0:00:02 > 0:00:05Welcome to the show! It's often said that people make their mind up
0:00:05 > 0:00:08about buying a house within the first few seconds of seeing it.
0:00:08 > 0:00:11But when it comes to investing in property, mm-mm,
0:00:11 > 0:00:14- it's worth spending a bit more time than that.- Absolutely, Martin.
0:00:14 > 0:00:16There are so many properties on offer
0:00:16 > 0:00:19and a good place where you can start looking for yours
0:00:19 > 0:00:21is down at your local auction house.
0:00:47 > 0:00:51Well, before you bid at auction, you really need to do your research
0:00:51 > 0:00:53and check everything out.
0:00:53 > 0:00:56Let's have a look at what today's bidders on the programme bought.
0:00:57 > 0:00:59'I'm in Rotherham,
0:00:59 > 0:01:03'where I visit one of the biggest two-bed semis I've ever seen.'
0:01:04 > 0:01:05Wow!
0:01:08 > 0:01:12And it's not the size of this Putney property that impresses me,
0:01:12 > 0:01:14it's the size of the bids.
0:01:14 > 0:01:16830, 835...
0:01:18 > 0:01:20'And the buyer of this church in Cornwall
0:01:20 > 0:01:25'faces a huge renovation and a huge commute.'
0:01:25 > 0:01:27- Where are you from? - Lytham St Annes in Lancashire.
0:01:28 > 0:01:31All these properties have been sold at auction.
0:01:31 > 0:01:34We'll find out who bought them and what they paid for them
0:01:34 > 0:01:36when they went under the hammer.
0:01:36 > 0:01:37Sir, congratulations.
0:01:42 > 0:01:45I'm in South Yorkshire, near to Rotherham,
0:01:45 > 0:01:48the beating industrial heart of the area.
0:01:48 > 0:01:50But just four miles away,
0:01:50 > 0:01:53it's quiet and picturesque in the village of Bramley,
0:01:53 > 0:01:56which holds quite a surprise for today's auction.
0:01:58 > 0:02:02So, if I said that I was here to see a property
0:02:02 > 0:02:06that was described in the auction catalogue as a two-bedroom semi...
0:02:06 > 0:02:08Stop there, stop there!
0:02:08 > 0:02:12Two-bedroomed semi, with a guide price of £125,000,
0:02:12 > 0:02:14what would you expect it looked like?
0:02:15 > 0:02:18I guarantee not like this.
0:02:19 > 0:02:22# Oh, my God I can't believe it... #
0:02:22 > 0:02:26Ah, you weren't expecting that. Let's hope it matches on the inside.
0:02:28 > 0:02:33I'm so excited I can hardly control myself. What have we got?
0:02:33 > 0:02:37Er, well, first thing, a decision. Do we go up or do we go down?
0:02:39 > 0:02:40- We'll go down. - HE CHUCKLES
0:02:40 > 0:02:42MUSIC: Wake Me Up by Aloe Blacc
0:02:42 > 0:02:45Parts of the house date from the 17th century
0:02:45 > 0:02:48and sections have been added over the years.
0:02:48 > 0:02:52Lots of stairs, lots of levels and lots of surprises.
0:02:54 > 0:02:56Wow!
0:02:56 > 0:02:59What an impressive room!
0:02:59 > 0:03:02High ceilings, lots of original details,
0:03:02 > 0:03:05this is almost one of those reception rooms
0:03:05 > 0:03:07where you don't want it to do anything other than have,
0:03:07 > 0:03:09maybe, a chaise lounge in the corner
0:03:09 > 0:03:12and an invite to Lord and Lady Farquhar-Harsen's garden party
0:03:12 > 0:03:13on the mantelpiece here.
0:03:13 > 0:03:19But already, big windows, lots of light... It's fantastic.
0:03:19 > 0:03:21Let's see what else there is.
0:03:21 > 0:03:23MUSIC: Wake Me Up by Aloe Blacc
0:03:26 > 0:03:29Whoa! Another really massive room.
0:03:29 > 0:03:33This is the kitchen. Er, now, it's built into an extension
0:03:33 > 0:03:36and I suppose it suffers slightly from not having the high ceilings.
0:03:36 > 0:03:38But it's still a really good-sized space
0:03:38 > 0:03:42and probably a house like this warrants something which
0:03:42 > 0:03:45makes this the real heart of the whole property.
0:03:45 > 0:03:48So, maybe a really nice handmade kitchen,
0:03:48 > 0:03:50if you could afford it, or something like that.
0:03:50 > 0:03:53Because you will live in here, I just know it.
0:03:53 > 0:03:55Certainly, a lot of space to play with.
0:03:58 > 0:04:00And follow the stairs down from that impressive room
0:04:00 > 0:04:02and there's more space.
0:04:02 > 0:04:06# In the basement Down in the basement, yeah... #
0:04:06 > 0:04:11It's a bit dark, a bit damp but just imagine this as a cinema room,
0:04:11 > 0:04:13a gym, or even a wine cellar.
0:04:16 > 0:04:19Back above ground, this house keeps on giving.
0:04:20 > 0:04:23- # You're unbelievable - Oh!- #
0:04:23 > 0:04:26On the ground floor there's another reception room,
0:04:26 > 0:04:29complete with high ceilings and period features.
0:04:30 > 0:04:35And moving up to the first floor, the story of space continues.
0:04:35 > 0:04:39A family bathroom, two amazing bedrooms
0:04:39 > 0:04:40and one even has an en-suite.
0:04:41 > 0:04:44Surely, there can't be more to this property?
0:04:44 > 0:04:50You certainly get a lot of house for a guide price of £125,000.
0:04:50 > 0:04:52But if you can believe it, there is more.
0:04:52 > 0:04:54# You're unbelievable. #
0:04:58 > 0:05:00We might still be wondering how this could...
0:05:00 > 0:05:02HE CHUCKLES
0:05:02 > 0:05:06..realistically be called just a two-bedroom semi-detached.
0:05:06 > 0:05:08It doesn't make sense really, does it?
0:05:08 > 0:05:10But, of course it's got more space
0:05:10 > 0:05:14and the extra space, a lot of it, is up in the attic
0:05:14 > 0:05:17where somebody's done a partially OK job
0:05:17 > 0:05:19of converting it into a liveable space.
0:05:19 > 0:05:23You've still got all these fantastic old beams here,
0:05:23 > 0:05:27and there's this strange sort of thing going on here with,
0:05:27 > 0:05:29like, an en-suite.
0:05:29 > 0:05:33But my guess is that this, building-regulations wise,
0:05:33 > 0:05:35could not be described as a bedroom,
0:05:35 > 0:05:38probably that staircase is not within building regulations.
0:05:38 > 0:05:40It probably doesn't have the right size floor joists,
0:05:40 > 0:05:42soundproofing, all of those kind of things.
0:05:42 > 0:05:46But, I think, spend some money and do this right
0:05:46 > 0:05:48because money has been spent already.
0:05:48 > 0:05:53You've got the dormers in here and it could be simply spectacular,
0:05:53 > 0:05:55maybe one huge bedroom in here with an en-suite,
0:05:55 > 0:05:57or maybe even two bedrooms.
0:05:57 > 0:06:01Because the house definitely warrants it
0:06:01 > 0:06:03and how exciting would it be then?
0:06:08 > 0:06:11The compromise for having all this space inside
0:06:11 > 0:06:13is that there isn't much on the outside.
0:06:13 > 0:06:17But, still, I am really enthusiastic about this property
0:06:17 > 0:06:20and I hope a local estate agent shares this excitement.
0:06:22 > 0:06:24First impressions of the property,
0:06:24 > 0:06:26it's a lot more substantial than I first thought.
0:06:26 > 0:06:28It's a large period property, the room sizes are a lot bigger
0:06:28 > 0:06:31than what I thought. The only real negative that we might have
0:06:31 > 0:06:34is that the back garden doesn't relate to the size of the property
0:06:34 > 0:06:37and it is quite hemmed in with neighbouring properties.
0:06:37 > 0:06:40In order to maximise the potential in a property like this,
0:06:40 > 0:06:42I think the best idea would be to really open up that loft space,
0:06:42 > 0:06:45turn the one-bedroom into two good-sized double bedrooms
0:06:45 > 0:06:48and I think that would really, then, help it achieve its most potential.
0:06:51 > 0:06:53Now we're talking.
0:06:53 > 0:06:55With four bedrooms rather than two,
0:06:55 > 0:06:58what could this house achieve on the open market?
0:06:59 > 0:07:02Renovated to a high standard and put on the market as a four-bed property,
0:07:02 > 0:07:07I'd expect a resale value of around about £190,000-£200,000.
0:07:07 > 0:07:09Once renovated to a high standard
0:07:09 > 0:07:11and kept as a three or even four-bedroom property,
0:07:11 > 0:07:14I'd expect a property like this to achieve, on the rental market,
0:07:14 > 0:07:18in the region of £700-£800 per calendar month.
