0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05If you were in the market to buy yourself a property,
0:00:05 > 0:00:08- what would you want, do you think? - A bungalow, perhaps.
0:00:08 > 0:00:12Maybe a flat near trendy cafes and bars
0:00:12 > 0:00:14or a family home near good schools.
0:00:14 > 0:00:18Yes, you can find fine examples of all of those under the hammer.
0:00:45 > 0:00:48So, you've decided on the property you want but what about your budget?
0:00:48 > 0:00:50Yeah, and when you've spent the money,
0:00:50 > 0:00:53will that leave you enough to do the property up?
0:00:53 > 0:00:57These are all questions that had to be answered by today's developers.
0:00:57 > 0:00:58Here's what they bought.
0:01:00 > 0:01:03'In Port Talbot, this lot isn't just a plot.'
0:01:03 > 0:01:08It's a plot of land with the sort of beginnings of a property on it.
0:01:10 > 0:01:12We returned to this Wimbledon property
0:01:12 > 0:01:16to see if it can finally net a profit after it cost a lot.
0:01:16 > 0:01:18- 1.2 million.- Lot of money.
0:01:20 > 0:01:22And in Telford, Shropshire,
0:01:22 > 0:01:25this house doesn't appear to have a lot of something vital.
0:01:26 > 0:01:29Hm-mm. Hopefully that's not the only toilet.
0:01:30 > 0:01:33All 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 > 0:01:37when they went under the hammer.
0:01:37 > 0:01:39Sold. Sir, madam, well done.
0:01:45 > 0:01:48I'm in Wales for our first lot.
0:01:48 > 0:01:51Port Talbot straddles the eastern rim of Swansea Bay,
0:01:51 > 0:01:54where Aberavon Sands and Morfa Beach
0:01:54 > 0:01:58are popular with surfers and beachcombers alike.
0:01:58 > 0:02:02However, there's more industry than recreation in evidence here.
0:02:02 > 0:02:06The Port Talbot Steelworks and other heavy industries
0:02:06 > 0:02:10dominate the landscape - or should that be sandscape?
0:02:11 > 0:02:13# Go down
0:02:13 > 0:02:16# Down to the sea... #
0:02:17 > 0:02:23Well, I'm in the appropriately named Sandfields area of Port Talbot
0:02:23 > 0:02:27to see a property which is one of those which really gets you thinking
0:02:27 > 0:02:31because the average price for a three-bed semidetached around here
0:02:31 > 0:02:34is around £70, £80, £90,000.
0:02:34 > 0:02:38The guide price on this one was just £22,000.
0:02:39 > 0:02:41There must be something wrong.
0:02:43 > 0:02:44Yes, indeed.
0:02:44 > 0:02:48Unfortunately, this property was set on fire while it was empty
0:02:48 > 0:02:52and the damage is so extensive that it's too dangerous to go in.
0:02:52 > 0:02:54So, how on earth do we begin to assess
0:02:54 > 0:02:56something that we can't enter?
0:03:00 > 0:03:03We're going to have to start assessing things as best we can
0:03:03 > 0:03:04from the exterior of the property.
0:03:04 > 0:03:09We're going to start looking at - is their services, are they still OK?
0:03:09 > 0:03:10How are the walls?
0:03:10 > 0:03:13Obviously the roof doesn't exist very much any more.
0:03:13 > 0:03:17So, we're going to try and glean whatever information we can.
0:03:17 > 0:03:18Um...
0:03:18 > 0:03:20Which isn't going to be that easy.
0:03:20 > 0:03:26# There ain't no easy way No there ain't no easy way out... #
0:03:26 > 0:03:29Apart from no roof, half of the floor joists have collapsed
0:03:29 > 0:03:32and the other half are about to.
0:03:32 > 0:03:37There are two collapsed chimney stacks and that's what you CAN see.
0:03:37 > 0:03:41Fire and smoke residues carry real health risks
0:03:41 > 0:03:44and there can be all sorts of chemicals and compounds
0:03:44 > 0:03:47that you really don't want to be breathing in.
0:03:47 > 0:03:51Does it go without saying that this is a job for a professional?
0:03:51 > 0:03:55So, there needs to be a proper risk assessment and a survey.
0:03:55 > 0:03:58There are specialists who deal with smoke and fire damage properties,
0:03:58 > 0:04:00so do some research.
0:04:02 > 0:04:07The thing about fire damage is sometimes it's not quite apparent
0:04:07 > 0:04:12how much actual structural damage has actually been done.
