 0:49:10Steve doesn't think much of the estate agents' fortune-telling.
0:49:10 > 0:49:13The partners have decided to concentrate on the restaurant
0:49:13 > 0:49:15for now. But once that is established,
0:49:15 > 0:49:18they will turn their attention upstairs.
0:49:18 > 0:49:22The plan is still to develop four two-bedroom flats.
0:49:22 > 0:49:25The estate agents estimated a rental income
0:49:25 > 0:49:30of approximately £1,500 per calendar month for each of these.
0:49:30 > 0:49:35That would mean a yearly income of 72,000.
0:49:35 > 0:49:37But what could the flats sell for?
0:49:38 > 0:49:42I believe a two-bedroom flat would probably fetch in the region
0:49:42 > 0:49:44of £425,000.
0:49:44 > 0:49:47We would anticipate a two-bedroom flat in this area selling
0:49:47 > 0:49:50for in the region of £475,000.
0:49:50 > 0:49:54That top valuation would mean a total sale price for the four
0:49:54 > 0:49:57flats of 1.9 million,
0:49:57 > 0:49:59which could match also exactly
0:49:59 > 0:50:02the cost of the purchase and refurbishment.
0:50:02 > 0:50:05I would imagine, when it is all set up and everything is up
0:50:05 > 0:50:09and running, I'd expect the value to be around two million.
0:50:09 > 0:50:15By then, I would have expected we would have paid about 1.8.
0:50:15 > 0:50:17So hopefully,
0:50:17 > 0:50:21we get some expenses back and we'll have the shop for free.
0:50:21 > 0:50:24I reckon Steve and his brother
0:50:24 > 0:50:26and cousins will be happy with that result.
0:50:26 > 0:50:29# No fish today. #
0:50:29 > 0:50:33Fish might be off the menu for now, but we'll be back to see
0:50:33 > 0:50:37if this place is serving up a healthy profit.
0:50:37 > 0:50:40# No fish today. #
0:50:47 > 0:50:51We return now to see the end of our other family project here,
0:50:51 > 0:50:53in Kingsand, in Cornwall.
0:50:53 > 0:50:56Back in March 2013,
0:50:56 > 0:50:58we met Mike and daughter Sarah.
0:50:58 > 0:51:02Mike bought this cottage at auction for 184,000.
0:51:02 > 0:51:07The house was in need of updating, but was full of period charm.
0:51:08 > 0:51:10Tell me why you wanted to buy it.
0:51:10 > 0:51:12Well, Sarah lives in the village
0:51:12 > 0:51:16and this was really bought so that my wife and I can come down
0:51:16 > 0:51:19and spend some time in the village with the grandson.
0:51:19 > 0:51:22But also, our youngest daughter, Justine, used to
0:51:22 > 0:51:26work in the village, and she is keen to come back here at some stage.
0:51:26 > 0:51:29- Right.- So it may well be that some time in the future, she will move in.
0:51:29 > 0:51:32- So there's a strong family history with Kingsand, then?- Yeah.
0:51:32 > 0:51:35- We've been here for about 20 years. - Wow.- Yeah.
0:51:35 > 0:51:39Mike had a budget of 20 to 25,000
0:51:39 > 0:51:41and a timescale of two to three months.
0:51:41 > 0:51:45But when we returned eight months later, although the structural
0:51:45 > 0:51:46work was done,
0:51:46 > 0:51:48the cottage still wasn't finished.
0:51:49 > 0:51:51Obviously, we were going to do
0:51:51 > 0:51:54the renovation within two to three months, originally.
0:51:54 > 0:51:57But because of the changes that we decided to make,
0:51:57 > 0:51:58we needed to get plans drawn up.
0:51:58 > 0:52:00We then needed to get building control approval.
0:52:00 > 0:52:05And all that really wasn't finalised for about four months.
0:52:05 > 0:52:09And the builders have only been on site just over two months.
0:52:09 > 0:52:11So, the last two months we have done quite a lot of work.