0:07:20 > 0:07:23Well, what an amazing house
0:07:23 > 0:07:28and for anything like that £125,000 guide price,
0:07:28 > 0:07:31surely an absolute no-brainer.
0:07:31 > 0:07:36Let's see who bought it when it went under the hammer.
0:07:36 > 0:07:40Where do you want to start on this? Shall we say £100,000?
0:07:40 > 0:07:42£100,000?
0:07:42 > 0:07:47This was a quiet end-of-day auction and bidding was slow.
0:07:47 > 0:07:49We join the auction at £120,000.
0:07:50 > 0:07:53Out on my left, then, it's at £120,000.
0:07:53 > 0:07:55121 anywhere else?
0:07:55 > 0:07:57You can try one more, feel free to come back in otherwise at...
0:07:57 > 0:07:59121, 21, new place. 122?
0:08:01 > 0:08:04122 now. 122, 123.
0:08:04 > 0:08:05124,
0:08:05 > 0:08:07125, 126?
0:08:09 > 0:08:10You're shaking your head at me now.
0:08:10 > 0:08:12Do you want to come back in on this side, 126?
0:08:12 > 0:08:16Otherwise, just in, towards the aisle, then, £125,000 I have.
0:08:16 > 0:08:18126, now, it's against you and against you.
0:08:18 > 0:08:20Anybody else, another thousand?
0:08:20 > 0:08:23Otherwise at 125,000 for the first...
0:08:23 > 0:08:25One at the back?
0:08:25 > 0:08:27125,000 for the second...
0:08:29 > 0:08:31..third and final time, we all done? At £125,000...
0:08:33 > 0:08:35..sold.
0:08:38 > 0:08:40What a steal.
0:08:40 > 0:08:45That successful bid, bang on the guide price of 125,000,
0:08:45 > 0:08:48came from Paul and Michelle, and I went along to meet them
0:08:48 > 0:08:53to find out their plans while also trying to hide my jealousy.
0:08:54 > 0:08:57- Michelle, Paul, great to meet you. - And you, Martin.- Congratulations.
0:08:57 > 0:08:59- Thank you.- Thank you.
0:08:59 > 0:09:04I can't believe that it went for the guide price of 125,000.
0:09:04 > 0:09:07- Oh, we can't really, can we?- No.
0:09:07 > 0:09:11Why do you suppose it didn't get more?
0:09:11 > 0:09:14It's being initially marketed at 195, um,
0:09:14 > 0:09:18but I believe there's no planning permission for the bedroom
0:09:18 > 0:09:22upstairs, so they've only been able to market it as a two-bedroom
0:09:22 > 0:09:27- instead of a three.- Apart from the obvious, why did you want to buy it?
0:09:27 > 0:09:30Well, we've just finished a project not far away, actually,
0:09:30 > 0:09:32a couple of miles away,
0:09:32 > 0:09:35and we've been looking for the last few months for another project.
0:09:35 > 0:09:39I saw this in the auction guide and we come and had a look, didn't we?
0:09:39 > 0:09:43- And...- We did.- ..decided to go to auction...
0:09:43 > 0:09:45We didn't really think we'd get it for this price,
0:09:45 > 0:09:48to be quite honest, we were going to go a little bit higher
0:09:48 > 0:09:51but we thought it might go for a lot more but we didn't, we dropped on.
0:09:51 > 0:09:53So, is this your business?
0:09:53 > 0:09:57- It's Paul's business and his...colleague.- Right.- Yeah.
0:09:57 > 0:09:59I've got a partner that...
0:09:59 > 0:10:02He don't live round here, he lives in London...
0:10:02 > 0:10:06- He does... He supplies money and I supply the labour.- Right.
0:10:07 > 0:10:08That's how it works.
0:10:08 > 0:10:10And what's your involvement, Michelle?
0:10:10 > 0:10:14Tea mashing, all what he wants me to do, really.
0:10:14 > 0:10:17- Are you actually involved during the project?- Yeah, sometimes, yeah.
0:10:17 > 0:10:20- I paint, I decorate...- You've been on the roof before, haven't you?
0:10:20 > 0:10:24I've been on a roof before. Passing roofing tiles up and... Yeah.
0:10:25 > 0:10:27# I think it's amazing
0:10:29 > 0:10:31# I think it's amazing De da daa de da daa... #
0:10:31 > 0:10:34I'm glad they share my love of this amazing place.
0:10:34 > 0:10:37Paul teams up with his business partner Phil
0:10:37 > 0:10:39to renovate properties for profit,
0:10:39 > 0:10:43although it sounds like he needs his trusty tea-maker Michelle
0:10:43 > 0:10:45for more than just putting the kettle on.
0:10:45 > 0:10:49And it'll be all hands to the pump as they have ambitious plans.
0:10:52 > 0:10:56Er, basically, we're hoping to get planning permission for bedrooms
0:10:56 > 0:10:59on the top floor and put two bedrooms on the top floor
0:10:59 > 0:11:02rather than the one that's there at the moment.
0:11:02 > 0:11:05Um, if we can get planning permission for that,
0:11:05 > 0:11:08it looks like we probably have to take the roof off totally.
0:11:09 > 0:11:13- Rebuild it, in a different way to give us that space upstairs...- Right.
0:11:13 > 0:11:16..to get the bedrooms upstairs.
0:11:16 > 0:11:20Turning it from a two-bedroom, as it is now, possibly to a four-bed.
0:11:21 > 0:11:24But it's not a four-bed quite yet,
0:11:24 > 0:11:27what with planning needed for that loft.
0:11:27 > 0:11:31And Paul believes the whole house needs rewiring and to be replumbed.
0:11:31 > 0:11:36And he reckons that taking off the roof alone could cost £10,000.
0:11:36 > 0:11:38If there's any money left over,
0:11:38 > 0:11:42Paul plans to renovate the cellar making it usable again.
0:11:42 > 0:11:45But it all does hinge on the planning permission for the loft.
0:11:47 > 0:11:50Is it going to require full planning permission, do you think?
0:11:50 > 0:11:53I've spoke to my architect, he's not sure.
0:11:53 > 0:11:57Um, because it's got dormers already and it's got a bedroom
0:11:57 > 0:12:01in the roof space, we might be able to do it under permitted development.
0:12:01 > 0:12:04- Right, that'd be good.- Yeah. - Time, if nothing else.
0:12:04 > 0:12:07Well, it would save us a few month waiting for planning.
0:12:09 > 0:12:12They'll also need to drop the ceiling height
0:12:12 > 0:12:13on the first floor bedrooms
0:12:13 > 0:12:18to create the extra space for the loft to meet planning consent.
0:12:18 > 0:12:21But if they don't get planning permission, what's plan B?
0:12:23 > 0:12:26I've not really got a backup plan! LAUGHTER
0:12:26 > 0:12:28You're confident? It'll be all right.
0:12:28 > 0:12:32- Yeah, we just assumed that it will get passed.- Hm-mm.
0:12:32 > 0:12:34Given everything that you said, hopefully it'll be all right.
0:12:34 > 0:12:38- What's the budget? - We're hoping round about 40...
0:12:39 > 0:12:41But having a look round today, another look round,
0:12:41 > 0:12:45- and seeing what needs doing, it's probably 50, possibly more.- Right.
0:12:45 > 0:12:47What's the timescale, then,
0:12:47 > 0:12:49if you don't have to apply for planning permission?
0:12:49 > 0:12:53- I'd like to think four month. - Well, listen, congratulations.
0:12:53 > 0:12:56- And I'm really excited to see how you get on.- Aw, thank you.
0:12:56 > 0:12:58- One of those projects you just can't wait.- Yeah?
0:12:58 > 0:13:01- Well done.- Thanks a lot. Cheers.- Thank you.
0:13:04 > 0:13:06Well, it just goes to show there are bargains
0:13:06 > 0:13:10to be found at the auctions if you just search them out.
0:13:10 > 0:13:13What an amazing property and I can't wait to see
0:13:13 > 0:13:15what Michelle and Paul do to it.
0:13:15 > 0:13:19You can find out how it all turns out, later in the show.
0:13:26 > 0:13:30For some people, living by the sea or on a riverside
0:13:30 > 0:13:32provides a real feelgood factor.
0:13:34 > 0:13:38For many decades, Putney has been one of the most important centres
0:13:38 > 0:13:39for rowing in the UK.
0:13:39 > 0:13:42Here on the embankment, by the River Thames,
0:13:42 > 0:13:44there are about 20 rowing clubs
0:13:44 > 0:13:48and the famous annual Oxford Cambridge University boat race
0:13:48 > 0:13:51starts from nearby Putney Bridge over there.
0:13:51 > 0:13:53But there's no time for messing about on the water today,
0:13:53 > 0:13:56we've got places to go and property to see.