0:04:12 > 0:04:17In this case...everything in there is going to have to be replaced.
0:04:17 > 0:04:21From the joists, to the roof, to the electrics, to the plumbing.
0:04:21 > 0:04:24In some ways that's bad because it's a lot more work to do
0:04:24 > 0:04:26but in other ways it's quite good
0:04:26 > 0:04:30because you will then be starting from a completely clean slate.
0:04:30 > 0:04:32And there can be no illusion...
0:04:33 > 0:04:36..you're going to have to do everything.
0:04:39 > 0:04:43That guide price would definitely attract potential buyers,
0:04:43 > 0:04:47but I guess many of them would have quickly turned tail when they saw it.
0:04:49 > 0:04:51So, why would we want to buy it, then?
0:04:51 > 0:04:52I mean, it's a heck of a lot of work
0:04:52 > 0:04:55but you've got to start thinking about other things.
0:04:55 > 0:04:57The garden, for instance, it's a nice size.
0:04:57 > 0:05:01The location is a very popular area, close to the beach,
0:05:01 > 0:05:02good transport links.
0:05:02 > 0:05:07So, suddenly we're viewing it almost like it's a plot of land,
0:05:07 > 0:05:14which it certainly is, with the sort of beginnings of a property on it.
0:05:14 > 0:05:17View it like that and, actually, hm-mm,
0:05:17 > 0:05:19it's quite an appealing opportunity.
0:05:19 > 0:05:23I'm serious. This could be something great.
0:05:23 > 0:05:24This is a corner site
0:05:24 > 0:05:28and, yes, whatever you build does have to be attached to next-door.
0:05:28 > 0:05:30But there is a buyer for every property
0:05:30 > 0:05:33at the right price, of course.
0:05:33 > 0:05:37Bearing in mind this lot is guided at £22,000,
0:05:37 > 0:05:39what does a local estate agent
0:05:39 > 0:05:42think this property could or should become?
0:05:45 > 0:05:47They could possibly look at extending the property
0:05:47 > 0:05:52and putting an extension on, which will add ground floor accommodation
0:05:52 > 0:05:54which people need these days.
0:05:54 > 0:05:57A property like this could involve a lot of expense.
0:05:57 > 0:06:02Demolition and clearing costs will be a big part of the maths on this project.
0:06:02 > 0:06:07So, is this a rebuild as it was, or a much bigger house?
0:06:07 > 0:06:08What do the numbers tell us?
0:06:09 > 0:06:13If it's currently done up to the standard that most properties
0:06:13 > 0:06:17are in this area, and it hasn't got an extension on it,
0:06:17 > 0:06:21then you're most probably looking at £80-£85,000.
0:06:22 > 0:06:25If the extension was put on, you would most probably achieve
0:06:25 > 0:06:27something between £90-95,000.
0:06:29 > 0:06:32Hm-mm, if you take into account the extension build costs
0:06:32 > 0:06:37you might not make much, if anything. And what about rental?
0:06:37 > 0:06:43Without the extension, it's going to be 450-475 per calendar month.
0:06:44 > 0:06:47Well, not a project for the faint-hearted,
0:06:47 > 0:06:53but even a property in a state like this can still be a money-spinner
0:06:53 > 0:06:57if you can buy it at the right price.
0:06:57 > 0:07:01Let's find out what that was when it went under the hammer.
0:07:02 > 0:07:07We have, basically, a shell of a house. Guide price £22,000.
0:07:07 > 0:07:1020,000 can we see to start? Make it 18, if you like, I'm in your hands.
0:07:10 > 0:07:1318? Wave a hand at me. Make it 15, then, if you want.
0:07:13 > 0:07:17Thank you, 15, I've got you there. At 15,000 on my left-hand side, at 15.
0:07:17 > 0:07:2016, now, can I see? 16, sir, 17?
0:07:20 > 0:07:2317? 17. 18?
0:07:23 > 0:07:2518. 19? 19?
0:07:25 > 0:07:2719,000, no.
0:07:27 > 0:07:29At 18,000 on my right-hand side, here, then. 19...
0:07:29 > 0:07:3219, thank you. 19, seated. 20 now?
0:07:32 > 0:07:3520. 21, 22, 23.
0:07:35 > 0:07:3924? 24. 25? 25, no.
0:07:39 > 0:07:41You're saying no, on my left, it's with you at 24,000.
0:07:41 > 0:07:43At 24,000, then, for the first time.
0:07:44 > 0:07:46Second time. Third and last time...
0:07:46 > 0:07:4925. 25. 26? No.