0:52:11 > 0:52:15It is now almost 15 months since we first met Mike and Sarah,
0:52:15 > 0:52:18and we have returned to see the finished cottage.
0:52:18 > 0:52:22# It's been a long time
0:52:22 > 0:52:25# But now we've come home
0:52:25 > 0:52:28# It's a fine thing to travel
0:52:30 > 0:52:32# But now we've come home. #
0:52:34 > 0:52:36The transformation is fantastic.
0:52:37 > 0:52:40Mike and his family have done an amazing job of updating
0:52:40 > 0:52:44the property without losing its cottage character.
0:52:44 > 0:52:46Since you were last here,
0:52:46 > 0:52:49the property has been completely repainted.
0:52:49 > 0:52:53The patio area has been completed with patio slats put down.
0:52:53 > 0:52:55I've painted the wall outside.
0:52:55 > 0:52:58When I first came to this property, I was really keen to see
0:52:58 > 0:53:02what the floors would look like once the carpets were jettisoned.
0:53:02 > 0:53:05And the wait has not gone unrewarded.
0:53:05 > 0:53:07The key thing, I think, which has really finished
0:53:07 > 0:53:09the property off quite nicely is the floors.
0:53:09 > 0:53:11The floors have now been sanded.
0:53:11 > 0:53:15So it's wooden floors downstairs and carpets upstairs.
0:53:15 > 0:53:18The finish really is lovely.
0:53:18 > 0:53:21And how does Mike's daughter, Sarah, feel about it?
0:53:21 > 0:53:25It has got a feeling of spaciousness
0:53:25 > 0:53:28and it is very light, which is quite unusual
0:53:28 > 0:53:31because they really are like old cottages squished in together.
0:53:31 > 0:53:34I think especially knocking down this wall
0:53:34 > 0:53:38and with the sliding doors, it has really made it look open.
0:53:40 > 0:53:41When we last came to see Mike,
0:53:41 > 0:53:44his original budget of 20,000 to 25,000
0:53:44 > 0:53:47had become 34,000, merely only
0:53:47 > 0:53:52because they had decided to make bigger changes, like the en-suites.
0:53:52 > 0:53:54So what has been the final spender?
0:53:54 > 0:53:56Well, I think, at the end of the day,
0:53:56 > 0:54:00with the painting outside now in the patio area,
0:54:00 > 0:54:01we spent around 36,000.
0:54:03 > 0:54:06Well, they've spent time here and moved all their furniture in,
0:54:06 > 0:54:09but now there are bigger plans afoot.
0:54:10 > 0:54:14We've currently got a house in Somerset on the market and we are
0:54:14 > 0:54:17offering that with no onward chain
0:54:17 > 0:54:20to try and achieve a reasonably quick sale.
0:54:20 > 0:54:24If we do sell it, we then move here for a period
0:54:24 > 0:54:26to look for somewhere bigger in this area,
0:54:26 > 0:54:30and then probably either sell this or rent it out.
0:54:33 > 0:54:35With a potential sale or rental in the cards,
0:54:35 > 0:54:38we invited two local property experts around to see what
0:54:38 > 0:54:40they thought of the cottage.
0:54:40 > 0:54:44The property in its current format looks absolutely amazing.
0:54:44 > 0:54:46I really do like
0:54:46 > 0:54:47and love, in fact, what they've done to it.
0:54:47 > 0:54:50The kitchen works well, having obviously gone
0:54:50 > 0:54:52into the extended outbuildings.
0:54:52 > 0:54:54Going upstairs, you've got some hidden en-suites
0:54:54 > 0:54:57which are really clever, so it utilises the space perfectly well.
0:54:57 > 0:54:59It is a really nice home.
0:54:59 > 0:55:01I think the standard of finish is really good.
0:55:01 > 0:55:04I think it is finished to a very high standard.
0:55:04 > 0:55:07I really like the decor. It is modern,
0:55:07 > 0:55:09but it still retains the character.
