0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:04Now, there's no getting away from it -
0:00:04 > 0:00:06investing in a house is probably going to be
0:00:06 > 0:00:09- one of the biggest investments you will ever make.- That's right.
0:00:09 > 0:00:11Now, Martin and I, over the years,
0:00:11 > 0:00:13have fallen in love with so many properties, haven't we?
0:00:13 > 0:00:14I'm probably worse than you are.
0:00:14 > 0:00:17In fact, you are terrible. He does love everything.
0:00:17 > 0:00:18The important thing here though
0:00:18 > 0:00:20is to not let your heart rule your head.
0:00:20 > 0:00:22No, and there are some bargains to be found
0:00:22 > 0:00:24when you visit your local auction house.
0:00:50 > 0:00:52Well, the excitement of a property auction is hard to beat.
0:00:52 > 0:00:56- Even after all this time, we still love it, don't we?- We do indeed.
0:00:56 > 0:01:01So what were the properties that excited the buyers on today's show?
0:01:02 > 0:01:04It's all about bigger and better today,
0:01:04 > 0:01:06like this bungalow in Croydon.
0:01:06 > 0:01:08It just goes on and on - it's huge!
0:01:10 > 0:01:14And this surprisingly roomy one-bedroom flat in Gateshead.
0:01:14 > 0:01:19Well, in terms of space... it's good, it's good.
0:01:21 > 0:01:25But for renovation on a huge scale, well...
0:01:25 > 0:01:28This really is such a property.
0:01:28 > 0:01:30Look. It's this water tower.
0:01:31 > 0:01:33All of these properties have been sold at auction
0:01:33 > 0:01:36and we'll find out who bought them and what they paid for them
0:01:36 > 0:01:38when they went under the hammer.
0:01:38 > 0:01:39Well done, sir, it's yours.
0:01:45 > 0:01:48This is Croydon in south-east London,
0:01:48 > 0:01:52famous for being the birthplace of fashion model Kate Moss,
0:01:52 > 0:01:55and these days, for its fabulous shops.
0:01:55 > 0:01:57# She's in fashion... #
0:01:59 > 0:02:01Let's hope the Croydon property I'm here to see
0:02:01 > 0:02:04has a wonderful bone structure and just needs a bit of a makeover.
0:02:06 > 0:02:09A couple of miles or so from Croydon town centre
0:02:09 > 0:02:14and I'm in lovely, leafy suburbia - and highly desirable it is, too.
0:02:14 > 0:02:16Now, the property I'm here to see is this -
0:02:16 > 0:02:18a very substantial bungalow,
0:02:18 > 0:02:22and it had a guide price of £390,000.
0:02:24 > 0:02:27# Those first impressions
0:02:27 > 0:02:30# They keep us guessing... #
0:02:30 > 0:02:32Ooh, I love a good first impression,
0:02:32 > 0:02:35and this property certainly delivers on that front.
0:02:35 > 0:02:39Big, wide plot, lovely front garden,
0:02:39 > 0:02:41plenty of space for off-street parking...
0:02:41 > 0:02:44and some character on the outside.
0:02:44 > 0:02:46And inside?
0:02:48 > 0:02:51- Wowzer! - SHE LAUGHS
0:02:51 > 0:02:55This is what you call open-plan living.
0:02:55 > 0:02:58It feels huge when you walk in here.
0:02:58 > 0:03:01It feels like somebody has just knocked all the walls down
0:03:01 > 0:03:04and it also feels like it's half-done. Hm...
0:03:04 > 0:03:07You've got a kitchen area here without a kitchen in.
0:03:07 > 0:03:10May have been quite tricky to secure a mortgage on a place like this
0:03:10 > 0:03:12because you do need a sink in situ.
0:03:12 > 0:03:16Lounge area - nice little fireplace that's been built.
0:03:16 > 0:03:17What have we got up here?
0:03:17 > 0:03:19Hm, this is quite an interesting use of space.
0:03:19 > 0:03:21A sort of loft room.
0:03:21 > 0:03:24You'd have to check the building regs on that.
0:03:24 > 0:03:27You've got another big room to the right here,
0:03:27 > 0:03:30something to the left, a couple of rooms at the back.
0:03:30 > 0:03:32It just goes on and on - it's huge!
0:03:32 > 0:03:36# Gonna be a big thing, yeah
0:03:36 > 0:03:38# Bigger than a... #
0:03:38 > 0:03:42In fact, the catalogue says there are seven rooms in total,
0:03:42 > 0:03:44though how can you tell?
0:03:44 > 0:03:46There are big rooms, there are small rooms -
0:03:46 > 0:03:49it is such a confusing layout.
0:03:49 > 0:03:50The upstairs is simpler,
0:03:50 > 0:03:54but the space is obviously hampered by the slope of the roof.
0:03:57 > 0:04:00The bungalow is big, but not as big as it could be,
0:04:00 > 0:04:02and that is what a previous owner thought,
0:04:02 > 0:04:05because planning permission has been passed
0:04:05 > 0:04:08for dormer windows in the front and the rear in the roof
0:04:08 > 0:04:10to add more accommodation up there,
0:04:10 > 0:04:14and for a single-storey side and rear extension.
0:04:14 > 0:04:15So we're talking about turning this into
0:04:15 > 0:04:18a four- or even five-bedroomed place.
0:04:18 > 0:04:20Now, that is more like it.
0:04:20 > 0:04:22# That's the way, uh-huh, uh-huh
0:04:22 > 0:04:25# I like it uh-huh, uh-huh
0:04:25 > 0:04:27# That's the way, uh-huh, uh-huh
0:04:27 > 0:04:29# I like it uh-huh, uh-huh... #
0:04:29 > 0:04:32What isn't so likeable are these rooms at the back.
0:04:32 > 0:04:35It's a confusing mix of shapes and sizes,
0:04:35 > 0:04:37and I think the best way of thinking about this place
0:04:37 > 0:04:41is a blank canvas on which to start again.
0:04:41 > 0:04:45Outside, there is ample space at the front for off-road car parking,
0:04:45 > 0:04:47and in the back, there's a large garden
0:04:47 > 0:04:51which, with a bit of TLC, could be very pretty indeed.
0:04:51 > 0:04:53But it's really the area
0:04:53 > 0:04:55that will be adding big bucks to this development.
0:04:55 > 0:04:57# That's the way, uh-huh, uh-huh
0:04:57 > 0:05:00# I like it, uh-huh, uh-huh... #
0:05:01 > 0:05:03This is a full-on family area.
0:05:03 > 0:05:08You are so close to central London, but it feels leafy and lovely.
0:05:08 > 0:05:10So, it'll come as no surprise
0:05:10 > 0:05:14that big family houses command big money,
0:05:14 > 0:05:17which makes me wonder, is it worth knocking this place down
0:05:17 > 0:05:19and starting again?
0:05:19 > 0:05:22Well, no, I don't think it is.
0:05:22 > 0:05:24Even if you bought for the guide price,
0:05:24 > 0:05:26the amount you'd need to spend demolishing
0:05:26 > 0:05:28and rebuilding to a high spec
0:05:28 > 0:05:32would probably leave you with very little in the way of profit.
0:05:32 > 0:05:34I would just use my imagination
0:05:34 > 0:05:37and make the most of what you've got here.
0:05:37 > 0:05:41# Imagination, it's funny
0:05:41 > 0:05:45# It makes a cloudy day sunny
0:05:45 > 0:05:47# Makes the bees think of honey
0:05:47 > 0:05:50# Just as I think of you... #
0:05:51 > 0:05:55Well, my imagination is running riot with this place.
0:05:56 > 0:05:59How will a local property expert see things?
0:06:02 > 0:06:05This could be maximised to a four- to five-bedroom house,
0:06:05 > 0:06:06I think, quite easily.
0:06:06 > 0:06:11You know, a clever builder can really extend the property
0:06:11 > 0:06:14but make it look like it was all original.
0:06:15 > 0:06:17Of course, that won't come cheap.
0:06:17 > 0:06:21What do you reckon? Anything between 60 and 100 grand?
0:06:21 > 0:06:25And bear in mind, the guide price is 390,000.
0:06:25 > 0:06:28So what could a house like that sell for?
0:06:28 > 0:06:30Potentially, I think this property
0:06:30 > 0:06:34you could put on the market for around 700-750,000
0:06:34 > 0:06:36if you do a really decent job on it.
0:06:36 > 0:06:40And what about the rental in this area?
0:06:40 > 0:06:43You're probably looking at around 2,000-2,200 a month.
0:06:45 > 0:06:47A great plot and a great opportunity
0:06:47 > 0:06:50for someone to just remodel this bungalow
0:06:50 > 0:06:53and make it a fabulous family home.
0:06:53 > 0:06:55Let's see who that was at the auction.
0:06:56 > 0:06:59Seven-room bungalow.
0:06:59 > 0:07:00355?
0:07:02 > 0:07:06355. Stream right. 360?
0:07:07 > 0:07:09365?
0:07:10 > 0:07:14At the back? 365 with the catalogue. 370?
0:07:15 > 0:07:19Behind you, 370 sitting down. New spot. 375?
0:07:21 > 0:07:22380.
0:07:22 > 0:07:26The price rose steadily after these initial exchanges,
0:07:26 > 0:07:30and we rejoin the auction at £415,000.
0:07:30 > 0:07:32415?
0:07:32 > 0:07:33416?
0:07:35 > 0:07:37417?
0:07:37 > 0:07:38418?
0:07:40 > 0:07:42419?
0:07:42 > 0:07:43420?
0:07:45 > 0:07:48Have a think. 419 down here.
0:07:48 > 0:07:50420, back in.
0:07:50 > 0:07:53This side. 420?
0:07:53 > 0:07:56If not, it's 419 down here.
0:07:56 > 0:08:00419, first time, second time...
0:08:00 > 0:08:02third and last time.