0:07:49 > 0:07:51At 25, then, seated.
0:07:51 > 0:07:53His first bid at 25,000, might buy it.
0:07:53 > 0:07:55At 25, I'll take a half from anybody, if you want.
0:07:55 > 0:07:59Otherwise, 25,000 for the first time, second time,
0:07:59 > 0:08:01third and last time, at £25,000...
0:08:03 > 0:08:06Sold. Sir, madam, well done, yours. Your number, please.
0:08:06 > 0:08:11Successful bidder Andy was hidden from view during this busy auction,
0:08:11 > 0:08:15but his bid of £25,000 was enough to seal the deal.
0:08:16 > 0:08:18I went along to the property,
0:08:18 > 0:08:21or the four walls of what remains of the property,
0:08:21 > 0:08:25to meet him and his daughter Hannah to find out what their plans were.
0:08:25 > 0:08:29- Andy, Hannah, good to meet you both. - Nice to meet you.- Thank you.
0:08:29 > 0:08:30Right.
0:08:30 > 0:08:32ANDY LAUGHS
0:08:32 > 0:08:37- Interesting property.- It is.- What was it that appealed?- The location.
0:08:38 > 0:08:43Three minutes walk from the beach, sunny Wales, you know, it's good.
0:08:43 > 0:08:45What more could you possibly want? Apart from maybe a roof
0:08:45 > 0:08:48- and an inside. - Yeah! And everything else.
0:08:48 > 0:08:51Now, I imagine a lot of people were put off by the state of this.
0:08:51 > 0:08:54- I think so, yeah.- Why weren't you?
0:08:54 > 0:08:58Um, it's similar to what we've done several times before, so it's no...
0:08:58 > 0:09:00- Nothing new to us.- And "us" being...?
0:09:00 > 0:09:02What, you? You're a builder, or what?
0:09:02 > 0:09:07- No. I've been gravitated in the profession.- OK.
0:09:07 > 0:09:09- But you've got a team of people... - That's right,
0:09:09 > 0:09:11we've got six of us altogether.
0:09:13 > 0:09:17Andy has gravitated, as he puts it, to his property development business
0:09:17 > 0:09:19over the last 18 years.
0:09:20 > 0:09:23He normally renovates and rents the properties.
0:09:23 > 0:09:27And daughter Hannah has been working with him for the past year,
0:09:27 > 0:09:29the last four months of which have been spent
0:09:29 > 0:09:32sorting out the company's IT issues.
0:09:33 > 0:09:36So, does she find the prospect of this job daunting?
0:09:37 > 0:09:39I'm looking forward to having a go.
0:09:39 > 0:09:44I haven't done it before so, it will be my first hands-on job, I think.
0:09:44 > 0:09:46But you fancy getting out of the office and into the...
0:09:46 > 0:09:48HE CLEARS HIS THROAT
0:09:48 > 0:09:49..front-line?
0:09:49 > 0:09:52Yeah. Yeah. I'd like to get my hands dirty.
0:09:52 > 0:09:56Taking on a project like this, then, how do you view this building,
0:09:56 > 0:10:00which bit of it do you think you can salvage, if any?
0:10:00 > 0:10:06The three walls - that's it. Everything internally is going to go.
0:10:06 > 0:10:09# Starting all over again is gonna be rough... #
0:10:10 > 0:10:14Andy has paid 25 grand for three walls,
0:10:14 > 0:10:18but he and Hannah are undaunted. So what's the plan?
0:10:19 > 0:10:23Initially, we're going to cut a kind of hold in the window there
0:10:23 > 0:10:27to get a machine inside and we're just going to clear everything out,
0:10:27 > 0:10:29totally gut it inside.
0:10:29 > 0:10:33Then wait until the planning permission is put through
0:10:33 > 0:10:37for the single-storey extension at the rear here,
0:10:37 > 0:10:40and a bedroom in the attic space.
0:10:40 > 0:10:43So, you're going to extend significantly?
0:10:43 > 0:10:45- Yes, yeah.- You've got plans in your hand?- Oh, I have, yeah.
0:10:45 > 0:10:47- Is that what it's for?- Yes.
0:10:47 > 0:10:49Just talk me through what you're going to do.
0:10:49 > 0:10:50As you can see, we've got a...
0:10:52 > 0:10:54There we go, single-storey extension
0:10:54 > 0:10:57- that extends the whole width of the building.- Oh, wow.
0:10:57 > 0:11:02That'll be the kitchen/diner and we're hoping to put a dormer window
0:11:02 > 0:11:05- in the loft space, which is this here.- Right.