0:55:09 > 0:55:12This property is going to appeal to a wide marketplace -
0:55:12 > 0:55:15people looking for a holiday boat home, people looking just for
0:55:15 > 0:55:19a small lock-up-and-leave unit, travelling or commuting to the city.
0:55:19 > 0:55:21It really works very well for everyone.
0:55:23 > 0:55:27Mike bought this cottage for 184,000
0:55:27 > 0:55:31and spent a further £36,000 on renovations.
0:55:31 > 0:55:34What sort of return could he expect if he were to rent it out?
0:55:36 > 0:55:39I think this property could rent for between £750
0:55:39 > 0:55:42to £850 per calendar month.
0:55:42 > 0:55:44In the current rental market, the property would achieve
0:55:44 > 0:55:49somewhere between £775 and £850 per calendar month.
0:55:49 > 0:55:53Your long-term rental figure, that's quite a good figure.
0:55:53 > 0:55:56Possibly we will be interested if we decided to rent it,
0:55:56 > 0:55:58but at the moment, we haven't decided.
0:56:00 > 0:56:04Even the lowest figure would give Mike a yield of almost 4%.
0:56:04 > 0:56:08He has spent a total of £220,000 on the property,
0:56:08 > 0:56:11what do our experts think it is worth now?
0:56:11 > 0:56:14The property would resell for somewhere in the region
0:56:14 > 0:56:16of £300,000.
0:56:16 > 0:56:20I think this property could resell for £300,000.
0:56:20 > 0:56:24300,000 is in the ballpark figure.
0:56:24 > 0:56:29Funny enough, we had it valued two weeks ago, and the figure was 325.
0:56:29 > 0:56:33But obviously, at the end of the day, it is what someone will pay for it.
0:56:33 > 0:56:35- But we are happy with 300.- Yeah.
0:56:35 > 0:56:39If he were to sell it for £300,000,
0:56:39 > 0:56:43Mike would have made a profit of £80,000 before taxes and fees,
0:56:43 > 0:56:47so has this helped him make up his mind about what to do?
0:56:47 > 0:56:50I think in the future it's really just see what happens.
0:56:50 > 0:56:52It really depends on whether we sell our property in Somerset
0:56:52 > 0:56:54and at what figure it goes for.
0:56:54 > 0:56:57And then it depends on what we buy locally.
0:56:57 > 0:57:01It may well be that we have to sell this to fund another property
0:57:01 > 0:57:04or it may well be that we'll then rent this.
0:57:04 > 0:57:06But it's not decided at the moment.
0:57:08 > 0:57:10And now for the big question,
0:57:10 > 0:57:15how did the renovation by family committee actually work out?
0:57:15 > 0:57:16The committee worked very well.
0:57:16 > 0:57:20- I listened to everyone's views and did my own thing.- Aw.
0:57:20 > 0:57:22That's what he's saying.
0:57:22 > 0:57:23I think, to be fair,
0:57:23 > 0:57:29it was good because initially there were ideas of keeping the bathroom
0:57:29 > 0:57:32downstairs... Because it is what it is, it is a two-up, two-down.
0:57:32 > 0:57:35But then the more people that came...
0:57:35 > 0:57:36And that was just neighbours and
0:57:36 > 0:57:40nosy people as well, people who just turned up, everybody had opinions.
0:57:40 > 0:57:44And actually it was quite good cos then the project started to evolve.
0:57:44 > 0:57:47So it was quite good to listen to other people's opinions.
0:57:47 > 0:57:50- But, yeah, still do what you want. - That's right.
0:57:50 > 0:57:53That's right, Mike, THAT'S how to run a committee.
0:58:01 > 0:58:04Well, we will have plenty more property auction stories
0:58:04 > 0:58:07for you next time - some with happy endings, others...
0:58:07 > 0:58:08possibly not so.
0:58:08 > 0:58:10And you wouldn't want to miss any of them,
0:58:10 > 0:58:13so make sure you join us next time for Homes Under The Hammer.
0:58:13 > 0:58:15- We'll see you then. - BOTH: Goodbye.