0:08:02 > 0:08:04If you're all done...
0:08:04 > 0:08:06- BANGS GAVEL - Sold. 419. Well bought.
0:08:06 > 0:08:07I liked that one.
0:08:11 > 0:08:15And the successful bidder on the day was Croydon local Kishor.
0:08:15 > 0:08:17He and his Chartered Surveyor son Amish
0:08:17 > 0:08:19run a property developing business.
0:08:19 > 0:08:22I met them back at the bungalow to find out more.
0:08:24 > 0:08:26Guys, congratulations. This is a brilliant property.
0:08:26 > 0:08:27So, who spotted it?
0:08:27 > 0:08:29I spotted it.
0:08:29 > 0:08:31On Sunday evening around seven o'clock,
0:08:31 > 0:08:34I was just passing this road, I saw it,
0:08:34 > 0:08:37I thought, "Oh, that's in the auction. Looks interesting."
0:08:37 > 0:08:39Had a peep through the window. Monday was the auction.
0:08:39 > 0:08:43So, Sunday night to Monday, and you went to the auction and bid for it?
0:08:43 > 0:08:44And just bid for it.
0:08:44 > 0:08:46Offered the auctioneer 300,000.
0:08:46 > 0:08:48He said, "Nah, don't be silly," you know?
0:08:48 > 0:08:49I said, "All right, take 350."
0:08:49 > 0:08:51He said, "All right, we start you at 350."
0:08:51 > 0:08:56And came in until 419,000 and the hammer fell.
0:08:56 > 0:08:58So, Amish, what do you make of that?
0:08:58 > 0:09:02Well, this is typical of my dad, to be honest with you.
0:09:02 > 0:09:03He'll give me a call and say,
0:09:03 > 0:09:06"I've seen a property and this is the price. What do you think?"
0:09:06 > 0:09:10And I'm like, "Well, let's have a research of it," normally.
0:09:10 > 0:09:11He's like "No, no time for that.
0:09:11 > 0:09:13"I've got to go to the auction and have a go."
0:09:13 > 0:09:15I was like, "Fine, go and do what you've got to do."
0:09:15 > 0:09:17So, what's the family history?
0:09:17 > 0:09:19- Do you guys do this kind of thing all the time?- Yes.
0:09:19 > 0:09:22I'm a quantity surveyor and Dad's a developer
0:09:22 > 0:09:23and we sort of teamed up
0:09:23 > 0:09:26and we've, you know, started doing a bit more developments
0:09:26 > 0:09:28and sort of taking it from there really.
0:09:28 > 0:09:33I basically started working as a carpenter
0:09:33 > 0:09:36when I came to this country in 1972 from Kenya,
0:09:36 > 0:09:41and since then I've bought a DIY shop, got interested in it,
0:09:41 > 0:09:44bought another DIY shop... with my brothers.
0:09:44 > 0:09:47And eventually started buying properties.
0:09:47 > 0:09:49So the very first property,
0:09:49 > 0:09:52my brother, Arnit, and myself were here.
0:09:52 > 0:09:59We just collected about £5,000 and went to the auctions in 1976.
0:09:59 > 0:10:00So, hold on a minute.
0:10:00 > 0:10:06So your first ever auction property was back in 1976 and it was £5,000?
0:10:06 > 0:10:08- 5,500.- Whoa!
0:10:08 > 0:10:12# Oh, you got to learn to roll with the changes
0:10:12 > 0:10:14# Got to, got to, got to... #
0:10:15 > 0:10:18Kishor certainly has rolled with the changes -
0:10:18 > 0:10:22that's nearly 40 years of experience in property development.
0:10:22 > 0:10:25So what do they have planned for this place?
0:10:25 > 0:10:28The plan that we were thinking about doing was at the back,
0:10:28 > 0:10:30where you've got, sort of, about three walls
0:10:30 > 0:10:32that divide three rooms into the back -
0:10:32 > 0:10:34knock all the three through, OK?
0:10:34 > 0:10:36And then, put an extension on the corner
0:10:36 > 0:10:40- so that'll be a nice L shape. - Absolutely.- You know?
0:10:40 > 0:10:41Kitchen-diner would be lovely
0:10:41 > 0:10:43with some bifold doors out the back to the garden.
0:10:43 > 0:10:44It'd be quite nice.
0:10:44 > 0:10:47- Two bedrooms upstairs.- Yes. - A bathroom?
0:10:47 > 0:10:49One en-suite and one bathroom,
0:10:49 > 0:10:52but, again, we've got to work with the space
0:10:52 > 0:10:54and see what we can squeeze in there.
0:10:54 > 0:10:56- And two bedrooms downstairs? - Two bedrooms downstairs.
0:10:56 > 0:10:58- So a four-bedroom property all in all?- That's right.
0:10:58 > 0:11:01- Two and two. Two-up, two-down. And open some dormers...- Yeah.
0:11:01 > 0:11:07Rear part of it, make more lighter ensuite bedrooms.
0:11:07 > 0:11:10There's not as much light in here at the moment as well, so...
0:11:10 > 0:11:13# Let the sunshine in
0:11:13 > 0:11:15# Come over right away.
0:11:15 > 0:11:19# Let the sunshine in and brighten my day
0:11:19 > 0:11:21# Send those clouds away
0:11:21 > 0:11:23# Let the sunshine in... #
0:11:23 > 0:11:25I am delighted to hear the boys
0:11:25 > 0:11:28talking about letting light into this house.
0:11:28 > 0:11:31How much do they think this will all cost to do the work?
0:11:31 > 0:11:36The budget for the work here, I would allow £70-£80,000.
0:11:36 > 0:11:38So that's quite a healthy budget, really.
0:11:38 > 0:11:41I mean, you know, new kitchen, new bathroom, building work.
0:11:41 > 0:11:45What about extending out the front or putting on a nice big porch
0:11:45 > 0:11:48because it can really take it - you've got such an amazing frontage.
0:11:48 > 0:11:52It's a lovely thought - I hadn't even thought about that...
0:11:52 > 0:11:54I mean, we'd have to do the measurements and see,
0:11:54 > 0:11:56cos they do want to get a car in, so...
0:11:56 > 0:11:58- Well, there's plenty of space for that.- Yeah.
0:11:58 > 0:12:01Six cars, ten cars! Come on!
0:12:01 > 0:12:03- There's loads of room. - Amish, it's huge out there.
0:12:03 > 0:12:05I'm just looking at the cost element.
0:12:05 > 0:12:07Caravans even!
0:12:08 > 0:12:11# Pull up to my bumper, baby
0:12:11 > 0:12:14# And drive it in between. #
0:12:14 > 0:12:16Amish is having none of my nonsense,
0:12:16 > 0:12:20but after all, it's his job to rein in the spending,
0:12:20 > 0:12:23and he's hoping to have the work done in six months.
0:12:23 > 0:12:26Kishor has three brothers - they all work together
0:12:26 > 0:12:29and have 70-plus properties between them.
0:12:29 > 0:12:30There is also the possibility that
0:12:30 > 0:12:33one of Kishor's brothers might move into the house.
0:12:33 > 0:12:35But if that plan changes,
0:12:35 > 0:12:36what do they think they could sell it for?
0:12:38 > 0:12:39I mean, we were discussing this
0:12:39 > 0:12:43and I would go lower, Dad would probably go a little higher.
0:12:43 > 0:12:44OK, go on, valuation.
0:12:44 > 0:12:47Er, 675-700.
0:12:47 > 0:12:49- OK. - I would say in around the 650 mark.
0:12:49 > 0:12:52Well, guys, I'm really excited to see what you do to the property.
0:12:52 > 0:12:54It's been fantastic meeting you both.
0:12:54 > 0:12:56- It was lovely to see you too, yes. - Good luck.
0:12:56 > 0:12:57It's been a brilliant day.
0:12:57 > 0:12:59- Thank you so much. - Thank you very much.
0:12:59 > 0:13:00Thank you very much too, yeah.
0:13:02 > 0:13:05So, Kishor took a chance on this bungalow,
0:13:05 > 0:13:09but I think it was a chance worth taking in this case.
0:13:09 > 0:13:12This is a great property, and with Amish onboard,
0:13:12 > 0:13:15I'm sure they will transform it.
0:13:15 > 0:13:17I can't wait to see what it looks like when we return,
0:13:17 > 0:13:22and find out what it's worth and who's nearer the mark.
0:13:22 > 0:13:25You can find out what happens later on in the show.
0:13:30 > 0:13:33On the southern bank of the River Tyne,
0:13:33 > 0:13:36just over the water from Newcastle lies Gateshead.
0:13:36 > 0:13:38Home to 200,000 people,
0:13:38 > 0:13:41this area is famous for its iconic bridges
0:13:41 > 0:13:43as well as cultural landmarks
0:13:43 > 0:13:46like the BALTIC Centre for Contemporary Art.
0:13:46 > 0:13:49# Home is where I want to be
0:13:49 > 0:13:53# Pick me up and turn me round. #
0:13:55 > 0:13:57Well, just a mile from the centre of Gateshead
0:13:57 > 0:13:59is a property I'm here to see.
0:13:59 > 0:14:03What does £25,000-plus as a guide price
0:14:03 > 0:14:06buy you, potentially, around these parts?
0:14:06 > 0:14:10Well, in this case - this. Slightly unusual one, this.
0:14:10 > 0:14:12It's this flat here.
0:14:12 > 0:14:17One bedroom, but as you can see, there's a door just there.
0:14:17 > 0:14:19I'll explain more about that later. Let's have a look inside.
0:14:21 > 0:14:23So, what have we got?
0:14:24 > 0:14:26Well, quite a grand entrance.
0:14:26 > 0:14:28There's high ceilings, which is good.
0:14:28 > 0:14:32Corridor here, you've got a little sort of porch area there,
0:14:32 > 0:14:33which is always good.
0:14:35 > 0:14:38Extremely large bedroom. Whoa!