0:11:05 > 0:11:07Facing the back garden
0:11:07 > 0:11:10and we'll have a nice sizeable room in the attic space.
0:11:10 > 0:11:12- It's three/four-bedroom house. - Three/four,
0:11:12 > 0:11:15- but with a bathroom upstairs. - That's right.
0:11:15 > 0:11:19- And completely new inside. - Oh, completely new.
0:11:19 > 0:11:22- Plastered walls and all that kind of stuff that people like.- Exactly.
0:11:22 > 0:11:23So, what do you reckon the budget is,
0:11:23 > 0:11:26for if you get the opportunity to do everything you want?
0:11:26 > 0:11:27Oh, 30,000.
0:11:29 > 0:11:34OK, £30,000 is not a lot of money to do this job,
0:11:34 > 0:11:38but Andy is confident that if he uses his well-trusted team
0:11:38 > 0:11:42and works six or seven days a week he can turn this around.
0:11:42 > 0:11:47And, in this case, he's not going to rent it. He's hoping to sell on.
0:11:47 > 0:11:49The sky is the limit for the family team
0:11:49 > 0:11:53unless planning brings them crashing back to Earth.
0:11:55 > 0:11:58So, this is going to delay things in terms of the timescale, presumably.
0:11:58 > 0:12:01Hopefully we'll hear something back within six to eight weeks.
0:12:01 > 0:12:02And if it's a yes?
0:12:04 > 0:12:05Probably looking at six months.
0:12:05 > 0:12:07And if it's a no, well,
0:12:07 > 0:12:10property developers don't want to think about that word.
0:12:10 > 0:12:13But six months could be a good amount of time
0:12:13 > 0:12:16for certain family members to learn the trade.
0:12:20 > 0:12:24And what involvement, if Dad lets you, would you like to have?
0:12:24 > 0:12:28- I mean, how hands dirty would you like to get?- Full-on.- Full-on?- Yeah.
0:12:28 > 0:12:31I've been sat in front of the computer
0:12:31 > 0:12:33for the last, what, four months?
0:12:33 > 0:12:38- Yeah.- I'd like to learn the trade, really...- Learn a few skills.- Yeah.
0:12:39 > 0:12:41This sounds like it's all news to you this.
0:12:41 > 0:12:45- No, she's been talking about it for a while.- Why haven't you let her?
0:12:45 > 0:12:50- She's got more than enough to do at home.- Recently left my job, so...
0:12:50 > 0:12:53- Right.- It's a complete change for me.- Wow.
0:12:53 > 0:12:56Want to learn everything that my dad knows, I want him to teach me,
0:12:56 > 0:12:59because I'd like to work for him full-time and...
0:13:01 > 0:13:03..help him retire.
0:13:03 > 0:13:07- And then take over the business? - Yeah.- Yeah, yeah.- Oh, brilliant.
0:13:07 > 0:13:10- Well, a major transformation in store.- Yes.
0:13:10 > 0:13:13We really look forward to seeing how you get on. Nice to meet you.
0:13:13 > 0:13:16- And you, too.- Good luck. - Nice to meet you, Martin.
0:13:16 > 0:13:20Well, it's a big project by anyone's standards
0:13:20 > 0:13:23and I can't wait to see the transformation.
0:13:23 > 0:13:27Big question is - will Dad let Hannah get involved?
0:13:27 > 0:13:30I do hope so. You can find out later in the show.
0:13:33 > 0:13:35MUSIC: London Calling by The Clash
0:13:37 > 0:13:41It was back in October 2013 when I first visited
0:13:41 > 0:13:44this former beauty salon in Wimbledon, West London.
0:13:45 > 0:13:48With a guide price of 700,000,
0:13:48 > 0:13:50it came with lots of space to play with -
0:13:50 > 0:13:53more than 3,000 square feet - spread over three floors.
0:13:54 > 0:13:58# London calling to the faraway towns... #
0:14:00 > 0:14:02Now, you can see the front desk area here,
0:14:02 > 0:14:05and there are loads of treatment rooms further back.
0:14:05 > 0:14:10It currently has A1 business usage, so that means a different retailer
0:14:10 > 0:14:13can move in here without applying for change of use.
0:14:13 > 0:14:15But it doesn't cover financial services
0:14:15 > 0:14:18or hot food outlets and restaurants.
0:14:18 > 0:14:22So, all in all, it's a versatile, large commercial space
0:14:22 > 0:14:26but it is right in the heart of a busy, thriving shopping centre.