0:13:57 > 0:13:59# Living on the riverside
0:14:00 > 0:14:03# Taking it all in my str-i-i-de... #
0:14:03 > 0:14:06I'm here to view a two-bedroomed terrace on what's known
0:14:06 > 0:14:10as one of the river roads that runs straight down to the waterside.
0:14:11 > 0:14:14Now, Putney property is usually pretty pricey
0:14:14 > 0:14:17and the house I'm here to see is no exception.
0:14:17 > 0:14:22It went to auction with a guide price of 675,000.
0:14:22 > 0:14:25Now, you don't get a lot for your money around here.
0:14:25 > 0:14:29Now, what was for sale is this rather modest end of terrace house.
0:14:29 > 0:14:32Let's take a closer look and have a poke around inside.
0:14:34 > 0:14:39Well, a property in this location commands a top-end refurb.
0:14:39 > 0:14:42This peachy colour scheme is a bit dated
0:14:42 > 0:14:47and something modern and fresh and bright needs to be put in its place.
0:14:47 > 0:14:49But, you know, the bones of the property are good.
0:14:49 > 0:14:52You've got this lovely, lovely little stair banister,
0:14:52 > 0:14:55so bits and pieces... There's character dotted about,
0:14:55 > 0:14:56which is quite nice.
0:14:56 > 0:14:59These two rooms have already been opened up.
0:14:59 > 0:15:03You've got this wonderful big space and, look, a lovely sash window.
0:15:03 > 0:15:07That is absolutely gorgeous, I would keep that.
0:15:07 > 0:15:10But you need to start from scratch - carpets, wall coverings,
0:15:10 > 0:15:12fireplaces, it all needs to go.
0:15:12 > 0:15:16It could be fantastic, let's hope the kitchen's nice.
0:15:18 > 0:15:21Hm-mm... Weary and worn out might be a better description.
0:15:21 > 0:15:25# Take a seat in this dream kitchen... #
0:15:25 > 0:15:27The kitchen's very narrow,
0:15:27 > 0:15:29with just room for a little table at the far end.
0:15:29 > 0:15:31To maximise the potential here,
0:15:31 > 0:15:34I would fit a kitchen with the wow, not an ow, factor.
0:15:37 > 0:15:42Out the back we have a very small garden - about 15ft, I'd say.
0:15:42 > 0:15:46Now, you can see the property has already been extended out this way
0:15:46 > 0:15:48but you could build a side extension this way.
0:15:48 > 0:15:51When you're in London, every little inch you can add really counts
0:15:51 > 0:15:54when it comes to sale values.
0:15:54 > 0:15:59Looking around upstairs, there are some nice period features and some
0:15:59 > 0:16:00not so nice ones!
0:16:00 > 0:16:03# Mirror in the bathroom please talk free
0:16:03 > 0:16:05# The door is locked just you and me
0:16:05 > 0:16:08# Can I take you to a restaurant that's got glass tables?
0:16:08 > 0:16:11# You can watch yourself while you are eating... #
0:16:13 > 0:16:16The small bedroom is at the back, overlooking that side return,
0:16:16 > 0:16:19where I think that kitchen extension should go.
0:16:23 > 0:16:25The bigger of the two bedrooms is very light,
0:16:25 > 0:16:27with a pair of original sash windows
0:16:27 > 0:16:30and there's more space that could be utilised up here, too.
0:16:32 > 0:16:35Now, the auction catalogue mentioned the potential for a loft conversion
0:16:35 > 0:16:37here, which is exciting.
0:16:37 > 0:16:41Indeed, plenty of other houses along the street have already converted
0:16:41 > 0:16:44their loft spaces and extending into the roof space
0:16:44 > 0:16:47can often be done within permitted development.
0:16:47 > 0:16:50So, there's no lengthy planning process to go through.
0:16:50 > 0:16:51Would it be worth it?
0:16:51 > 0:16:54Well, you only need to look over the road
0:16:54 > 0:16:58and check out the neighbours' houses to see that they think so.
0:16:58 > 0:16:59I think so, too.
0:16:59 > 0:17:02Making this into a three-bedroom house would lift it
0:17:02 > 0:17:05into a different price bracket altogether.
0:17:06 > 0:17:09You don't just have to take my word for it,
0:17:09 > 0:17:12we invited a local estate agent along to get his opinion.
0:17:13 > 0:17:16It's a good little house. It's a Victorian...
0:17:16 > 0:17:20with a sort of workmen's artesian cottage, originally.
0:17:20 > 0:17:24But it's obviously very tired, needs a lot of work done to it.
0:17:24 > 0:17:27Provided they do the right things, it could be super.
0:17:27 > 0:17:31The ideal way to, I think, maximise the house is to push
0:17:31 > 0:17:37the kitchen out to the side, so you take the whole width of the plot.
0:17:37 > 0:17:40Sexy lighting everywhere makes a big, big difference.
0:17:40 > 0:17:44So, good decorations, tasteful, nothing outrageous,
0:17:44 > 0:17:48but a really good quality finish is vital to get the top dollar.
0:17:48 > 0:17:51And what would that top dollar be?
0:17:51 > 0:17:53Bearing in mind the house, as it stands,
0:17:53 > 0:17:57has got a guide price of 675,000.
0:17:57 > 0:17:59The interesting thing about this house
0:17:59 > 0:18:02is that the people have got a choice.
0:18:02 > 0:18:05They can either do it as a super two-bedroom
0:18:05 > 0:18:09with a nice big bathroom, in which case, I think, they're looking at...
0:18:09 > 0:18:12Probably a target of about £950,000.
0:18:13 > 0:18:18Possibly £975,000, depending on just how the market is at the time
0:18:18 > 0:18:19and how far they go.
0:18:19 > 0:18:23If they go into the loft, make three bedrooms and two bathrooms,
0:18:23 > 0:18:26then I think they will be able to get over £1,000,000,
0:18:26 > 0:18:29probably £1,050,000 is quite feasible.
0:18:31 > 0:18:35Over £1,000,000, for what basically is a small two bed terrace
0:18:35 > 0:18:38with a few add-ons. Well, London is a unique market!
0:18:38 > 0:18:41What sort of rent would the Putney punters
0:18:41 > 0:18:42have to stump up to live here?
0:18:43 > 0:18:45As a two-bedroom,
0:18:45 > 0:18:50it's probably going to be about £2,000-£2,200 per calendar month.
0:18:51 > 0:18:55If they go to the extent of the three bedrooms option,
0:18:55 > 0:19:01then that's going to take it up to 2,700/2,800 per calendar month.
0:19:01 > 0:19:07With Putney, location is key and it doesn't get much better than this.
0:19:07 > 0:19:11And the property, well, I think the only way is up.
0:19:11 > 0:19:14You can add some value by just renovating what's there,
0:19:14 > 0:19:17but to really make a profit you need to convert that loft
0:19:17 > 0:19:19and add an extra bedroom.
0:19:19 > 0:19:21But what will the new owner's plan be?
0:19:21 > 0:19:26Let's head to auction and find out who bought the Putney pad.
0:19:26 > 0:19:28Lot 147, seen this one.
0:19:28 > 0:19:31Like Putney, really, really good area.
0:19:31 > 0:19:33650?
0:19:33 > 0:19:35Not going to go below 650, not going to get anything...
0:19:35 > 0:19:38Don't think you get a flat in Putney at 650.
0:19:38 > 0:19:41650? 650 on my right, 650.
0:19:41 > 0:19:43655 anywhere?
0:19:44 > 0:19:49If not, with you at £650,000, anyone else?
0:19:49 > 0:19:52650... First time,
0:19:52 > 0:19:53second time...
0:19:55 > 0:19:56How much?
0:19:56 > 0:20:00655. 660. 665?
0:20:02 > 0:20:04665...
0:20:04 > 0:20:07The telephone bidder and the man who placed the opening bid
0:20:07 > 0:20:14continue in £5,000 steps until we rejoin the bidding at 830,000.
0:20:15 > 0:20:16830?
0:20:17 > 0:20:18835.
0:20:20 > 0:20:21840?
0:20:24 > 0:20:27835, back to you, sir.
0:20:27 > 0:20:29840, elsewhere?
0:20:29 > 0:20:34If not, 835, with the gentleman, the first time,
0:20:34 > 0:20:36second time,
0:20:36 > 0:20:39third and last time, if you're all done...
0:20:39 > 0:20:41GAVEL BANGS Sold 835. Well bid.
0:20:42 > 0:20:48The final bid of a sizeable £835,000 was made by Jurg,
0:20:48 > 0:20:51who usually lives in Switzerland with his wife Gillian.
0:20:53 > 0:20:56I met the couple back at their Putney property to find out
0:20:56 > 0:20:59why London and not Lucerne.
0:20:59 > 0:21:02Jurg and Gillian, great to meet you guys today. Congratulations.
0:21:02 > 0:21:06This really is a fabulous little house in a great location.
0:21:06 > 0:21:09But, obviously, Jurg, you are from Switzerland.