0:14:39 > 0:14:43Immediately, I'm thinking - is there a way of making this
0:14:43 > 0:14:44more than just a one-bedroom flat?
0:14:44 > 0:14:47Maybe incorporating a second bedroom perhaps, but I don't know.
0:14:47 > 0:14:50Big bathroom as well. Nice family-sized bathroom,
0:14:50 > 0:14:54and then through into this, which is your living room.
0:14:54 > 0:14:56Now, this is where the property I'm sure would have ended
0:14:56 > 0:14:59at some stage in its history.
0:14:59 > 0:15:02However, somebody's built on this area here
0:15:02 > 0:15:03which contains the kitchen.
0:15:03 > 0:15:07Now, it is obviously in need of some major refurbishment.
0:15:07 > 0:15:09And I'm a bit concerned about
0:15:09 > 0:15:11the way the plaster is coming off at the end there -
0:15:11 > 0:15:13maybe showing some signs of damp.
0:15:13 > 0:15:17In fact, other sort of indications that damp might be an issue
0:15:17 > 0:15:20in more places than one with this flat.
0:15:20 > 0:15:25But in terms of space... it's good, it's good.
0:15:25 > 0:15:29# Wide open spaces. #
0:15:29 > 0:15:31So, that's the interior.
0:15:31 > 0:15:34A good space with potential for an extra room,
0:15:34 > 0:15:36but with lots of work needed to modernise.
0:15:36 > 0:15:39Time to take a look outside.
0:15:39 > 0:15:40You never know quite what I'm going to find
0:15:40 > 0:15:43when I come out to the back of the properties I visit.
0:15:43 > 0:15:46But in this case, it's a real pleasant surprise.
0:15:46 > 0:15:51I mean, no garden to speak of, as in no grass and stuff,
0:15:51 > 0:15:55but somebody's done a really nice job of creating a lovely little space.
0:15:55 > 0:15:57Basically, you've got concrete,
0:15:57 > 0:16:01some steps leading up to a rear gate there.
0:16:01 > 0:16:02But this bit here, I don't know,
0:16:02 > 0:16:04it just has a sort of charm.
0:16:04 > 0:16:10It's like a little cottage garden... in a flat in Gateshead.
0:16:10 > 0:16:12Who cares? It's... It's lovely!
0:16:13 > 0:16:17What's not quite as lovely is the length of the lease -
0:16:17 > 0:16:20there's just 63 years left on it.
0:16:20 > 0:16:2370 years tends to be the cut-off point for most lenders,
0:16:23 > 0:16:26and it would also make it tricky to sell on.
0:16:26 > 0:16:29To extend it, you'll need permission from the freeholder
0:16:29 > 0:16:33which brings me back to those two front doors we saw earlier.
0:16:33 > 0:16:35This is called a Tyneside flat.
0:16:35 > 0:16:37Basically, two doors on the front,
0:16:37 > 0:16:40separate entrances leading to a ground-floor flat here
0:16:40 > 0:16:42and an upstairs flat there.
0:16:42 > 0:16:44It then gets complicated,
0:16:44 > 0:16:46'cause the lease is actually what they call a crossover lease,
0:16:46 > 0:16:52so, you, as the owner of the downstairs flat,
0:16:52 > 0:16:54are the freeholder to the upstairs flat,
0:16:54 > 0:16:57and similarly, the person who owns upstairs,
0:16:57 > 0:17:00the leaseholder upstairs, is the freeholder to your bit.
0:17:00 > 0:17:02So you're going to have to ask their permission
0:17:02 > 0:17:04for anything you want to do down here,
0:17:04 > 0:17:06and also, to extend that lease.
0:17:06 > 0:17:09So what's the end point of all this?
0:17:10 > 0:17:13A classic case of making sure
0:17:13 > 0:17:15you get on really well with your neighbours.
0:17:15 > 0:17:18# Making friends and meeting people
0:17:18 > 0:17:24# We're only happy when we're making friends and meeting people. #
0:17:24 > 0:17:27The short lease may go some way to explaining
0:17:27 > 0:17:29the guide price of £25,000.
0:17:29 > 0:17:33So, what can a local estate agent tell us about this area
0:17:33 > 0:17:35and this flat in particular?
0:17:35 > 0:17:39The apartment is bigger than normal for this type of property.
0:17:39 > 0:17:41It's got a much larger bathroom
0:17:41 > 0:17:44and I think that lends itself to being able to remodel it
0:17:44 > 0:17:47so that it could be a two-bedroom property.
0:17:49 > 0:17:51Assuming the lease was extended
0:17:51 > 0:17:54and the flat would remain as a one-bedroom flat,
0:17:54 > 0:18:00the agent thinks the rent would be around £350-£375 per calendar month,
0:18:00 > 0:18:03and the resale, 50-55,000.
0:18:03 > 0:18:07So would it be worthwhile to do the work and make it a two-bed flat?
0:18:09 > 0:18:11If it was remodelled and changed to a two-bedroom,
0:18:11 > 0:18:13I think you should be able to achieve
0:18:13 > 0:18:17somewhere between £400 and £450 per calendar month.
0:18:17 > 0:18:20And for resale?
0:18:20 > 0:18:24It should achieve somewhere between £60 and £65,000.
0:18:26 > 0:18:28Well, I think this little flat
0:18:28 > 0:18:30presents some really interesting opportunities,
0:18:30 > 0:18:34but it's really important that you understand the complications -
0:18:34 > 0:18:38or perhaps non-complications - of that whole lease issue.
0:18:38 > 0:18:42Let's see who wasn't put off when it went under the hammer.
0:18:42 > 0:18:44One-bed ground-floor flat.
0:18:44 > 0:18:47It does require some modernisation and refurbishment.
0:18:47 > 0:18:50Can ask a 25 to start? Do I have 25,000 anywhere?
0:18:51 > 0:18:53Gentleman with the catalogue at 25,000.
0:18:53 > 0:18:55Do I have 26 anywhere else?
0:18:55 > 0:18:57One bid standing at 25.
0:18:57 > 0:19:0126,000. 26 on the right. 27?
0:19:01 > 0:19:0328? 29?
0:19:03 > 0:19:0730? 31? 32? 33? 34?
0:19:09 > 0:19:11I'm here.... 34, bid.
0:19:11 > 0:19:1435? 35, bid. 36?
0:19:14 > 0:19:1735 on the left-hand side. Do I have 36 anywhere else?
0:19:17 > 0:19:20I'm standing in the doorway at £35,000.
0:19:20 > 0:19:22I'll take 500.
0:19:23 > 0:19:2535 and a half. 35 and a half, bid.
0:19:25 > 0:19:27500, yourself? 36?
0:19:27 > 0:19:3036 with a nod. 36 and a half?
0:19:30 > 0:19:3136 and a half bid.
0:19:31 > 0:19:3437? 37, bid. 37 and a half?
0:19:35 > 0:19:3937,000 standing. Anybody else joining in?
0:19:39 > 0:19:42I'm here left-hand side at £37,000.
0:19:42 > 0:19:43250 elsewhere?
0:19:43 > 0:19:45I'm selling at once at 37,000...
0:19:46 > 0:19:51I'm selling for the second and final time at £37,000.
0:19:51 > 0:19:55Sold to the gentleman in the doorway at £37,000.
0:19:55 > 0:19:56After some fierce bidding,
0:19:56 > 0:20:00it was Paul who managed to get the flat for £37,000
0:20:00 > 0:20:04as a joint project for himself and his friend, Adrian.
0:20:04 > 0:20:07# We're marching to the future
0:20:07 > 0:20:09# Yeah, it's me and you. #
0:20:09 > 0:20:11Paul, Adrian, great to meet you both.
0:20:11 > 0:20:13- You too.- Hello.- Congratulations.
0:20:13 > 0:20:16Tell me why you wanted to buy the flat.
0:20:16 > 0:20:18Well, basically, he was having a look around
0:20:18 > 0:20:22and he was wanting to join me on an investment.
0:20:22 > 0:20:25Oh, so you do this a lot, do you?
0:20:25 > 0:20:26I've done quite a few, yes.
0:20:26 > 0:20:29- So, I do this, he runs pubs.- Right.
0:20:29 > 0:20:31And we're obviously mates.
0:20:31 > 0:20:34- I drink in his pub.- Oh, right. That works- well, then. So...
0:20:34 > 0:20:36It's something that we've talked about for quite a long time.
0:20:36 > 0:20:39- Yeah, yeah.- And essentially it's a way of hopefully making
0:20:39 > 0:20:41a better return than having your money in a cash ISA.
0:20:41 > 0:20:44I've been doing it for quite some time thanks to you and Lucy,
0:20:44 > 0:20:45- of course.- Oh, great.
0:20:45 > 0:20:47- That's how I started originally. - Really?- Yeah, yeah.
0:20:47 > 0:20:50Well, a massive fan of the show, years ago,
0:20:50 > 0:20:53and I thought, "I can do that. I can do that."
0:20:53 > 0:20:55And one day I just did and it went from one thing to another
0:20:55 > 0:20:57- to another.- So, how many properties have you got now?
0:20:57 > 0:20:59- I've got 18 at the minute.- 18?- Yeah.
0:20:59 > 0:21:02And do you think you would have had those 18 properties without
0:21:02 > 0:21:03- Homes Under The Hammer? - Not at all, no.
0:21:03 > 0:21:05So, what about the idea of taking on a partner?
0:21:05 > 0:21:08Well, it's the first time ever, but we've been good mates for about
0:21:08 > 0:21:10five years or so.
0:21:10 > 0:21:13We get on quite well and that, so I think it'll be all right, yeah.
0:21:13 > 0:21:16What about the work? How are you going to manage the work?
0:21:16 > 0:21:19- Paul is more into doing the hard labour than I am.- Yeah.
0:21:19 > 0:21:22- So, I'll do that.- I'm very good at finding things for the best price.