0:14:26 > 0:14:30So, it's looking good so far. Now, where are those beauty rooms?
0:14:34 > 0:14:37# Lipstick, powder and paint
0:14:37 > 0:14:40# Lipstick, powder and paint... #
0:14:40 > 0:14:44Not much of a chance of a spray tan or a pedicure here these days.
0:14:44 > 0:14:46And as I wandered through this maze of corridors
0:14:46 > 0:14:50and treatment rooms, I wondered if a retail venture
0:14:50 > 0:14:52was the best bet for this property.
0:14:55 > 0:14:59So, on the upper floors there are loads of further treatment rooms -
0:14:59 > 0:15:01it is a real warren up here -
0:15:01 > 0:15:06but I'm thinking this is ripe for residential conversion.
0:15:06 > 0:15:10You could easily fit in loads of flats up here.
0:15:10 > 0:15:12Now, you would have to sort out separate access
0:15:12 > 0:15:15as you currently have to go through the shop downstairs
0:15:15 > 0:15:18and, of course, you would need to apply for planning permission.
0:15:18 > 0:15:22But we are right slap bang in the centre of town here
0:15:22 > 0:15:26and property values are just so high and flats are in demand.
0:15:26 > 0:15:28This place could be a gold mine.
0:15:30 > 0:15:31And if that proved to be the case,
0:15:31 > 0:15:35well, this place even had its own walk-in safe -
0:15:35 > 0:15:37somewhere handy to store that bullion.
0:15:38 > 0:15:42# The gold dust at my feet
0:15:42 > 0:15:45# On the sunny side of the street... #
0:15:47 > 0:15:49No doubting the potential of this building,
0:15:49 > 0:15:52but unlocking its riches would hinge on
0:15:52 > 0:15:54obtaining that all-important planning permission.
0:15:54 > 0:15:58It took an exciting auction battle to decide the new owners
0:15:58 > 0:16:02and that battle started with a very big number indeed.
0:16:03 > 0:16:05It's a good-sized mid-terraced building,
0:16:05 > 0:16:08sort of round 3,500 square ft.
0:16:08 > 0:16:09700 anywhere?
0:16:09 > 0:16:11Not going to go below seven.
0:16:11 > 0:16:17700 down here, 710? 710. 720...
0:16:17 > 0:16:22Brace yourselves, this auction was just about to get very interesting.
0:16:22 > 0:16:24One million. 1,010,000?
0:16:24 > 0:16:2910,000. 20,000, 30,000.
0:16:29 > 0:16:3240,000, 50,000,
0:16:32 > 0:16:3660,000, 70,000,
0:16:36 > 0:16:4080,000, 90,000, 100,000.
0:16:40 > 0:16:431.1 million. 110.
0:16:45 > 0:16:47120, 130.
0:16:50 > 0:16:53150. 1,150,000.
0:16:53 > 0:16:57160, 170,
0:16:57 > 0:17:00180, 190, 200.
0:17:00 > 0:17:041.2 million. 210.
0:17:04 > 0:17:09220? 210 with you, 1,210,000.
0:17:09 > 0:17:11220 elsewhere?
0:17:12 > 0:17:141,210,000.
0:17:14 > 0:17:16First time,
0:17:16 > 0:17:18second time,
0:17:18 > 0:17:20third and last time, if you're all done...
0:17:20 > 0:17:23Sold, 1,210,000.
0:17:23 > 0:17:25Well bought, it's a good buy, Freehold.
0:17:28 > 0:17:31That huge bid of just over 1.2 million
0:17:31 > 0:17:34was made by Steve and his three cousins.
0:17:36 > 0:17:39There were six family members who had a stake in this purchase
0:17:39 > 0:17:42and I caught up with Steve to find out what kind of makeover
0:17:42 > 0:17:45they had planned for this former beauty salon.
0:17:48 > 0:17:51- Steve, congratulations.- Thank you. - Now, did you enjoy the auction?
0:17:51 > 0:17:53It was amazing. The feeling...
0:17:53 > 0:17:57Finally get a property with my cousins and my brother.
0:17:57 > 0:18:00So, how many of you were there on the day bidding for this?
0:18:00 > 0:18:03There's actually six partners, but there was four us there.
0:18:03 > 0:18:05And what happened after the hammer went down, what did you do?
0:18:05 > 0:18:08The group hug, it was like a scrum of a rugby match.
0:18:08 > 0:18:11We just all got together, we celebrated, it was...
0:18:11 > 0:18:16- The feeling was unbelievable. - 1.2 million.- A lot of money, but...