0:21:09 > 0:21:12I am from Switzerland, I'm a hotelier in Switzerland,
0:21:12 > 0:21:14although Gillian is English. She grew up here.
0:21:14 > 0:21:17When we're here, we live in Barnes.
0:21:17 > 0:21:20- OK, so up the road. So, you're not too far away?- No.
0:21:20 > 0:21:23So, what are you two going off nosing around auction houses for?
0:21:23 > 0:21:24Come on.
0:21:24 > 0:21:27- Well, that is your fault. - It's my fault?
0:21:27 > 0:21:30Yes, that is your fault entirely
0:21:30 > 0:21:32because, about three, four years back,
0:21:32 > 0:21:37I discovered Homes Under The Hammer and I got hooked by it.
0:21:37 > 0:21:41This is our second, or will be our second, property in London.
0:21:41 > 0:21:45We've started a business, so we're buying to sell - to do them up
0:21:45 > 0:21:46and then to sell them.
0:21:46 > 0:21:49We do this in Switzerland and we've brought it over here, too.
0:21:49 > 0:21:55And this one just, it just called out to us, "Buy us, buy me!"
0:21:55 > 0:21:57And that's what we did.
0:21:57 > 0:22:01Although, I must say, I went over - £5,000 over my limit.
0:22:01 > 0:22:04Did you go over your limit? Now, is that out of character for you, Jurg?
0:22:04 > 0:22:07- Is not that the sort of thing you do?- No, that was my head.
0:22:07 > 0:22:09I knew exactly how far I could go
0:22:09 > 0:22:12and I wouldn't go over the limit, other than one.
0:22:12 > 0:22:16- Although you did, £5,000.- Well... - You call it one, it's more five.
0:22:16 > 0:22:19- You know, £835,000...- Five, not one.
0:22:20 > 0:22:24So, tell me, what are you guys going to do to turn it around?
0:22:24 > 0:22:26Well, first of all everything will be ripped out.
0:22:26 > 0:22:29New wiring, new everything.
0:22:29 > 0:22:33- The kitchen will have an extension, a side extension...- Great.
0:22:33 > 0:22:37- We'll make a huge kitchen, with an island in the middle...- Fabulous.
0:22:37 > 0:22:39And then upstairs,
0:22:39 > 0:22:43we'll move the walls between the two bedrooms a bit over
0:22:43 > 0:22:46because there's one huge bedroom and one small one,
0:22:46 > 0:22:48so we'll make the small one a bit bigger
0:22:48 > 0:22:53and it'll give more place for the stairs going up to the loft,
0:22:53 > 0:22:56- which we'll extend.- So, you are doing a loft conversion, as well?
0:22:56 > 0:22:58Absolutely, with an en-suite.
0:22:58 > 0:23:01OK, so you are ticking every box of... Every bit of out and up
0:23:01 > 0:23:04- you could possibly do, you guys are doing.- Absolutely.
0:23:04 > 0:23:06So, what have you set aside for the work?
0:23:06 > 0:23:10- How much do you think that's going to cost you?- 210,000.- Precisely.
0:23:10 > 0:23:14- Precisely.- Will it cost you that, will it cost you more, or less?- No.
0:23:14 > 0:23:18- We won't pay more.- I'm nailing down my builder to that price.
0:23:18 > 0:23:24So, £210,000. How much do you intend selling this property for?
0:23:24 > 0:23:28- Er...- One point...?- 1.2 to 1.25.
0:23:28 > 0:23:30How long do you think it's going to take to renovate
0:23:30 > 0:23:33to a really good standard before you can put it on the open market?
0:23:33 > 0:23:35I reckon about four months.
0:23:35 > 0:23:37- You're going to do this, sell it, onto the next one.- That's right.
0:23:37 > 0:23:40This is quite a fun sort of sideline for you, would you say?
0:23:40 > 0:23:42- It is, actually. Yes, it is. - Do you really enjoy it?
0:23:42 > 0:23:46- That's the first time you said that. - Darling, I always think it's fun.
0:23:46 > 0:23:49- It's a hobby and it's a pleasure... - It's a hobby to make money.
0:23:49 > 0:23:51..and also it's an investment.
0:23:51 > 0:23:54But I'm sure you're going to do a magnificent job,
0:23:54 > 0:23:56and it's been brilliant meeting both...
0:23:56 > 0:23:58Ah, but you haven't finished with me!
0:23:58 > 0:24:02Before we are parting, of course, we've got to keep up the cliches.
0:24:02 > 0:24:05- What have you brought along for me, Jurg?- Well...
0:24:05 > 0:24:07Of course, the Swiss chocolate.
0:24:07 > 0:24:10The Swiss chocolate, which I'm not allowed to say what it is.
0:24:10 > 0:24:15- That's lovely. Thank you very much. Thank you, that's brilliant.- OK.
0:24:15 > 0:24:18- And he did actually transport it from Switzerland.- Did you?
0:24:18 > 0:24:22- Of course I did.- Good luck. I cannot wait to see what you do here.
0:24:22 > 0:24:25- Thank you.- Thank you. - Thanks very much.
0:24:25 > 0:24:27So, from the Swiss Alps to the Putney Riverside
0:24:27 > 0:24:30having renovated property in Switzerland for years,
0:24:30 > 0:24:34Jurg and Gillian have now taken on the London housing market.
0:24:34 > 0:24:36Will this renovation go smoothly,
0:24:36 > 0:24:41having already paid 835 grand for this house?
0:24:41 > 0:24:44You can find out how they all get on later in the programme.
0:24:46 > 0:24:48Still to come...
0:24:48 > 0:24:49In Fraddon, Cornwall,
0:24:49 > 0:24:52a possible change of occupation for this developer.
0:24:52 > 0:24:56I can't imagine me being the vicar of Fraddon.
0:24:57 > 0:25:01And we return to Putney for a grand unveiling.
0:25:01 > 0:25:03Oh, we're chuffed.
0:25:03 > 0:25:06We're thrilled, absolutely thrilled, with it.
0:25:11 > 0:25:14We're back in Rotherham, where earlier I met
0:25:14 > 0:25:17Paul and Michelle, who were about to embark on an exciting
0:25:17 > 0:25:22renovation of the biggest two-bedroom house I'd ever seen.
0:25:22 > 0:25:24Wow!
0:25:24 > 0:25:27What an impressive room!
0:25:30 > 0:25:32Purchased at auction for, let's be honest,
0:25:32 > 0:25:36an extremely modest £125,000,
0:25:36 > 0:25:38the couple, together with business partner Phil,
0:25:38 > 0:25:43plan to convert the loft space to add two further bedrooms,
0:25:43 > 0:25:46but all this hinged on obtaining planning permission.
0:25:48 > 0:25:50If we can't get planning permission for that,
0:25:50 > 0:25:54it looks like we'll probably have to take the roof off totally,
0:25:54 > 0:25:58rebuild it in a different way to give us that space upstairs.
0:26:03 > 0:26:07So, this was never going to be a quick paint job and sell on.
0:26:07 > 0:26:09These guys plan to do things properly.
0:26:11 > 0:26:14It's been five months since our last visit.
0:26:14 > 0:26:17Have Paul and Michelle managed to realise
0:26:17 > 0:26:19the enormous potential of this place?
0:26:37 > 0:26:39I think the answer is - yes!
0:26:41 > 0:26:42They've done a fantastic job.
0:26:45 > 0:26:47The planning permission went through without a hitch,
0:26:47 > 0:26:50allowing the attic space to be transformed,
0:26:50 > 0:26:53with two double bedrooms and a family bathroom.
0:26:55 > 0:26:58There were two dormer windows originally,
0:26:58 > 0:27:00but because we've put in an extra bedroom,
0:27:00 > 0:27:03we needed a new window in, so we had to get planning for that.
0:27:03 > 0:27:05But, yeah, it were pretty simple.
0:27:08 > 0:27:12I just love what Paul and Michelle have done to this house.
0:27:15 > 0:27:20Uncovering period details, like this stone fireplace, contrasts
0:27:20 > 0:27:24beautifully with the neutral decor and clean lines.
0:27:29 > 0:27:33Original, decorative plasterwork has been retained,
0:27:33 > 0:27:36adding character and a touch of grandeur
0:27:36 > 0:27:38to these ground floor reception rooms.
0:27:44 > 0:27:46The kitchen has been completely modernised.
0:27:46 > 0:27:49And outside, the garden has been tidied up
0:27:49 > 0:27:52and artificial turf has been laid in the front.
0:27:55 > 0:27:59On the first floor, the two family bedrooms have been spruced up
0:27:59 > 0:28:01and the en-suite replaced.
0:28:03 > 0:28:06But that's not been the biggest change to the first floor.
0:28:09 > 0:28:11There's quite a major change here.
0:28:11 > 0:28:14If you can remember before, coming through the front door,
0:28:14 > 0:28:16there were another level with the bathroom.
0:28:16 > 0:28:18We've done away with that level
0:28:18 > 0:28:20because of the head height as you were coming upstairs.