0:21:22 > 0:21:24He'll source all the stuff cheaply and I'll put in.
0:21:24 > 0:21:28- Right.- Because...- So, you do a few minutes on the internet,
0:21:28 > 0:21:31find a cheap kitchen and then he spends three weeks fitting the thing.
0:21:31 > 0:21:33Sounds like you've got the good end of the deal here.
0:21:33 > 0:21:36- I might get rid of a few bags of rubble for him.- Absolutely, yeah.
0:21:36 > 0:21:40So, why this property for your first joint venture?
0:21:40 > 0:21:43Well, he was... After we'd had a conversation about
0:21:43 > 0:21:47the return on investment from his ISA account,
0:21:47 > 0:21:51he started looking through the auction catalogue.
0:21:51 > 0:21:54And because the guide price was very low I thought,
0:21:54 > 0:21:56"Well, there's obviously something wrong with it."
0:21:56 > 0:22:00And after looking at the information pack,
0:22:00 > 0:22:03- I realised the lease was very short. - Right.
0:22:03 > 0:22:04But with it being a Tyneside flat,
0:22:04 > 0:22:06I thought, well, it can be, obviously,
0:22:06 > 0:22:08sorted without too many problems.
0:22:08 > 0:22:11So I knew... So, I knocked on the neighbour next door and asked him
0:22:11 > 0:22:13would he be interested in increasing the lease and he said,
0:22:13 > 0:22:16"Oh, yes, of course. I'd be more than happy to do that."
0:22:16 > 0:22:18- Oh, wow.- So, we went to auction and bought the property.
0:22:18 > 0:22:21Right. Do you think that might have put some people off?
0:22:21 > 0:22:23I think it would put a lot of people off, yeah.
0:22:23 > 0:22:24So, what are you going to do to it?
0:22:24 > 0:22:27Well, we're going to strip it out, rewire it, replumb it,
0:22:27 > 0:22:29put a central heating system in.
0:22:29 > 0:22:32We're going to divide this room into two spaces
0:22:32 > 0:22:35and the bathroom will be in this space where we're actually standing
0:22:35 > 0:22:37- right here.- Oh, right.
0:22:37 > 0:22:39And then what's presently the bathroom,
0:22:39 > 0:22:41which is a really big space will become a second bedroom.
0:22:41 > 0:22:45- Oh, gosh.- And then we'll put a new kitchen in and...
0:22:45 > 0:22:47So, what's the budget for the work?
0:22:47 > 0:22:50- We've got a budget of about £12,000.- 12.
0:22:50 > 0:22:53- And you paid 37 for it, was it? - £37,000. That's right, yeah.
0:22:53 > 0:22:58- So, you're in it for £49,000-£50,000 or so.- Yeah.
0:22:58 > 0:23:00And you think you might be able to sell it for...?
0:23:00 > 0:23:02We're hoping for £75,000 as a sale price.
0:23:02 > 0:23:05Right, so 25 grand potential profit, split between you.
0:23:05 > 0:23:07- Not bad for a first venture. - Yeah, yeah, it's OK.
0:23:07 > 0:23:09I mean, we might not get that but, you know,
0:23:09 > 0:23:10it's worth a try, isn't it?
0:23:12 > 0:23:14It is worth a try.
0:23:14 > 0:23:17They may seem to be aiming a bit high on that resale price
0:23:17 > 0:23:21but let's wait and see what impact that lease extension has.
0:23:21 > 0:23:23They have been very clever on that lease issue
0:23:23 > 0:23:27and should be able to resolve it with some fairly minor legal fees.
0:23:27 > 0:23:31Paul is an experienced developer and Adrian has overseen
0:23:31 > 0:23:34renovation projects in several of the bars he owns,
0:23:34 > 0:23:36so what could possibly go wrong?
0:23:36 > 0:23:37Are you nervous at this point?
0:23:37 > 0:23:41Not really because of the fact that I'm quite happy with the area
0:23:41 > 0:23:44that the house is in and obviously more than happy for Paul
0:23:44 > 0:23:47to take the lead since it's what he's done for at least
0:23:47 > 0:23:50the last decade. You know, possibly if we were buying a property
0:23:50 > 0:23:53and turning it into a pub then it would be the opposite way around.
0:23:53 > 0:23:56But having him as your mentor, if you like,
0:23:56 > 0:23:59- has really made the big difference to you?- Oh, yes.
0:23:59 > 0:24:02It gives you a great deal more confidence to go ahead with it.
0:24:02 > 0:24:04Right. What's the timescale?
0:24:04 > 0:24:05About six to eight weeks.
0:24:05 > 0:24:08It would be shorter but I've got a couple of holidays coming up.
0:24:08 > 0:24:10Oh, really? OK.
0:24:10 > 0:24:13- Well, listen, congratulations. - OK, great.- Good luck to you both.
0:24:13 > 0:24:15- We look forward to seeing how you get on.- Cheers. Thanks a lot.
0:24:17 > 0:24:22So, Paul finally tempting Adrian into the world of property investment
0:24:22 > 0:24:25with this little flat in Gateshead.
0:24:25 > 0:24:28And a good one to start off with it is too.
0:24:28 > 0:24:30I think they're right to convert it into two bedrooms.
0:24:30 > 0:24:31I like their plans.
0:24:31 > 0:24:35How will it all go? You can find out later in the show.
0:24:36 > 0:24:42Coming up, we see if this water tower in Kent finally made a splash.
0:24:43 > 0:24:46It has to have that impact, that punch.
0:24:47 > 0:24:51While Paul and Adrian face an impact of a less welcome kind.
0:24:51 > 0:24:53Upstairs, his kitchen was actually going to...
0:24:53 > 0:24:55About to collapse into this property.
0:25:02 > 0:25:06It's time to venture back to Croydon where a year has passed
0:25:06 > 0:25:09since we last saw this dark and cavernous bungalow
0:25:09 > 0:25:15purchased at auction for £419,000 by Kishor and his son Amish.
0:25:15 > 0:25:19It was more or less a shell with allegedly seven rooms
0:25:19 > 0:25:22but, oh, what a messy old layout.
0:25:22 > 0:25:24# Looking back it's so bizarre
0:25:24 > 0:25:26# It runs in the family. #
0:25:26 > 0:25:29At the back where you've got sort of about three walls
0:25:29 > 0:25:31that divide three rooms into the back.
0:25:31 > 0:25:34Knock all the three through, put an extension on the corner,
0:25:34 > 0:25:36so it will be a nice L shape.
0:25:36 > 0:25:38Kitchen-diner will be lovely with some bifold doors
0:25:38 > 0:25:41out the back to the garden. It'll be quite nice.
0:25:43 > 0:25:46The father and son team had experience to draw on.
0:25:46 > 0:25:50Quantity surveyor Amish had been involved in developments before
0:25:50 > 0:25:52and Kishor wasn't exactly a beginner.
0:25:53 > 0:25:58The very first property, we just collected about £5,000
0:25:58 > 0:26:02and went to the auctions in 1976.
0:26:02 > 0:26:05# How we going to stop the time? #
0:26:09 > 0:26:12As to the potential resale value of the property
0:26:12 > 0:26:15once the work was completed, there were mixed opinions.
0:26:15 > 0:26:17OK, go on, valuation?
0:26:17 > 0:26:20- £675-£700,000.- OK.
0:26:20 > 0:26:22I would say around the £650,000 mark.
0:26:25 > 0:26:28Well, we'll find out who was nearer the mark in a minute.
0:26:28 > 0:26:31But first, let's look at what's happened to that empty shell.
0:26:31 > 0:26:34Just to warn you, if you're holding a hot drink
0:26:34 > 0:26:38you might want to park it somewhere safe, just for a few minutes.
0:26:52 > 0:26:54This is simply stunning.
0:26:54 > 0:26:58From an empty shell has emerged a beautiful family home.
0:26:58 > 0:27:02I don't know about you but I'm getting a serious case of
0:27:02 > 0:27:03kitchen envy.
0:27:03 > 0:27:06Just look at that. Wow!
0:27:06 > 0:27:10The living room retains it's beautiful brick fireplace,
0:27:10 > 0:27:13the only original feature that has survived unaltered.
0:27:16 > 0:27:18The other front room has become a cinema room,
0:27:18 > 0:27:21just awaiting a state-of-the-art installation.
0:27:23 > 0:27:27Behind these two front rooms lie two double bedrooms.
0:27:27 > 0:27:31But it's to the back of the house where things really start to change.
0:27:33 > 0:27:38We've extended the property by about four metres to the back
0:27:38 > 0:27:41across the entire span of the house.
0:27:41 > 0:27:46And we've raised the roof and we've created two extra bedrooms.
0:27:51 > 0:27:56Extending upwards has created two really spacious double bedrooms
0:27:56 > 0:27:58plus a stylish shower room.
0:27:58 > 0:28:01Outside, the front garden has been paved over
0:28:01 > 0:28:03for plenty of off-street parking.
0:28:03 > 0:28:05Everything is topped off with solar panels.
0:28:05 > 0:28:09So, has the original budget gone through the roof?
0:28:10 > 0:28:14The original figure was around £80,000 to spend
0:28:14 > 0:28:18but since my brother and his wife want to move in,
0:28:18 > 0:28:23it went on and on and on until I think we've spent in the region of
0:28:23 > 0:28:24£145,000-odd.
0:28:25 > 0:28:29So, almost nearly double the money, you know.
0:28:29 > 0:28:33The area that we're building in, the property prices are a lot higher.
0:28:33 > 0:28:37So whatever we are going to put into it, the list of features,
0:28:37 > 0:28:42the extra features, you will get that back... I hope.
0:28:42 > 0:28:44HE LAUGHS
0:28:45 > 0:28:48Well, it's no surprise the budget has taken a hit.
0:28:48 > 0:28:50This house has been furnished with an eye to the luxury end
0:28:50 > 0:28:53of the market. Can you spot any radiators?