0:18:17 > 0:18:19Yes, a lot of money indeed,
0:18:19 > 0:18:22and that's before any development started.
0:18:23 > 0:18:25So, what was the plan?
0:18:27 > 0:18:31We've had a look and there's no sort of fish bar or restaurants here.
0:18:31 > 0:18:34We've all got background from restaurants cos that's how we were brought up,
0:18:34 > 0:18:37and our fathers and our families and...
0:18:38 > 0:18:40You know, we started from washing plates
0:18:40 > 0:18:44- to running the restaurants for our family.- Really?
0:18:44 > 0:18:46Yes, and we're all sort of saying, like,
0:18:46 > 0:18:48"Why don't we have a little dabble in that?"
0:18:48 > 0:18:53So, as a little boy, you grew up in restaurants washing up out the back?
0:18:53 > 0:18:56Never a Saturday off, never a Sunday off.
0:18:56 > 0:18:59We had the hardest education ever with our fathers,
0:18:59 > 0:19:00they were really strict,
0:19:00 > 0:19:05and customer service was very, very important to our families.
0:19:05 > 0:19:09I mean, they came over from Cyprus in the '60s
0:19:09 > 0:19:12and that's how they started, washing up plates
0:19:12 > 0:19:16and through help of family, again, they ended up with a restaurant.
0:19:18 > 0:19:22'So a fish restaurant was the big idea for the ground floor.
0:19:22 > 0:19:24'But for the first and second floors,
0:19:24 > 0:19:27'the hope was to develop four two-bedroom flats at the very least.'
0:19:31 > 0:19:33With this property, as it is at the moment,
0:19:33 > 0:19:38- are you looking to extend and create extra square footage?- Oh, yes.
0:19:38 > 0:19:40There's a yard at the back that we hope to...
0:19:40 > 0:19:44Also there's a flat roof, which we're hoping to build right out to the top.
0:19:44 > 0:19:48Also we're hoping to get another floor within this building.
0:19:48 > 0:19:52So, you know, four by two-bedroom is the minimum that I'm after.
0:19:52 > 0:19:57- So it could get even bigger, Steve? - Well, I'm being reserved.
0:19:57 > 0:20:00- Wait until we come back, watch this space!- Absolutely.
0:20:00 > 0:20:03What is the budget that you plan on spending here?
0:20:03 > 0:20:05Have you all got that magic figure in your head?
0:20:05 > 0:20:09We think the flats - half a million. And we think the shop - 200,000.
0:20:09 > 0:20:13Wow. So, even more big numbers.
0:20:13 > 0:20:19With that £700,000 budget added to their £1.2 million,
0:20:19 > 0:20:22they were heading towards a £2m investment,
0:20:22 > 0:20:26and were hoping to use every available nook and cranny.
0:20:26 > 0:20:29Extending upwards seemed like a clever move
0:20:29 > 0:20:32and Steve and his family calculated that this might be possible
0:20:32 > 0:20:35because neighbouring properties had done the same.
0:20:35 > 0:20:37This really was an ambitious project,
0:20:37 > 0:20:41but it seemed that their early dishwashing apprenticeships
0:20:41 > 0:20:43had created an ambitious family.
0:20:44 > 0:20:46At the end of the day, we will be employing top people here -
0:20:46 > 0:20:51top builders, top architects, top designers for the fish shop.
0:20:51 > 0:20:54These are all people that are hungry for a success, it's not just us.
0:20:54 > 0:20:58So...but we will be hard bosses, we will be hard to please,
0:20:58 > 0:21:00so we will be on top of things.
0:21:05 > 0:21:08We returned eight months later to find out
0:21:08 > 0:21:10how the family fish enterprise had gone,
0:21:10 > 0:21:14but it appeared their ambitions had been thwarted a little
0:21:14 > 0:21:18and the huge ground floor was still very much a work in progress.
0:21:18 > 0:21:21The last remnants of the beauty salon had been stripped out,
0:21:21 > 0:21:24but it was planning permission that had proved to be
0:21:24 > 0:21:26the biggest stumbling block.
0:21:27 > 0:21:30Yeah, the planning process we had to go through with the restaurant
0:21:30 > 0:21:34was quite difficult. We had to have change of use.
0:21:34 > 0:21:36Before, it was a retail outlet
0:21:36 > 0:21:41and obviously we needed A3 use for the restaurant and also takeaway.
0:21:41 > 0:21:45And also we had to apply for a premises licence,
0:21:45 > 0:21:47which allowed us to sell wine and beer.