0:28:20 > 0:28:24We've moved the bathroom up onto the top level, and I think it
0:28:24 > 0:28:28opens this area up tremendously, and makes it very light and airy.
0:28:31 > 0:28:33Since property development is their business,
0:28:33 > 0:28:36Paul and Michelle have been pretty hands-on
0:28:36 > 0:28:39in order to stretch their budget as far as possible.
0:28:41 > 0:28:44- Well, we both get involved. - Yeah, yeah.
0:28:44 > 0:28:48I sometimes get involved in places where I shouldn't do, but...
0:28:48 > 0:28:51Jobs such as electrical, we got electricians in,
0:28:51 > 0:28:54although we helped them out.
0:28:54 > 0:28:57And we got gas fitted in for the central heating.
0:28:57 > 0:28:59We fitted the bathrooms -
0:28:59 > 0:29:02- Michelle and me did tiling and grouting in the bathrooms.- Mm-hmm.
0:29:02 > 0:29:05But, yeah, we're getting involved in most things,
0:29:05 > 0:29:08- usually the mucky jobs that no-one else wants!- Yeah.
0:29:08 > 0:29:11MUSIC: Dirty Work by Steely Dan
0:29:15 > 0:29:18Paul and Michelle have ticked everything off their to-do list,
0:29:18 > 0:29:19except the cellar.
0:29:21 > 0:29:25We've opened the old coal chutes up to get some light into the cellar.
0:29:25 > 0:29:29We've put some windows in, we've cleaned them out,
0:29:29 > 0:29:31but we thought we'd spent enough.
0:29:34 > 0:29:39Their budget was £40,000, although they had some flexibility.
0:29:39 > 0:29:42How much did they end up spending?
0:29:42 > 0:29:46The original budget, when we first come and looked at it, were £40,000.
0:29:46 > 0:29:49Then when we had a closer look, when we got the keys,
0:29:49 > 0:29:51we revised that to 50.
0:29:51 > 0:29:54By the time we're finished it's going to be more like 60,
0:29:54 > 0:29:57but I don't think it's too bad for what we've done.
0:29:59 > 0:30:00I totally agree.
0:30:00 > 0:30:04They've done a lovely job and I'm still a teeny bit jealous.
0:30:04 > 0:30:08As for timescale, they've taken five months rather than four,
0:30:08 > 0:30:09but with good reason.
0:30:12 > 0:30:14- That were because we went away. - We went away.
0:30:14 > 0:30:17We had a few week away, so it put us back a bit.
0:30:17 > 0:30:19- In fact, we went away twice. - Yeah, we did.
0:30:21 > 0:30:25Well, I'm impressed with the final result,
0:30:25 > 0:30:28but what will two local property experts think?
0:30:28 > 0:30:30Let's get them in from the rain to find out.
0:30:33 > 0:30:35It's a beautiful property.
0:30:35 > 0:30:38I think it's a really nice merge of old and new.
0:30:38 > 0:30:40Obviously, the property's over 400 years old,
0:30:40 > 0:30:43but you'd never know that from actually coming in the property.
0:30:43 > 0:30:47They've kept some really nice, original features - sort of,
0:30:47 > 0:30:51the stone fireplaces, very, very nice decorative coving.
0:30:51 > 0:30:54But at the same time you've got this very modern kitchen,
0:30:54 > 0:30:56really swish bathrooms and en suites.
0:30:56 > 0:30:58So, yeah. Really nice merge of the two.
0:30:58 > 0:31:00I think adding a fourth bedroom is a great decision.
0:31:00 > 0:31:02It's increased the value of it,
0:31:02 > 0:31:03but also opened it up to bigger families
0:31:03 > 0:31:06that are looking for a bigger property for their family,
0:31:06 > 0:31:08especially with the attraction of Wickersley catchment area,
0:31:08 > 0:31:11the school up there - I think it's a great decision.
0:31:12 > 0:31:15It's always been Paul and Michelle's intention to put this
0:31:15 > 0:31:19house on the market and move onto the next project.
0:31:19 > 0:31:22So, how much do our estate agents think the house is now worth?
0:31:24 > 0:31:28We'd be putting it on the market at a guide price of £250-270,000.
0:31:29 > 0:31:33That will create interest, bringing people through the door.
0:31:33 > 0:31:35This year we've had quite a lot of properties
0:31:35 > 0:31:38go to best and finals, where they've achieved practically
0:31:38 > 0:31:41the top of the guide price, or in some cases, even over.
0:31:41 > 0:31:44In today's market, I'd like to advertise this property for sale
0:31:44 > 0:31:45in the region of £275,000.
0:31:45 > 0:31:47But also, being conscious of the fact that there is
0:31:47 > 0:31:49the stamp duty threshold at 250,
0:31:49 > 0:31:52I would really like to push to try and achieve that higher figure.
0:31:52 > 0:31:56We've had three independent valuations ourselves,
0:31:56 > 0:32:00ranging from 240 to nearly 300.
0:32:00 > 0:32:04So, 250-270 is probably bang in the middle.
0:32:04 > 0:32:07- Yeah, we'd be pleased with that, wouldn't we?- Yeah.- Yeah.
0:32:07 > 0:32:13Paul and Michelle have spent a total of £185,000 on this project.
0:32:13 > 0:32:17Selling at the property agents' top valuation of £275,000
0:32:17 > 0:32:22would give them, and partner Phil, a pre-tax profit of £90,000.
0:32:22 > 0:32:25So, what's next for our Rotherham couple?
0:32:29 > 0:32:32We've got another property, hopefully that we're
0:32:32 > 0:32:35going to be starting next week, so we need to sell this one
0:32:35 > 0:32:36and get this one out of the way.
0:32:36 > 0:32:41Obviously, we've spent that much on it, we wouldn't want to rent it,
0:32:41 > 0:32:42so it needs to sell.
0:32:46 > 0:32:47I'm in Fraddon,
0:32:47 > 0:32:52about 20 minutes outside the county town of Cornwall, Truro.
0:32:52 > 0:32:55Cornwall, of course, famous for its piskies,
0:32:55 > 0:32:58pasties and glorious scenery.
0:32:58 > 0:33:01Now, Fraddon itself isn't actually on the coast,
0:33:01 > 0:33:04but it's surrounded by this gorgeous, gorgeous landscape.
0:33:04 > 0:33:07It's been bypassed by the A30, so it's quite quiet,
0:33:07 > 0:33:09and is now a very desirable place to live.
0:33:09 > 0:33:13MUSIC: Sparky's Dream by Teenage Fanclub
0:33:16 > 0:33:18The property I'm here to see
0:33:18 > 0:33:22is a Grade II listed former Methodist Church.
0:33:22 > 0:33:24But I'm not here for spiritual enlightenment,
0:33:24 > 0:33:28I'm here to see if it will make a viable property development.
0:33:30 > 0:33:34Well, the guide price at auction was 50,000 quid, so that's a good start.
0:33:34 > 0:33:36Let's take a look inside.
0:33:38 > 0:33:40Well, you never know quite what to expect
0:33:40 > 0:33:43when you come into these kind of places, but first thing I noticed,
0:33:43 > 0:33:46the flooring here at the entrance all given away, it's rotted,
0:33:46 > 0:33:49which means that the building itself might not be in that
0:33:49 > 0:33:53good a state. But we've got some original pews, that's nice to see.
0:33:53 > 0:33:55And then the room itself?
0:33:55 > 0:33:57Wow!
0:33:57 > 0:33:58What a great space.
0:33:58 > 0:34:02Your imagination immediately starts working overtime, doesn't it?
0:34:02 > 0:34:05What would you do with this? If you were to turn it into a home,
0:34:05 > 0:34:09are we talking mezzanine floors, are we talking great galleried areas...?
0:34:09 > 0:34:11I don't know.
0:34:11 > 0:34:14It's wonderful and it really is a blank canvass...
0:34:14 > 0:34:15onto which you can do what you want.
0:34:15 > 0:34:17Oh, a piano!
0:34:17 > 0:34:20HE PLAYS SHAVE AND A HAIRCUT
0:34:20 > 0:34:23Perfect.
0:34:23 > 0:34:31MUSIC: (I Love The Sound Of) Breaking Glass by Nick Lowe
0:34:35 > 0:34:39The piano isn't the only thing that's a bit off-key in this place.
0:34:39 > 0:34:42As well as the rotting floor, there are broken windows,
0:34:42 > 0:34:46invading vegetation, signs of water ingress,
0:34:46 > 0:34:51and the fabric of the building looks to be slowly deteriorating.
0:34:51 > 0:34:53Left without remedial repairs,
0:34:53 > 0:34:56it won't be long before real structural issues develop.
0:35:02 > 0:35:06The area used for worship is at the front half of the building,
0:35:06 > 0:35:10but to the rear is a good-sized hall and several smaller rooms.