0:28:53 > 0:28:57No - because it's all underfloor heating. Nice.
0:28:57 > 0:29:00What was the most challenging part of this renovation?
0:29:02 > 0:29:05The biggest part was the roof structure,
0:29:05 > 0:29:08which we never intended to do
0:29:08 > 0:29:10but then we decided to completely remove it.
0:29:10 > 0:29:13So, we did the whole new roof.
0:29:13 > 0:29:18The planning process...is always very difficult.
0:29:19 > 0:29:23Working with the local council, you really have to answer
0:29:23 > 0:29:25a lot of their questions and pre-empt what they're going to
0:29:25 > 0:29:26come back at you with.
0:29:26 > 0:29:30So, we did try our best and we had a couple of appeals
0:29:30 > 0:29:32but that's part of the game.
0:29:35 > 0:29:39Well, if this is a game, it's time now for the final scores.
0:29:39 > 0:29:41I'm dying to know what this amazing refurbishment has done
0:29:41 > 0:29:43to the value of the property.
0:29:48 > 0:29:52We invited two local experts to visit this suburban Shangri-la
0:29:52 > 0:29:54to give us their opinions.
0:29:55 > 0:29:58Well, a great improvement since when I was last here.
0:29:58 > 0:30:01A complete transformation and the property's got bigger.
0:30:01 > 0:30:04It's still got the appeal of people looking for a bungalow,
0:30:04 > 0:30:05there's still two bedrooms downstairs
0:30:05 > 0:30:07that could be used for that.
0:30:07 > 0:30:10But equally it's a family home as well and you've got
0:30:10 > 0:30:13one of the best primary schools in the area very nearby.
0:30:13 > 0:30:17The combination of that and the standard to which it's been done,
0:30:17 > 0:30:19it should appeal to a whole range of buyers.
0:30:23 > 0:30:28Kishor and Amish purchased this bungalow for £419,000
0:30:28 > 0:30:33and have spent a further £145,000 on its luxurious upgrade,
0:30:33 > 0:30:38bringing the total to a rather impressive £564,000.
0:30:38 > 0:30:42How does this compare to resale values in current market conditions?
0:30:44 > 0:30:47We would market this property at £750,000.
0:30:47 > 0:30:50I would expect this property to resell, in the current market,
0:30:50 > 0:30:53at a minimum figure of £750,000.
0:30:53 > 0:30:59That's potential profit of £186,000 before taxes and fees.
0:30:59 > 0:31:02So, as you will recall, there was some difference of opinion
0:31:02 > 0:31:05between father and son on the possible resale.
0:31:05 > 0:31:07What do they have to say for themselves?
0:31:07 > 0:31:10Great. Fantastic. Especially cos I went in quite cheap
0:31:10 > 0:31:14but obviously I didn't really want to rock the boat.
0:31:14 > 0:31:20Yeah. I came round about £750,000 sort of thing...plus.
0:31:20 > 0:31:23Well, that's 40 years of experience for you.
0:31:23 > 0:31:26The house won't be going on the market any time soon
0:31:26 > 0:31:29but those estimated figures are music to the ears of father and son
0:31:29 > 0:31:31property developers.
0:31:32 > 0:31:36Well, around this area is quite... A market of around £800,000,
0:31:36 > 0:31:39so I'm sure we can sell it for £750,000 plus very easy.
0:31:41 > 0:31:45And we're not in the negative, so we are on the plus
0:31:45 > 0:31:47so I'm quite happy about that.
0:31:56 > 0:31:59Well, if you thought that was an ambitious project
0:31:59 > 0:32:02then wait and see what I've got for you next.
0:32:02 > 0:32:06In 2012, I visited a property in Harrietsham, Kent,
0:32:06 > 0:32:09which I know most developers could only dream of.
0:32:09 > 0:32:13The beauty of auctions is that it's a place where the unique and unusual
0:32:13 > 0:32:15can be bought.
0:32:15 > 0:32:17Properties which would be hard to value
0:32:17 > 0:32:22as there are no market comparables - and this really is such a property.
0:32:22 > 0:32:27Look. It's this water tower, built in 1903.
0:32:27 > 0:32:31Wow! I need to explore.
0:32:31 > 0:32:34# Water tower
0:32:34 > 0:32:38# It sure is good to see you
0:32:38 > 0:32:43# I've been away for way too long. #
0:32:43 > 0:32:47The building itself is impressive, if a little basic.
0:32:47 > 0:32:49But the best thing about this,
0:32:49 > 0:32:53it's got full planning permission to convert to residential.
0:32:53 > 0:32:57In 2004, this sold for £120,000
0:32:57 > 0:33:00but because it's now got planning in place,
0:33:00 > 0:33:06the guide price at auction was £200,000-£220,000.
0:33:06 > 0:33:08It just goes to show, getting planning permission
0:33:08 > 0:33:10can really add pounds.
0:33:10 > 0:33:12# Water tower
0:33:12 > 0:33:15# Like a lighthouse in a storm. #
0:33:15 > 0:33:18It was an awesome building, no doubt about it.
0:33:18 > 0:33:22But for that money, all you were buying was an empty shell
0:33:22 > 0:33:25with a metal box on top and a challenge or two.
0:33:27 > 0:33:29Now, obviously, the shape of this building presents some issues
0:33:29 > 0:33:32when it comes to converting this into a home.
0:33:32 > 0:33:35You've got to imagine living in there.
0:33:35 > 0:33:38Put some floors in, well, you're going to end up with lots of small
0:33:38 > 0:33:42little rooms just one on top of another with lots of space taken up
0:33:42 > 0:33:44by stairs.
0:33:44 > 0:33:48Not the easiest layout to live with, but the plans allow for
0:33:48 > 0:33:51a large extension to be built out here at the rear.
0:33:51 > 0:33:53Now, this will be connected to the tower
0:33:53 > 0:33:57with a glass entrance area - stunning.
0:33:57 > 0:34:00The extension will be single-storey with a beautiful curved wall
0:34:00 > 0:34:03round here and this will house the main living areas.
0:34:03 > 0:34:06You've got your lounge, kitchen, dining room
0:34:06 > 0:34:10and also you'll have two bedrooms with en suites just over there.
0:34:10 > 0:34:14It was an amazing state-of-the-art plan with the extension
0:34:14 > 0:34:18having curved windows, designed to make the most of the views.
0:34:18 > 0:34:22And the plan to utilise those more awkward tower spaces included
0:34:22 > 0:34:26a TV room on the ground floor, a third bedroom on the floor above
0:34:26 > 0:34:30and on the second floor, a bedroom with ensuite.
0:34:30 > 0:34:32And that ugly metal box on top -
0:34:32 > 0:34:35well, that was going to be the master bedroom.
0:34:35 > 0:34:39This water tower really does offer a very unique opportunity
0:34:39 > 0:34:42to build an unusual home.
0:34:42 > 0:34:45All the hard work's been done, the planning permission is in place,
0:34:45 > 0:34:49so now all the new owner has to do is build it.
0:34:49 > 0:34:53So, who was tempted by this wonderful tower?
0:34:53 > 0:34:55Let's find out who bought it at the auction.
0:34:59 > 0:35:00200 to start me.
0:35:00 > 0:35:02200, I'm on the way, I'm obliged.
0:35:02 > 0:35:05200, 205 on my left-hand side.
0:35:05 > 0:35:10210, it's against you. 210, it's with you. 215. 215.
0:35:10 > 0:35:14£220,000. 218 if it helps you. 218 I've got.
0:35:14 > 0:35:18220, it's with you. 222 it's against you again.
0:35:18 > 0:35:24222 in a fresh place standing at the back corner. 225. 228 I've got.
0:35:24 > 0:35:28230 I have. 232, it's against you.
0:35:28 > 0:35:29232.
0:35:29 > 0:35:32£230,000 in for the first time.
0:35:32 > 0:35:34230 for the second.
0:35:34 > 0:35:37If you're sure you're all done, it's going to be sold...
0:35:37 > 0:35:39£230,000 sitting down, make no mistake.
0:35:39 > 0:35:41- Third and final time. - GAVEL BANGS
0:35:41 > 0:35:44You've bought yourself a water tower, sir, well done.
0:35:44 > 0:35:48Andy managed to capture this tower for 230,000.
0:35:48 > 0:35:51Andy runs a consultancy in fire protection
0:35:51 > 0:35:52and other related businesses
0:35:52 > 0:35:55but had taken up property developing.
0:35:55 > 0:35:57He had a reliable building team which, let's face it,
0:35:57 > 0:36:00on a project like this is a must.
0:36:00 > 0:36:03I met him back at the tower to see what he had planned.
0:36:03 > 0:36:04- Andy, congratulations. - Thank you.
0:36:04 > 0:36:07You certainly like to take on a challenge, don't you?
0:36:07 > 0:36:09I don't know, don't know if we see it too much of a challenge.
0:36:09 > 0:36:12But we like to think it's more interesting
0:36:12 > 0:36:14than a challenge, really.
0:36:14 > 0:36:16So, why would you think this isn't a challenge?
0:36:16 > 0:36:19Because I know a lot of people looking at something like this
0:36:19 > 0:36:20would A, think it's amazing
0:36:20 > 0:36:24but B, think, "Wow, I've got to build a house around this."
0:36:24 > 0:36:28My normal course of work was working on residential developments
0:36:28 > 0:36:31that were sort of up to 40 storeys high and, you know,
0:36:31 > 0:36:331,000, 2,000 unit developments.
0:36:33 > 0:36:34So it's not something...
0:36:34 > 0:36:37When we look at this, yes, it's got its own intricacies
0:36:37 > 0:36:40but we don't really see it as...
0:36:40 > 0:36:42We see it as a challenge but not something that's daunting.
0:36:42 > 0:36:44So, this isn't really going to add
0:36:44 > 0:36:46that much stress to your life, is that what you're saying?