0:21:51 > 0:21:54The boys decided to make the fish restaurant top priority
0:21:54 > 0:21:56and, as a temporary measure,
0:21:56 > 0:21:58lease the upper floors to a letting agency.
0:22:00 > 0:22:04Steve talked us through the plans for the ground floor.
0:22:04 > 0:22:06This is the space that we've got to work with.
0:22:06 > 0:22:08And we're going to divide the whole restaurant,
0:22:08 > 0:22:10half of it being the cooking
0:22:10 > 0:22:12and the other half of it being a seating area.
0:22:12 > 0:22:15To the left of me there will be all the fish range,
0:22:15 > 0:22:17the grills, the chefs working,
0:22:17 > 0:22:20and to the right-hand side there'll be all the booth seating,
0:22:20 > 0:22:24and in the front area it's going to be high-level seating.
0:22:24 > 0:22:28Also, we're going to divide the shop front,
0:22:28 > 0:22:31where part of it is going to be for the takeaway
0:22:31 > 0:22:34and there'll be a counter where they'll get served
0:22:34 > 0:22:36to take their fish and chips home.
0:22:39 > 0:22:43During the strip out, the builders made an unexpected discovery
0:22:43 > 0:22:44underneath the floor.
0:22:52 > 0:22:53Such an old building,
0:22:53 > 0:22:57we found a river going beneath the flooring here.
0:22:57 > 0:23:00I've heard that there's not a lot that we can do...
0:23:00 > 0:23:01We'll just cover it up
0:23:01 > 0:23:04and it's a stream that goes along underneath the building here.
0:23:04 > 0:23:06But it was a shock when we first saw it.
0:23:11 > 0:23:15With six family members involved in the design process,
0:23:15 > 0:23:18it must have been a nightmare to keep everyone happy?
0:23:19 > 0:23:21There was six of us involved.
0:23:21 > 0:23:23Everyone had different ideas and, of course,
0:23:23 > 0:23:25we're restaurant people, they're designers people.
0:23:25 > 0:23:30So, after a discussion with the cousins, we decided
0:23:30 > 0:23:33that we'll leave the food and the menu to us
0:23:33 > 0:23:37and let the designers get on with designing the place.
0:23:37 > 0:23:39It'll be nice to see when it's finished.
0:23:41 > 0:23:44Taking the property from beauty salon to fish restaurant and flats
0:23:44 > 0:23:47was clearly going to be a bit of a long haul
0:23:47 > 0:23:50and it would be a further six months on before we would see
0:23:50 > 0:23:54if the family would be, um, well, serving in Wimbledon.
0:23:54 > 0:23:57Find out how it turned out later in the programme.
0:24:01 > 0:24:06Still to come, there are things to do in Telford.
0:24:06 > 0:24:07I think a rewire is in order...
0:24:09 > 0:24:10..and also a bit of a hoover.
0:24:12 > 0:24:16And we find out if Steve is cleaning up with his fish restaurant.
0:24:16 > 0:24:19I'm really enjoying even serving on the tables now that it's open.
0:24:19 > 0:24:21I've really enjoyed it.
0:24:26 > 0:24:29But first, we're docking back at Port Talbot now,
0:24:29 > 0:24:34an industrial town, but one that also boasts golden sands.
0:24:34 > 0:24:38And near to this beach you could get a house for around £80,000...
0:24:38 > 0:24:39but not this one.
0:24:41 > 0:24:46The guide price on this one was just £22,000.
0:24:46 > 0:24:47There must be something wrong.
0:24:52 > 0:24:54I look forward to collecting my award
0:24:54 > 0:24:56for understatement of the year
0:24:56 > 0:25:00because there was a lot wrong with this house.
0:25:00 > 0:25:03A fire had gutted it, leaving nothing but rubble.
0:25:03 > 0:25:06But Andy and his daughter Hannah were up to the challenge,
0:25:06 > 0:25:09buying the property for £25,000.
0:25:09 > 0:25:11And they had plans for this place
0:25:11 > 0:25:15and a plan to get Hannah more involved in the family business.
0:25:15 > 0:25:17Just talk me through what you're going to do.
0:25:17 > 0:25:19As you can see, we've got a...
0:25:20 > 0:25:22- ..single-storey extension... - OK, got it.
0:25:22 > 0:25:25- ..which extends the whole width of the building.- Oh, wow.
0:25:25 > 0:25:27And that'll be the kitchen/diner.
0:25:27 > 0:25:31And hoping to put a dormer window in the loft space,
0:25:31 > 0:25:34- which is this, here...- Right. - ..facing the back garden.