0:35:10 > 0:35:13Plenty of space and plenty of work to do.
0:35:17 > 0:35:21Now, you might be wondering why a nice enough little
0:35:21 > 0:35:24building like this in a gorgeous part of Cornwall only had
0:35:24 > 0:35:26a guide price of 50,000 quid?
0:35:26 > 0:35:28Well, the answer of course is that it doesn't have
0:35:28 > 0:35:32planning permission to be anything other than a church, at the moment.
0:35:32 > 0:35:33The good news though,
0:35:33 > 0:35:36is that no planning application has been put in and refused,
0:35:36 > 0:35:39so possibly the planners would be interested in seeing this converted,
0:35:39 > 0:35:41and I personally think they would,
0:35:41 > 0:35:44rather than having it just sitting here, crumbling away.
0:35:44 > 0:35:48And, of course, if you can get that planning permission to convert it
0:35:48 > 0:35:50into a residential building - oh, boy -
0:35:50 > 0:35:54it suddenly turns into a gold mine. Or, should I say, a tin mine?
0:35:54 > 0:35:56We are in Cornwall.
0:35:56 > 0:36:01So, what are the options? I think the answer is - plenty.
0:36:01 > 0:36:04A single dwelling, two flats, a business venture
0:36:04 > 0:36:09or a community enterprise are all uses that would suit this place.
0:36:09 > 0:36:13MUSIC: Rescue Me by Fontella Bass
0:36:18 > 0:36:22But obtaining planning permission is key and that Grade II listing
0:36:22 > 0:36:25would probably mean a long list of conditions.
0:36:25 > 0:36:29In particular, retaining as many original features as possible.
0:36:29 > 0:36:32Hmm. Water feature, perhaps?
0:36:39 > 0:36:41Well, with a place like this, on a main road,
0:36:41 > 0:36:43parking is always going to be an issue,
0:36:43 > 0:36:46especially if you're thinking about converting this for some
0:36:46 > 0:36:48kind of commercial use. The planners would definitely
0:36:48 > 0:36:51want to see places where customers could park their cars.
0:36:51 > 0:36:53Well, the good news is the plot of land
0:36:53 > 0:36:55extends by the side of the church.
0:36:55 > 0:36:58Parking for at least one, two, three, four, five cars -
0:36:58 > 0:37:00good result.
0:37:05 > 0:37:09All in all, I'm impressed by how many options this property offers.
0:37:09 > 0:37:14However, the planning issue makes evaluation less straightforward.
0:37:14 > 0:37:17What will a local property expert think?
0:37:17 > 0:37:21Is this former church a heaven-sent opportunity,
0:37:21 > 0:37:23or will it be a devil of a job to restore?
0:37:25 > 0:37:28I think the property's got just graphic potential
0:37:28 > 0:37:30to possibly be two units, but more likely
0:37:30 > 0:37:33a great big house with lots of parking,
0:37:33 > 0:37:36and maybe some office space for someone to work from home.
0:37:36 > 0:37:40Planning should be relatively straightforward,
0:37:40 > 0:37:44although it's never a foregone conclusion.
0:37:44 > 0:37:47But you are a redundant church...chapel
0:37:47 > 0:37:53and you are, quite plainly, in the run of a residential area.
0:37:53 > 0:37:56So I would have thought permission to turn it into a home -
0:37:56 > 0:38:00albeit with restrictions over what you can do, inside and out -
0:38:00 > 0:38:03should be almost guaranteed.
0:38:04 > 0:38:08Let's be bold and speculate that planning permission will be granted.
0:38:08 > 0:38:11What sort of value could we expect to see here?
0:38:13 > 0:38:15Property prices in Cornwall tend to be
0:38:15 > 0:38:19influenced by proximity to the sea.
0:38:19 > 0:38:24The further you get inland, the more the prices are a little bit
0:38:24 > 0:38:26on the lower side.
0:38:26 > 0:38:30It's really easy to make a two-bedroom unit out of here,
0:38:30 > 0:38:32but with a bit of clever use of space,
0:38:32 > 0:38:34you should be able to get a three-bedroom house.
0:38:34 > 0:38:38Either way, the end value's going to be something like
0:38:38 > 0:38:40in the region of £165-180,000.
0:38:43 > 0:38:45And what about the rental market?
0:38:45 > 0:38:49Would this be a suitable holiday let once renovated?
0:38:49 > 0:38:53Done nicely, there's every possibility of getting
0:38:53 > 0:38:56between £600-650 a calendar month.
0:38:56 > 0:38:58I don't want to preach,
0:38:58 > 0:39:01but I think that this place is a fantastic opportunity.
0:39:01 > 0:39:04Get that all-important planning permission
0:39:04 > 0:39:07and you would be singing hallelujah.
0:39:07 > 0:39:10Let's see who had the divine inspiration to buy it
0:39:10 > 0:39:13when it went to auction.
0:39:13 > 0:39:15This is the Methodist Chapel.
0:39:15 > 0:39:18Who'll kick us off at 50 then, at the guide?
0:39:18 > 0:39:19Not going to go below the guide.
0:39:19 > 0:39:2050 somewhere?
0:39:20 > 0:39:2350, we're away. Thank you, sir. 50, I've got at 50.
0:39:23 > 0:39:24Ask two? At 52?
0:39:24 > 0:39:25Five? 55.
0:39:25 > 0:39:2858, perhaps? 58.
0:39:28 > 0:39:29At 58. And 60, do I?
0:39:29 > 0:39:3158, I've got. 60.
0:39:31 > 0:39:33At 60. At 62.
0:39:33 > 0:39:35At 62, looking for five.
0:39:35 > 0:39:36At 62.
0:39:36 > 0:39:38At 62, side and back out. At 62.
0:39:38 > 0:39:41At 62,000. Last chance then?
0:39:41 > 0:39:43At 62...
0:39:43 > 0:39:44Four! Hells bells. 64.
0:39:44 > 0:39:4564.
0:39:45 > 0:39:4766.
0:39:47 > 0:39:5066? 66. That's 66.
0:39:50 > 0:39:52That's energised both of you. 68.
0:39:52 > 0:39:53And 70.
0:39:53 > 0:39:5469? I will.
0:39:54 > 0:39:5670?
0:39:56 > 0:39:5770.
0:39:57 > 0:39:59One.
0:39:59 > 0:40:00And two.
0:40:00 > 0:40:03And...three.
0:40:03 > 0:40:07And...three and a half.
0:40:07 > 0:40:0874.
0:40:08 > 0:40:10At 74.
0:40:10 > 0:40:11And a half, again.
0:40:11 > 0:40:1274 and a half.
0:40:12 > 0:40:13At 74 and a half.
0:40:13 > 0:40:17At 74 and a half, once, then.
0:40:17 > 0:40:1875.
0:40:18 > 0:40:22At 75. No good glaring at me like that, sir. Good heavens!
0:40:22 > 0:40:25At 75, once.
0:40:25 > 0:40:28At 75, twice.
0:40:28 > 0:40:30Make no mistake, at 75, here we go.
0:40:30 > 0:40:32Serious now.
0:40:32 > 0:40:34At 75, last chance.
0:40:34 > 0:40:35Good and serious, going to be serious,
0:40:35 > 0:40:37At 75.
0:40:37 > 0:40:40Sir, congratulations. Well done. There you go.
0:40:44 > 0:40:49That £75,000 bid was made by Bart, a plumber by profession.
0:40:49 > 0:40:53Handy if he has to re-plumb that organ.
0:40:53 > 0:40:56I was keen to hear what plans he had in store for the church,
0:40:56 > 0:40:58so we met up for a chat.
0:40:58 > 0:41:01Straight off, there were a couple of surprises.
0:41:02 > 0:41:05- Bart, congratulations. - Thank you very much.- Well done.
0:41:05 > 0:41:08- Now, you've bought yourself a church!- I believe so, yeah.
0:41:08 > 0:41:10Why did you want to buy it?
0:41:10 > 0:41:15I think one of the reasons was the price - it was affordable -
0:41:15 > 0:41:18and maybe we could do something interesting with it.
0:41:18 > 0:41:22- Do you know the area at all? - Not all, no.- Where are you from?
0:41:22 > 0:41:24Lytham St Annes in Lancashire.
0:41:24 > 0:41:27- So how did you stumble on this place?- Well, it was just by chance.
0:41:27 > 0:41:30Somebody sent me the auction guide and I looked through,
0:41:30 > 0:41:33and in the photograph it looked as if you could see the sea.
0:41:33 > 0:41:37But of course, I found out it's not the sea, now. It's 15 miles away.
0:41:37 > 0:41:39Right. What is it that you could see?
0:41:39 > 0:41:42- Well, it was just a colour in the photograph.- Oh, no!
0:41:42 > 0:41:46But, of course, at 75,000, it would be a little bit more than that
0:41:46 > 0:41:50- if was that close to the sea.- So did you see it before you bought it?