0:36:46 > 0:36:47Is that what you're hoping for?
0:36:47 > 0:36:50- I'm not allowed to add any more stress to my life.- Tell me why.
0:36:50 > 0:36:53I've had to take a step back from my other businesses
0:36:53 > 0:36:55- because of stress and various other reasons so...- Really?
0:36:55 > 0:36:57This is taking a step back?
0:36:57 > 0:37:00Yeah, it is. I mean, this is, for me, it's like a hobby, I guess.
0:37:00 > 0:37:04# You've got to step back, baby So I can get along with you. #
0:37:04 > 0:37:07I never in my wildest dreams would imagine this project
0:37:07 > 0:37:09would be a way of reducing stress,
0:37:09 > 0:37:14especially since Andy clearly had high ambitions for his high tower.
0:37:14 > 0:37:16So, look, let's talk about the water tower itself.
0:37:16 > 0:37:18How are you going to turn this around
0:37:18 > 0:37:19and turn it into a beautiful home?
0:37:19 > 0:37:22The ground floor itself, I mean, the modern extension
0:37:22 > 0:37:24it's really where we're going to try and create
0:37:24 > 0:37:27the sort of living spaces that will be the...
0:37:27 > 0:37:30You know, a lot of people nowadays want the open-plan kitchen
0:37:30 > 0:37:32and your dining and your living space.
0:37:32 > 0:37:33Looking at this house, we've always said
0:37:33 > 0:37:35it's got to be high spec, high budget.
0:37:35 > 0:37:37So, you know, a really good kitchen.
0:37:37 > 0:37:38It's got to have a kitchen with a wow factor
0:37:38 > 0:37:40and all that sort of stuff in it.
0:37:40 > 0:37:42Um... And, you know, something that when someone walks in
0:37:42 > 0:37:45they're not only going to see the view, you know,
0:37:45 > 0:37:47but it's also got that sort of, you know,
0:37:47 > 0:37:49it has to have that impact, that punch.
0:37:49 > 0:37:53# Nothing but the best is good enough for me. #
0:37:53 > 0:37:57The budget of 230-250,000 seemed reasonable.
0:37:57 > 0:38:00But the thing with a project like this
0:38:00 > 0:38:02is the heart can soon start ruling the head.
0:38:02 > 0:38:04And before you know it,
0:38:04 > 0:38:06you've thought up lots more things to add
0:38:06 > 0:38:10and every amendment could add to the cost, and Andy had one.
0:38:10 > 0:38:12I'd like to try and develop something
0:38:12 > 0:38:14like a roof terrace with grass, you know,
0:38:14 > 0:38:17so you'd have to take your lawnmower up there every now and then,
0:38:17 > 0:38:18that sort of stuff.
0:38:18 > 0:38:20I love the thought of just mowing your roof.
0:38:20 > 0:38:22Well, you know, this is the thing.
0:38:22 > 0:38:24It creates a sort of a garden on the roof
0:38:24 > 0:38:26but it also, as well, I mean,
0:38:26 > 0:38:29it then really sort of raises you up a level
0:38:29 > 0:38:31and enhances the view even further.
0:38:33 > 0:38:35Certainly the disadvantage with this property
0:38:35 > 0:38:39was the rather small outside area left once the house was built
0:38:39 > 0:38:43so the garden terrace was a stroke of genius.
0:38:43 > 0:38:46This is an Area of Outstanding Natural Beauty.
0:38:46 > 0:38:49There was no certainty planners would look kindly on this
0:38:49 > 0:38:52and any wrangles cost time and money.
0:38:52 > 0:38:55Now, come on, how long's it going to take you to build?
0:38:55 > 0:38:59Um... We're sort of estimating probably about six to eight months.
0:39:00 > 0:39:0415 months later, we return to see if Andy had a towering success
0:39:04 > 0:39:08on his hands and a more stress-free life.
0:39:12 > 0:39:14I'm not really surprised given the scale
0:39:14 > 0:39:18and ambition of this project that it was still ongoing.
0:39:18 > 0:39:22But what Andy had achieved at this stage was still very exciting.
0:39:22 > 0:39:24We've been fairly happy with the progress.
0:39:24 > 0:39:26We've stuck pretty much to the original planning.
0:39:26 > 0:39:28Haven't tried to push the envelope too much
0:39:28 > 0:39:31because we understood there was planning issues on the site.
0:39:31 > 0:39:33So, the finish that we're looking for
0:39:33 > 0:39:35is a very high spec finish throughout the property.
0:39:35 > 0:39:39The type of market we're trying to put this out to,
0:39:39 > 0:39:41we know that we've got to really
0:39:41 > 0:39:44sort of bring out the luxury within the spaces.
0:39:45 > 0:39:49Andy certainly hadn't run out of vision for this project.
0:39:49 > 0:39:51This is the open-plan living space, so over to here
0:39:51 > 0:39:52we have the kitchen.
0:39:52 > 0:39:55We've got a German-made kitchen for this section.
0:39:55 > 0:39:59And then basically it's completely open-plan through the living space.
0:39:59 > 0:40:02We're going to have a wood-burning stove over in this part
0:40:02 > 0:40:06because the intention is for basically the entire extension
0:40:06 > 0:40:11is a modern extension to what is the old tower.
0:40:11 > 0:40:17So we have the full glass sliding openings following the curvature.
0:40:17 > 0:40:20So they are actually curved sliding doors as well,
0:40:20 > 0:40:23which has taken a bit of time to get to grips with the glass
0:40:23 > 0:40:25but hopefully we're finally getting there.
0:40:25 > 0:40:28But it should look absolutely fantastic.
0:40:28 > 0:40:30Ah, it's the windows, isn't it?
0:40:30 > 0:40:33And those curved ones proved really ambitious.
0:40:33 > 0:40:36The windows in the tower impressed me too.
0:40:36 > 0:40:39What was once a gloomy shell was being transformed,
0:40:39 > 0:40:42flooding the spiral staircase with light -
0:40:42 > 0:40:43I loved it -
0:40:43 > 0:40:45winding through the four floors of the tower
0:40:45 > 0:40:50and ending in what was clearly going to be a unique top master suite.
0:40:53 > 0:40:56We're currently standing in the master bedroom
0:40:56 > 0:40:57at the top of the tower.
0:40:57 > 0:40:59So we're looking at the top of the spiral staircase
0:40:59 > 0:41:01as it's being installed.
0:41:01 > 0:41:05So we've had to extend the roofline outwards to avoid the staircase.
0:41:05 > 0:41:06But one of the benefits that we get
0:41:06 > 0:41:09is you can actually now walk right up to the front
0:41:09 > 0:41:11of the roof elevation and look straight down
0:41:11 > 0:41:14over what would be the sedum roof on the full extension.
0:41:14 > 0:41:17And you'd benefit from the views as you can look out from here.
0:41:17 > 0:41:22Everywhere in this house, attention to detail and quality was obvious.
0:41:22 > 0:41:25But getting to this stage had taken such a long time.
0:41:25 > 0:41:29And on this day, when the new windows were proving troublesome
0:41:29 > 0:41:34it seemed Andy's wish for lower stress levels was far, far away.
0:41:34 > 0:41:37We've had a view stressful points.
0:41:37 > 0:41:38You know, the windows in particular
0:41:38 > 0:41:41have been pretty stressful element of the project
0:41:41 > 0:41:42but we just sort of roll with the punches,
0:41:42 > 0:41:44I guess, is what you'd say.
0:41:44 > 0:41:45Just to add to the pressure,
0:41:45 > 0:41:48they were working across several other developments.
0:41:48 > 0:41:53But Andy felt this one was finally coming to a conclusion of sorts.
0:41:53 > 0:41:56We could effectively finish this within the next six to eight weeks.
0:41:56 > 0:41:59A lot of it depends whether we get interest from the market
0:41:59 > 0:42:01cos, you know, we've already put it on the market now
0:42:01 > 0:42:03for looking for a buyer that potentially might want to
0:42:03 > 0:42:06put they're own stamp on the sort of internal finishes.
0:42:06 > 0:42:11Andy originally set a budget of £230,000-250,000 for the work,
0:42:11 > 0:42:14but in order to increase the appeal of the property
0:42:14 > 0:42:18with its high-end finish, upped it to £380,000.
0:42:18 > 0:42:20So, was that enough?
0:42:20 > 0:42:22We're currently round about...
0:42:22 > 0:42:26Looking at finishing at about 405,000.
0:42:26 > 0:42:31Sort of about 25,000 over the sort of budget that was revised.
0:42:31 > 0:42:33But that's still including the purchase cost
0:42:33 > 0:42:34and the rest of it.
0:42:34 > 0:42:37We're more than happy with the budget we've come out with.
0:42:37 > 0:42:42Over schedule, over budget and certainly not stress-free.
0:42:42 > 0:42:44This project was in some ways the stuff of nightmares
0:42:44 > 0:42:47but also promised to be a dream house.
0:42:47 > 0:42:50Find out later in the programme how it all turned out at the tower
0:42:50 > 0:42:53when we returned five months later.
0:42:56 > 0:42:59Well, there's nothing quite like the sense of satisfaction you get
0:42:59 > 0:43:03from standing back after you've completed a renovation and going,
0:43:03 > 0:43:05- "Good job."- Yeah.
0:43:05 > 0:43:07Well, we've seen how one of our buyers got on.
0:43:07 > 0:43:09Let's check out the rest of them.
0:43:09 > 0:43:12We return to Newcastle-upon-Tyne now
0:43:12 > 0:43:16where veteran developer Paul teamed up with new kid on the block Adrian
0:43:16 > 0:43:21to purchase this one-bedroom flat for £37,000.
0:43:23 > 0:43:25Tell me why you wanted to buy the flat.
0:43:25 > 0:43:29Well, basically, he was having a look around and
0:43:29 > 0:43:31he was wanting to join me on an investment.