0:41:50 > 0:41:52I called in, in the morning,
0:41:52 > 0:41:55- for five minutes.- Right. - I drove overnight,
0:41:55 > 0:41:58and then just popped in and had a look round.
0:42:01 > 0:42:03Now, normally after hearing all this,
0:42:03 > 0:42:06I would suspect that this was a bit of an impulse buy,
0:42:06 > 0:42:12except Bart has renovated a church before in the Scottish Highlands.
0:42:12 > 0:42:15So, why switch from the extreme north to extreme south?
0:42:18 > 0:42:23I love Truro and this area, and we've got big plans for going fishing
0:42:23 > 0:42:26and doing all these other activities that we can do here.
0:42:26 > 0:42:29- Right. So you'll use the holiday home yourself?- Absolutely.
0:42:29 > 0:42:32My idea would be to turn it into two holiday lets.
0:42:32 > 0:42:38- Oh, wow.- If we're successful with the planning, I could live here.
0:42:38 > 0:42:43Bart has budgeted £50,000 to convert this church into two flats
0:42:43 > 0:42:46and, to keep costs down, plans to do much of the work himself.
0:42:46 > 0:42:49Although he will have to find a way to do that
0:42:49 > 0:42:51and run his plumbing business.
0:42:54 > 0:42:58Conversions like this can be problematic and expensive -
0:42:58 > 0:43:01a fact of which Bart is all too aware.
0:43:02 > 0:43:06From the minute the hammer goes down, you're paying interest on the money.
0:43:06 > 0:43:09So, we have to make it viable, yeah.
0:43:09 > 0:43:12So, we need a bit of luck with the planning.
0:43:12 > 0:43:15We maybe have to offer a little prayer.
0:43:15 > 0:43:17- Well, you're in the right place to do that, for sure!- Yeah.
0:43:17 > 0:43:20What are you going to do if you don't get the planning permission?
0:43:20 > 0:43:23Erm, I don't know what else to do with this.
0:43:23 > 0:43:26I can't imagine me being the vicar of Fraddon.
0:43:27 > 0:43:32So, hopefully, fingers crossed that we will get some form of planning.
0:43:32 > 0:43:34Well, I think you know that you've got some challenges ahead,
0:43:34 > 0:43:36- but I do wish you all the best with it.- Thank you.
0:43:36 > 0:43:39- And look forward to seeing how you get on.- Thank you very much.
0:43:40 > 0:43:44Well, let's hope that Bart doesn't have to resort to becoming
0:43:44 > 0:43:47the vicar of Fraddon. However, there are a lot of challenges ahead.
0:43:47 > 0:43:50He's got to get that planning permission. He's got - I think -
0:43:50 > 0:43:54a fairly tight budget and he lives so far away,
0:43:54 > 0:43:56so managing the project isn't going to be easy.
0:43:56 > 0:44:00So, it's by no means a clear-cut success story.
0:44:00 > 0:44:03You can find out how he gets on later in the show.
0:44:07 > 0:44:11Martin, we've had a look at what's happened to one of today's projects.
0:44:11 > 0:44:14- Yes, but what about the other two? How did they get on?- Let's find out.
0:44:20 > 0:44:23Anywhere within rowing distance of Central London
0:44:23 > 0:44:28comes with a price tag and Putney, on the South Bank, is no exception.
0:44:28 > 0:44:32This unassuming two-bed terrace, close to the river, was bought
0:44:32 > 0:44:38by Swiss-based couple Gillian and Jorg for a hefty £835,000.
0:44:43 > 0:44:46This one just called out to us, "Buy us. Buy me."
0:44:46 > 0:44:48And, that's what we did.
0:44:51 > 0:44:55Their plan was to extend upwards to create a third bedroom,
0:44:55 > 0:44:59stretch the existing rear extension to the full width of the garden
0:44:59 > 0:45:03and give the rest of the house a good makeover.
0:45:03 > 0:45:04Sounds expensive!
0:45:04 > 0:45:07So, how much money would the couple need to get
0:45:07 > 0:45:12this house finished to the high standard they're aiming for?
0:45:12 > 0:45:13£210,000.
0:45:13 > 0:45:15- Precisely.- We won't pay more.
0:45:15 > 0:45:18I'm nailing down my builder to that price.
0:45:23 > 0:45:25That's definitely a precision budget.
0:45:25 > 0:45:28But did this renovation run like clockwork?
0:45:28 > 0:45:32Jorg and Gillian had given the builders four months for this job
0:45:32 > 0:45:37and we came back eight months later to see how they'd got on.
0:45:54 > 0:45:58Well, it looks like Gillian and Jorg have done a great job on this house.
0:45:59 > 0:46:03- Oh, we are chuffed.- We're thrilled, absolutely thrilled with it.
0:46:03 > 0:46:05It is just lovely.
0:46:05 > 0:46:07And anybody who would say,
0:46:07 > 0:46:12"No, it's not really our thing, this house," we would be surprised
0:46:12 > 0:46:14because it really is quite stunning.
0:46:20 > 0:46:23Requiring no planning permission, that attic conversion boasts
0:46:23 > 0:46:27a spacious bedroom, with a large family bathroom.
0:46:27 > 0:46:29Plus, this fantastic Juliet balcony.
0:46:33 > 0:46:36Thanks to some clever rearranging on the first floor,
0:46:36 > 0:46:38two bedrooms have now become three.
0:46:41 > 0:46:47Well, first of all, behind me, this was the bathroom.
0:46:47 > 0:46:52And we thought that we could increase
0:46:52 > 0:46:55the number of bedrooms on the first floor to three,
0:46:55 > 0:46:58by moving the bathroom here in the middle,
0:46:58 > 0:47:02taking a little bit of space from both bedrooms.
0:47:02 > 0:47:07So, we are very pleased that we now have four bedrooms instead of two.
0:47:10 > 0:47:14The showpiece on the ground floor is this beautiful kitchen extension.
0:47:16 > 0:47:19The larger area has allowed the creation of an island
0:47:19 > 0:47:23and the new windows, spots and reflective surfaces
0:47:23 > 0:47:25spread light throughout.
0:47:26 > 0:47:31We strived to reach a very high level of finish.
0:47:31 > 0:47:36The look had to be something that would suit young businesspeople
0:47:36 > 0:47:41because the house is really geared, we think, for that.
0:47:41 > 0:47:46The road that this house is located in is just such a fabulous road.
0:47:46 > 0:47:49They're all young, extremely friendly people,
0:47:49 > 0:47:55and they've all come in - unbeknown to us - to look at this house
0:47:55 > 0:47:59and they have passed on this information to others.
0:47:59 > 0:48:02You know, "There's this house that's just been done."
0:48:02 > 0:48:05So, this was important, that the finish looked good,
0:48:05 > 0:48:09even for the older - and younger - people who walked in off the street.
0:48:14 > 0:48:17Jorg and Gillian had given their team of builders four months
0:48:17 > 0:48:21to transform this property. Did the project run to time?
0:48:23 > 0:48:27It took us exactly seven and a half months. Why is that?
0:48:27 > 0:48:31Well, there was summertime and, of course,
0:48:31 > 0:48:35it was a bit underestimated by the builder.
0:48:35 > 0:48:37And we didn't push them too much
0:48:37 > 0:48:43because we'd rather have a good job than keep within the timeframe.
0:48:45 > 0:48:51We had a very tight budget with the builder, who had to keep
0:48:51 > 0:48:56within the budget, and he has, and that's where we are - £210,000.
0:49:00 > 0:49:03The neighbours have been to visit, so I'm sure Jorg and Gillian
0:49:03 > 0:49:07won't mind if we invite two local estate agents to view the house.
0:49:07 > 0:49:10Having spent £1,045,000...
0:49:11 > 0:49:15..will Jorg and Gillian see a healthy return on that investment?
0:49:16 > 0:49:19I think it's a really stunning property.
0:49:19 > 0:49:23The owner's done an amazing job of refurbishing everything throughout.
0:49:23 > 0:49:25Beautiful finish throughout, lovely granite work surfaces
0:49:25 > 0:49:29and porcelain tiles. Yeah, it's a stunning house.
0:49:29 > 0:49:32It is a complete transformation, it's a totally different house.
0:49:32 > 0:49:35They've done a wonderful extension at the back,
0:49:35 > 0:49:38created the most fabulous kitchen.
0:49:38 > 0:49:42They've converted the top floor to make a lovely master suite,
0:49:42 > 0:49:45fabulous big bedroom and a big en-suite shower room.
0:49:45 > 0:49:49So, stunning home. Absolutely stunning.
0:49:50 > 0:49:53"Stunning" is the expert consensus.
0:49:53 > 0:49:56Will the figures be equally knockout?
0:49:56 > 0:50:00The top prices in the area are about £1,000 per square foot,
0:50:00 > 0:50:05so therefore we'd put this on the market between £1.35m-£1.4m.
0:50:05 > 0:50:09I'm thinking that we're probably looking at a value
0:50:09 > 0:50:13that is in the region of £1.2m-£1.3m.