0:43:31 > 0:43:34- Something we've talked about for quite a long time.- Yeah.
0:43:34 > 0:43:37And essentially it's a way of hopefully making a better return
0:43:37 > 0:43:39than having your money in a cash ISA.
0:43:39 > 0:43:41I've been doing it for quite some time, thanks to you and Lucy.
0:43:41 > 0:43:44- Oh, great.- That's how I started originally.- Really?!
0:43:44 > 0:43:47Yeah, yeah. Well, I were a massive fan of the show years ago
0:43:47 > 0:43:50and I thought, "I can do that, I can do that."
0:43:50 > 0:43:53And one day I just did and it went from one thing to another.
0:43:53 > 0:43:54So, how many properties have you got now?
0:43:54 > 0:43:56- I've got 18.- 18?!
0:43:56 > 0:43:58- Yeah.- And do you think you'd have had those 18 properties
0:43:58 > 0:44:00- without Homes Under The Hammer? - Not at all, no.
0:44:00 > 0:44:02# We are family. #
0:44:02 > 0:44:06Oh, makes us all feel like proud parents here at Hammer.
0:44:06 > 0:44:10Carry on, junior. Why this flat?
0:44:10 > 0:44:12So, because the guide price was very low I thought,
0:44:12 > 0:44:15"Well, there's obviously something wrong with it."
0:44:15 > 0:44:18After looking at the information pack
0:44:18 > 0:44:21- I realised the lease was very short. - Right.
0:44:21 > 0:44:23But with it being a Tyneside flat I thought,
0:44:23 > 0:44:26"Well, it can be, obviously, sorted without too many problems."
0:44:26 > 0:44:29They reckoned it would be an easy fix
0:44:29 > 0:44:32because of the topsy-turvy Tyneside lease system,
0:44:32 > 0:44:34which means that the neighbours in the properties
0:44:34 > 0:44:38own each other's freehold so a deal could be done.
0:44:38 > 0:44:40I knocked on the neighbour next door and asked him
0:44:40 > 0:44:42would he be interested in increasing the lease?
0:44:42 > 0:44:45And he said, "Of course, I'd be more than happy to do that."
0:44:45 > 0:44:48- Oh, wow.- So, obviously, I went to auction and bought the property.
0:44:49 > 0:44:54With the deal done, it was time to transform and did they?
0:44:54 > 0:44:55Oh, absolutely.
0:45:08 > 0:45:10We've done a full damp-proof course in the house.
0:45:10 > 0:45:12Been fully rewired, fully replumbed,
0:45:12 > 0:45:15full central heating system, fully replastered.
0:45:15 > 0:45:17New bathroom, new kitchen, new carpets.
0:45:17 > 0:45:19It's basically everything. Inside it's a brand-new house.
0:45:19 > 0:45:21The only thing that was left was the shell.
0:45:21 > 0:45:25# Take on me. #
0:45:25 > 0:45:27Right from the start, this project was about
0:45:27 > 0:45:31getting the most from the original space.
0:45:31 > 0:45:33Basically, the wall went straight across there.
0:45:33 > 0:45:36There was nothing here and it was just a giant bedroom.
0:45:36 > 0:45:38The door was here so we just built a wall here, built a wall there
0:45:38 > 0:45:40and created a bathroom behind this wall
0:45:40 > 0:45:43so that we could create then a second bedroom
0:45:43 > 0:45:45in what was the bathroom previously.
0:45:46 > 0:45:49Adding the bathroom downstairs to create a second bedroom
0:45:49 > 0:45:51was a masterstroke by the lads
0:45:51 > 0:45:54and they didn't approach things in half measure.
0:45:54 > 0:45:57Well, we didn't have to, but we chose to put a window
0:45:57 > 0:45:59in what is now the new bathroom
0:45:59 > 0:46:01so that it would have some natural light
0:46:01 > 0:46:03and actually feel like a proper room,
0:46:03 > 0:46:05as opposed to feeling like a cupboard,
0:46:05 > 0:46:08- which, in a lot of new builds... Wouldn't you say?- Yeah.
0:46:08 > 0:46:10..you go in and they don't have windows in the bathroom
0:46:10 > 0:46:12and they just feel very cupboard-like.
0:46:12 > 0:46:14- And we didn't really want that, did we?- No.
0:46:14 > 0:46:16We thought it would give it the feel
0:46:16 > 0:46:19of the fact that it felt like it had always been there, so to speak.
0:46:19 > 0:46:22And, of course, having a window helps with the ventilation.
0:46:23 > 0:46:25Of course.
0:46:25 > 0:46:28Everyone's a winner. As a first project together,
0:46:28 > 0:46:31how did they divide up the responsibilities?
0:46:33 > 0:46:36I project managed the renovation and I did a lot of the work myself.
0:46:36 > 0:46:38Obviously, I have a good team of people around me -
0:46:38 > 0:46:40family, friends and all that kind of stuff.
0:46:40 > 0:46:44So, everybody worked really hard. I did lots of the labour.
0:46:44 > 0:46:47- I built the new bathroom, installed...- The kitchen.
0:46:47 > 0:46:49..installed all of the kitchen myself.
0:46:49 > 0:46:51I did all the skirting boards, architraves,
0:46:51 > 0:46:52door frames and everything.
0:46:52 > 0:46:55My brother helped with that. My partner helped.
0:46:57 > 0:47:00Paul, with all his expertise, led the way
0:47:00 > 0:47:04and Adrian enjoyed gaining valuable experience.
0:47:04 > 0:47:07But what were the major obstacles they encountered?
0:47:07 > 0:47:10We also replaced the entire floor
0:47:10 > 0:47:12between the two properties in the kitchen
0:47:12 > 0:47:16because when we exposed the beams,
0:47:16 > 0:47:18we realised they were totally rotten.
0:47:18 > 0:47:22So, upstairs' kitchen was actually about to collapse
0:47:22 > 0:47:24into this property,
0:47:24 > 0:47:26so they had to have their kitchen removed
0:47:26 > 0:47:28and we had to redo all of that as well.
0:47:28 > 0:47:31And the water-based problems continued.
0:47:31 > 0:47:33Originally, we thought it just had damp in the kitchen
0:47:33 > 0:47:35and on the fire breast wall of the living room,
0:47:35 > 0:47:37but it turned out that damp-proof course
0:47:37 > 0:47:39was needed throughout the entire house.
0:47:39 > 0:47:43It had very severe rising damp, so we had to take the plaster off
0:47:43 > 0:47:451.5 metres high right round the building.
0:47:45 > 0:47:47Every wall in every room.
0:47:47 > 0:47:49Obviously, it had a new damp-proof course
0:47:49 > 0:47:51and it was all replastered.
0:47:52 > 0:47:55Every project throws up unexpected issues.
0:47:55 > 0:47:57What's important is how you deal with them.
0:47:58 > 0:48:02This first-time team should be very proud of themselves.
0:48:02 > 0:48:04How did they fare with the budget?
0:48:04 > 0:48:08The budget was 12,000, um, and we had...
0:48:08 > 0:48:09The damp-proof course,
0:48:09 > 0:48:11because it had rising damp right round the building,
0:48:11 > 0:48:13ended up costing double what we anticipated.
0:48:13 > 0:48:17So, that came in at just under £3,000
0:48:17 > 0:48:20as opposed to just under £1,500.
0:48:20 > 0:48:24So, that was a bit of an awkward moment because we thought,
0:48:24 > 0:48:26"Oh, we're going to overspend straightaway,"
0:48:26 > 0:48:29but I managed to pull it back by just cutting corners here and there,
0:48:29 > 0:48:32sourcing items cheaper if we could
0:48:32 > 0:48:34and doing a lot more of the labour myself.
0:48:34 > 0:48:40So, we ended up spending 12,200-ish, give or take a few pounds.
0:48:43 > 0:48:47Wow! That brings their total spend here to £49,200.
0:48:47 > 0:48:50Not only did they stay within budget,
0:48:50 > 0:48:53but they also completed within the estimated eight weeks.
0:48:53 > 0:48:56- What a team these boys are. - I'm very happy with it.
0:48:56 > 0:48:59Really love it. I think we've done a really good job,
0:48:59 > 0:49:03considering the hiccups that we had, the budget that we had.
0:49:03 > 0:49:05And it's been a transformation, you know,
0:49:05 > 0:49:07from what it was to what it is now.
0:49:07 > 0:49:10I think that Paul's done a really good job project managing it
0:49:10 > 0:49:12and it really looks good.
0:49:12 > 0:49:16Good?! It looks fantastic. Mission accomplished here.
0:49:16 > 0:49:20What has all their hard work done to the value of the property?
0:49:21 > 0:49:25We asked two local experts to come along and have a look.
0:49:25 > 0:49:27This is the first time that I have been inside the property.
0:49:27 > 0:49:29I think they've done it to a very good standard
0:49:29 > 0:49:30and I'm very pleased to see
0:49:30 > 0:49:32that they've managed to get a second bedroom.
0:49:32 > 0:49:35This is my second time inside the property
0:49:35 > 0:49:38and I think the changes are absolutely amazing.
0:49:38 > 0:49:40I've never seen a transformation like it.
0:49:40 > 0:49:42The layout works really well.
0:49:42 > 0:49:44I wasn't really that sure how they were going to do it,
0:49:44 > 0:49:47but the final finished apartment is fantastic.
0:49:47 > 0:49:52No doubt about that, but with a total spend of just over £49,000,
0:49:52 > 0:49:55what has the transformation done to its value?
0:49:55 > 0:49:57I would value this property on the open market
0:49:57 > 0:50:00for offers in the region of £70,000.
0:50:00 > 0:50:02If I was to put the property on the market,
0:50:02 > 0:50:05I would market it at around £75,000.
0:50:07 > 0:50:10So, taking the top estimate of 75,000,
0:50:10 > 0:50:15that would leave a potential profit of just over £25,000
0:50:15 > 0:50:17before taxes and expenses, of course.
0:50:17 > 0:50:20So, how do Paul and Adrian feel about that?
0:50:20 > 0:50:22I think they're quite good, really.
0:50:22 > 0:50:24I mean, it's around what we expected.
0:50:24 > 0:50:26Um, so, yeah, so...
0:50:26 > 0:50:29But, I mean, it's for sale already anyway, so that's fine.
0:50:29 > 0:50:33- The agent came and he said... - Slightly more.- Yeah, yeah.
0:50:33 > 0:50:36Well, he's put it on the market at 79,950
0:50:36 > 0:50:41with a view to achieving somewhere between 75,000 and the 79,950 mark.
0:50:41 > 0:50:44So, it's fine. We're more than happy with it.
0:50:44 > 0:50:47Job done for this first-time partnership
0:50:47 > 0:50:50and a very successful one at that.
0:50:50 > 0:50:53Any advice for similar attempts by others?
0:50:53 > 0:50:58Do your research, choose wisely, get a good price for your property,
0:50:58 > 0:51:02do a very good job, get a good team around you and...
0:51:02 > 0:51:06Always allow a little bit of money on the side
0:51:06 > 0:51:08for any hiccup that you didn't expect.
0:51:08 > 0:51:10- You mean like an entire damp-proof course?- Yes.
0:51:10 > 0:51:12HE LAUGHS
0:51:17 > 0:51:21It's time now to return to that ambitious project in Kent -
0:51:21 > 0:51:22the former water tower,
0:51:22 > 0:51:25which we first saw in the summer of 2012.
0:51:25 > 0:51:29Andy was creating a luxury four-bedroom home
0:51:29 > 0:51:32by building a state-of-the-art extension to this.
0:51:38 > 0:51:40When we last saw the project,
0:51:40 > 0:51:44progress had stalled due to problems with the new windows.
0:51:44 > 0:51:48We've had a few stressful points. You know, the windows in particular
0:51:48 > 0:51:50have been a pretty stressful element to the project,
0:51:50 > 0:51:52but we just sort of roll with the punches
0:51:52 > 0:51:54I guess is what you'd say.
0:51:56 > 0:52:00Despite some setbacks along the way, Andy was always determined
0:52:00 > 0:52:02that the standard of finish would be a match
0:52:02 > 0:52:07for the impressive and unique nature of the water tower.
0:52:07 > 0:52:09The finish that we're looking for is very high spec.
0:52:09 > 0:52:12The type of market that we're trying to put this out to,
0:52:12 > 0:52:15we know that we've got to sort of really sort of
0:52:15 > 0:52:17bring out the luxury within the spaces.
0:52:22 > 0:52:27Purchased at auction for £230,000, Andy had initially budgeted
0:52:27 > 0:52:31an additional £250,000 to complete the renovation,
0:52:31 > 0:52:37but as time passed, this had increased to over £400,000.
0:52:37 > 0:52:39The schedule had also stretched,
0:52:39 > 0:52:44as completion had originally been planned for summer 2013.
0:52:51 > 0:52:54Two years have passed since Andy bought this place
0:52:54 > 0:52:59and apart from a few minor details, the renovation is now complete.
0:52:59 > 0:53:01Are you as excited as I am?
0:53:01 > 0:53:03Ooh, let's look!
0:53:19 > 0:53:21Andy said he was aiming for luxury
0:53:21 > 0:53:24and I think he has hit the bull's-eye.
0:53:24 > 0:53:27This place is absolutely stunning.
0:53:28 > 0:53:30On the ground floor, the open-plan living space
0:53:30 > 0:53:34is beautifully framed by those curved windows on one side
0:53:34 > 0:53:37and the internal wall on the other.
0:53:37 > 0:53:40The kitchen continues the classy and contemporary finish.
0:53:40 > 0:53:42Just gorgeous.
0:53:42 > 0:53:44I think I'd like one of those.
0:53:44 > 0:53:46But the stove gives some rustic charm
0:53:46 > 0:53:48to an otherwise modern living area.
0:53:50 > 0:53:55Two bedrooms and a bathroom complete the ground-floor accommodation.
0:54:02 > 0:54:05The centrepiece of the tower is the spiral staircase
0:54:05 > 0:54:06leading to the upper floors.
0:54:06 > 0:54:08Such a lovely piece of engineering.
0:54:08 > 0:54:12It almost seems to float in mid-space.
0:54:12 > 0:54:15On the first floor sits a third double bedroom.
0:54:17 > 0:54:22The second floor is occupied by an opulent family bathroom,
0:54:22 > 0:54:26complete with freestanding bath and large shower.
0:54:27 > 0:54:31And finally, on the top floor, the master bedroom
0:54:31 > 0:54:36with its spectacular views over the surrounding countryside.
0:54:36 > 0:54:39With such a successful outcome to this project,
0:54:39 > 0:54:41what is Andy most pleased with?
0:54:42 > 0:54:44I think I'm most pleased with the quality,
0:54:44 > 0:54:46you know, of the final product.
0:54:46 > 0:54:48The tower itself, everything looks visually stunning.
0:54:48 > 0:54:52We've tried to use a bit of our own ideas, you know,
0:54:52 > 0:54:54bringing some brickwork into the building,
0:54:54 > 0:54:57mixing the modern and old and that sort of stuff
0:54:57 > 0:54:59and I think that the new extension
0:54:59 > 0:55:02really works really well with the tower.
0:55:02 > 0:55:05Especially when you stand up on the top floor bedroom
0:55:05 > 0:55:06and look down at the roof
0:55:06 > 0:55:08with all the flowers really now starting to sort of come out,
0:55:08 > 0:55:10you know, it looks great.
0:55:10 > 0:55:12So, that's probably what I'm most pleased with.
0:55:15 > 0:55:19This has been a major project for Andy and his team
0:55:19 > 0:55:21and not without its problems.
0:55:21 > 0:55:23The two biggest problems - obviously, the windows.
0:55:23 > 0:55:26We've talked about the windows throughout the project.
0:55:26 > 0:55:29The only other problem, really, was getting the actual rendering done
0:55:29 > 0:55:30at the rear of the property,
0:55:30 > 0:55:33which you'd think should be fairly simple.
0:55:33 > 0:55:36Something we learnt for the next one is, you know,
0:55:36 > 0:55:38certain types of render products
0:55:38 > 0:55:41will only be done by certain installers.
0:55:41 > 0:55:45We had about 14 or 15 people look at the job.
0:55:45 > 0:55:49We only got two quotes. Absolutely outrageous.
0:55:49 > 0:55:51And then we finally found a manufacturer directly.
0:55:51 > 0:55:54Yeah, we were happy with the finish once we got the people.
0:55:57 > 0:56:00Andy is selling up and moving on to the next project
0:56:00 > 0:56:04and so the water tower is already on the market.
0:56:04 > 0:56:06We asked two local property experts
0:56:06 > 0:56:09to cast their eyes over this impressive home
0:56:09 > 0:56:13and see if Andy's ambitions will be rewarded.
0:56:13 > 0:56:16The finish of this property is to a very high standard.
0:56:16 > 0:56:18The owner hasn't scrimped on anything at all.
0:56:18 > 0:56:20I love it. It looks fabulous.
0:56:20 > 0:56:23It's been thoughtfully converted.
0:56:23 > 0:56:26I think the design is very well laid out.
0:56:26 > 0:56:28I think there's good proportion and space
0:56:28 > 0:56:31and the detail is very good.
0:56:31 > 0:56:35Clearly, it's a niche market for the style of property.
0:56:35 > 0:56:37I think it's one that will possibly attract
0:56:37 > 0:56:39someone from the London area.
0:56:39 > 0:56:41It's that kind of individual property
0:56:41 > 0:56:43that will provide the discerning buyer
0:56:43 > 0:56:46with the opportunity to live in a home like this.
0:56:46 > 0:56:48This area is very popular.
0:56:48 > 0:56:51There's a very high demand for property in this area.
0:56:51 > 0:56:53However, this property being so unique,
0:56:53 > 0:56:55it may take longer to sell.
0:56:55 > 0:56:59I can understand that this isn't a property for everyone,
0:56:59 > 0:57:02but Andy knew he wanted to create something unique
0:57:02 > 0:57:06and in doing so, he spent a total of 680,000.
0:57:06 > 0:57:10I would value this property in the region of £1.2 million.
0:57:10 > 0:57:13I believe, in this market, the property should be offered for sale
0:57:13 > 0:57:17in the region of £950,000-£995,000.
0:57:17 > 0:57:19It's a difficult project to work with, you know,
0:57:19 > 0:57:21in terms of valuation,
0:57:21 > 0:57:24but it's still, you know, whatever it's...
0:57:24 > 0:57:29You know, 995,000 or 1.2 million, it's still a great profit for us.
0:57:29 > 0:57:30Andy's right there.
0:57:30 > 0:57:33The lowest valuation of 950,000
0:57:33 > 0:57:38would mean a potential profit of £270,000,
0:57:38 > 0:57:41while the highest of 1.2 million
0:57:41 > 0:57:45would mean a potential £520,000 profit,
0:57:45 > 0:57:48all minus taxes and fees, of course.
0:57:48 > 0:57:51How does he feel about the experience?
0:57:51 > 0:57:52It's nice to see it, you know, finished
0:57:52 > 0:57:54and it's nice to see the sort of quality
0:57:54 > 0:57:58and that sort of stuff and, you know, to be honest, it's...
0:57:58 > 0:58:01My guys are that proud of it, they won't allow corners to be cut
0:58:01 > 0:58:04and that's what's tough. So, yeah, it's been good.
0:58:10 > 0:58:13Well, join us next time to see how more brave auction buyers get on.
0:58:13 > 0:58:17- Yes, here on Homes Under The Hammer. - See you then.- Goodbye.- Goodbye.