0:50:13 > 0:50:17And, in fact, it's so special that if there's enough people
0:50:17 > 0:50:21interested, they might get bids over that 1.3, I think.
0:50:23 > 0:50:26If they achieve a sale of £1.3m,
0:50:26 > 0:50:31Gillian and Jorg stand to make a profit of £255,000,
0:50:31 > 0:50:34before tax and fees.
0:50:34 > 0:50:36But they have already put this house on the market.
0:50:36 > 0:50:39Is their asking price anywhere near our valuations?
0:50:42 > 0:50:46Of course we have thoughts, we have hopes,
0:50:46 > 0:50:51but we'll see what the market will bring.
0:50:51 > 0:50:54But we have a very good idea of where we want to go.
0:50:54 > 0:50:57But we're not particularly going to tell you
0:50:57 > 0:51:00the price that we are expecting.
0:51:00 > 0:51:02The agent might tell you what HE'S expecting,
0:51:02 > 0:51:05but we don't agree with him!
0:51:09 > 0:51:12Earlier on, I took a trip to Cornwall, where plumber
0:51:12 > 0:51:16and part-time property developer Bart had purchased this
0:51:16 > 0:51:22Grade II listed former church in the village of Fraddon for £75,000.
0:51:25 > 0:51:28Purchased without planning permission, Bart had a lot
0:51:28 > 0:51:31of bargaining to do with the local planning authorities
0:51:31 > 0:51:33before any work could start here,
0:51:33 > 0:51:38a process made more complicated by the church's listed status.
0:51:38 > 0:51:42To stretch out his meagre budget of £50,000,
0:51:42 > 0:51:44Bart was planning to do much of the work himself.
0:51:44 > 0:51:49A major undertaking, but Bart was determined to make a go of this,
0:51:49 > 0:51:51as he wasn't too keen on the alternative.
0:51:54 > 0:51:56I don't know what else to do with this.
0:51:56 > 0:51:59I can't imagine me being the vicar of Fraddon.
0:52:01 > 0:52:06Our first visit was in 2009. And now, five years later,
0:52:06 > 0:52:11we're back to catch up with Bart and his church.
0:52:11 > 0:52:15Question is, will he be wearing hi-vis vest and a hard hat,
0:52:15 > 0:52:18or a cassock and a dog collar?
0:52:18 > 0:52:21MUSIC How Long by Ace
0:52:31 > 0:52:34With little signs of progress on the project,
0:52:34 > 0:52:40I sense we may be about to hear a tale of Cornish woe.
0:52:40 > 0:52:41We have had some problems
0:52:41 > 0:52:43and it just seems to have gone on forever, yeah.
0:52:43 > 0:52:45MUSIC: U Can't Touch This by MC Hammer
0:52:45 > 0:52:48It's been problematic all right.
0:52:48 > 0:52:51When developing listed buildings, every detail of work needs to
0:52:51 > 0:52:55be approved by the authorities before going ahead.
0:52:55 > 0:52:59However, Bart admits to being a bit over-enthusiastic by starting
0:52:59 > 0:53:03on things before he'd been given the green light.
0:53:03 > 0:53:07This Lytham St Annes plumber got himself into a bit of hot water.
0:53:10 > 0:53:13The floor in the Sunday School was in a dangerous condition,
0:53:13 > 0:53:16so I took all of the floor out
0:53:16 > 0:53:22and ended up putting a new floor in, which is a breach of the conditions.
0:53:29 > 0:53:32Was that all, then? Of course not.
0:53:32 > 0:53:35There must have been some more unforeseen problems.
0:53:37 > 0:53:39We had a survey done on the organ
0:53:39 > 0:53:43by the guy who repaired the organ at Truro Cathedral.
0:53:43 > 0:53:47He came to look at it and said it had no value whatsoever,
0:53:47 > 0:53:51but he did say he could use the parts for other organs within this area.
0:53:51 > 0:53:53He came and took it all away
0:53:53 > 0:53:55and spent a lot of time in doing that,
0:53:55 > 0:53:58but the planning department thought that
0:53:58 > 0:54:01I'd vandalised the organ in the church,
0:54:01 > 0:54:02which I hadn't done.
0:54:02 > 0:54:05So it looked as though I'd created a big problem for myself.
0:54:08 > 0:54:12Falling foul of planning conditions meant that Bart had to
0:54:12 > 0:54:16resubmit his application, which cost him time and £3,000.
0:54:17 > 0:54:20The lesson for anyone undertaking this kind of project is
0:54:20 > 0:54:26to check and check again before you do so much as lift a screwdriver.
0:54:27 > 0:54:30Add to that changes to the architect
0:54:30 > 0:54:33and trying to run a plumbing business from Lytham St Annes,
0:54:33 > 0:54:37and it becomes clearer why, five years on,
0:54:37 > 0:54:40the church is still an empty shell.
0:54:40 > 0:54:42When we spoke in 2009,
0:54:42 > 0:54:46Bart was worried about financing this project,
0:54:46 > 0:54:51so has he resolved that particular situation?
0:54:51 > 0:54:55I used the facilities from the bank initially to buy at auction
0:54:55 > 0:54:58and, as things have seemed to fall apart a little bit with
0:54:58 > 0:55:01the money markets, I realised that this was going to be long-term,
0:55:01 > 0:55:05and I was fortunate enough to have sold a property.
0:55:05 > 0:55:09So, rather than put the money left over from that into another venture,
0:55:09 > 0:55:12I thought it would be a good idea to pay this one off.
0:55:14 > 0:55:17With gas, electricity and drainage in the process of being
0:55:17 > 0:55:18run into the building,
0:55:18 > 0:55:21Bart is hopeful that full planning permission is very close
0:55:21 > 0:55:25and he can finally get down to some serious work.
0:55:26 > 0:55:30The plans are to convert the back area into a three-bedroom property
0:55:30 > 0:55:34and build a one or two-bedroom flat in the existing chapel.
0:55:36 > 0:55:39We've lost a lot of time, but hopefully,
0:55:39 > 0:55:42if we're given the go-ahead now, I would think that
0:55:42 > 0:55:47I'd like to get it done within the next 9-12 months to completion.
0:55:48 > 0:55:51Bart's new plan means that his original
0:55:51 > 0:55:54budget of just £50,000 is history.
0:55:54 > 0:55:58He's already spent £20,000 getting it to this stage
0:55:58 > 0:56:02and reckons another £80,000 will finish the job.
0:56:02 > 0:56:03But will it be worth it?
0:56:04 > 0:56:09Two local estate agents have come along to tell us what they think.
0:56:11 > 0:56:15These are not going to be bog-standard new houses,
0:56:15 > 0:56:18they will have just that little something extra about them,
0:56:18 > 0:56:20and that always helps selling.
0:56:20 > 0:56:24My first impressions are that it's a really good project,
0:56:24 > 0:56:26lots of potential here.
0:56:26 > 0:56:29You could really make this a profitable project.
0:56:30 > 0:56:33Those words will be music to Bart's ears.
0:56:33 > 0:56:36Just how much profit could we be talking here?
0:56:36 > 0:56:39Luckily, our experts were agreed on their valuations.
0:56:41 > 0:56:45The two-bedroom dwelling at the front of the property,
0:56:45 > 0:56:50in current market conditions, would achieve £130-£135,000.
0:56:50 > 0:56:55For rent, £600-£625 per calendar month.
0:56:55 > 0:56:57The house to the rear and side,
0:56:57 > 0:57:00which will be a three-bedroomed finished dwelling,
0:57:00 > 0:57:07I would see that on the market at around £165,000, when it's done.
0:57:09 > 0:57:15Its rental value being approximately £750 per calendar month.
0:57:15 > 0:57:18Bart purchased this property for £75,000
0:57:18 > 0:57:23and has budgeted for a renovation spend of £100,000,
0:57:23 > 0:57:26bringing the total to £175,000.
0:57:26 > 0:57:30Based on our experts' valuation of £300,000 for the two properties,
0:57:30 > 0:57:36that could mean a pre-tax profit of £125,000.
0:57:39 > 0:57:42Well, that's great because the two figures combined make it very
0:57:42 > 0:57:45viable from the rental point of view as well, so that's great.
0:57:47 > 0:57:49Looking back over the past five years,
0:57:49 > 0:57:52how would Bart sum up his experience?
0:57:52 > 0:57:56I think that what I've learned from here, and the things I'm actually
0:57:56 > 0:57:59pleased with, is the fact that I've had time to look round Cornwall.
0:57:59 > 0:58:02And that's why want to stick at the job and get it finished,
0:58:02 > 0:58:05so that I can spend some more time here.
0:58:08 > 0:58:10Sadly, that is all we've got time for today,
0:58:10 > 0:58:12but there's plenty more property stories to share.
0:58:12 > 0:58:16- Yeah, so join us next time. Goodbye!- Goodbye!