0:25:34 > 0:25:37And we'll have a nice, sizeable room in the attic space.
0:25:37 > 0:25:41And what involvement, if dad let's you, would you like to have?
0:25:41 > 0:25:43I mean, how hands dirty would you like to get?
0:25:43 > 0:25:45I want to learn...everything that my dad knows.
0:25:45 > 0:25:49I want him to teach me cos I'd like to work for him full-time and...
0:25:51 > 0:25:52..help him retire.
0:25:52 > 0:25:56- Yeah, and then take over the business?- Yeah.- Yeah, yeah.
0:25:58 > 0:26:02So, green shoots of restoration for this semi-detached,
0:26:02 > 0:26:05but Andy would need to draw on all his building experience
0:26:05 > 0:26:10to breathe life back into this broken building.
0:26:10 > 0:26:14# And I will try
0:26:14 > 0:26:17# To fix you... #
0:26:17 > 0:26:19We came back nine months later
0:26:19 > 0:26:24and, from the outside, it looks like Andy has done a great job.
0:26:26 > 0:26:29Together with daughter Hannah and grandson William,
0:26:29 > 0:26:33Andy has come back to the house to tell us what's been going on.
0:26:33 > 0:26:35It's gone under a complete renovation
0:26:35 > 0:26:36because the original property...
0:26:36 > 0:26:39We were only left with three walls.
0:26:39 > 0:26:42Basically, we cut a hole in the back of the property to get
0:26:42 > 0:26:47a machine in, in order to empty the property of the debris completely.
0:26:47 > 0:26:51And then it was, more or less, put the roof on, roof trusses,
0:26:51 > 0:26:54and do a complete refurb on the interior.
0:26:54 > 0:26:57We had planning permission to put an extension on the back,
0:26:57 > 0:27:00a seven-metre by four-metre extension.
0:27:00 > 0:27:02That went tremendously well.
0:27:02 > 0:27:04I think we put the extension up in ten days.
0:27:07 > 0:27:10What was ruins, so unsafe we couldn't go in,
0:27:10 > 0:27:13is now a large living room.
0:27:13 > 0:27:14And off to the side of it
0:27:14 > 0:27:17is a small utility room with a brand-new boiler.
0:27:18 > 0:27:20This leads on to a spacious bathroom,
0:27:20 > 0:27:22with a shower and a modern suite.
0:27:23 > 0:27:27But even more impressive is the way the open plan living room
0:27:27 > 0:27:30leads to an absolutely stunning kitchen/diner.
0:27:43 > 0:27:46This is the new extension that we've built onto the property.
0:27:46 > 0:27:49As we were... Our intentions are to sell the property,
0:27:49 > 0:27:51we added a little bit of extras for the property.
0:27:51 > 0:27:53As with the worktops,
0:27:53 > 0:27:56the sink and the cooking appliances,
0:27:56 > 0:28:01erm... We've upgraded things a bit to our normal rental properties
0:28:01 > 0:28:04and I'm really pleased with the way it's ended.
0:28:04 > 0:28:07It's all looking fabulous downstairs.
0:28:07 > 0:28:08But what about upstairs?
0:28:09 > 0:28:11Yeah, we...
0:28:11 > 0:28:14Unfortunately, we couldn't get planning permission for the loft
0:28:14 > 0:28:19conversion here, but I'm very pleased how the upstairs turned out.
0:28:19 > 0:28:21We rejigged the upstairs completely
0:28:21 > 0:28:25to have three reasonably sized bedrooms
0:28:25 > 0:28:28and a family bathroom here, with a shower over the bath.
0:28:28 > 0:28:30In the two main bedrooms,
0:28:30 > 0:28:33we had built in wardrobes installed there,
0:28:33 > 0:28:36so it's quite a nice layout.
0:28:36 > 0:28:38Oh, I'm very pleased with the end product.
0:28:38 > 0:28:41It's nice, clean lines, everything is new.
0:28:41 > 0:28:44So, very pleased with how it turned out.
0:28:46 > 0:28:48Andy has every right to be pleased.
0:28:48 > 0:28:50This house was a total wreck
0:28:50 > 0:28:53and he's managed to turn it around in nine months
0:28:53 > 0:28:55and has spent £35,000,
0:28:55 > 0:28:59only £5,000 more than his original budget.
0:28:59 > 0:29:01But were there any challenges
0:29:01 > 0:29:04and what is he most proud of?
0:29:04 > 0:29:06There were no problems with this property.
0:29:06 > 0:29:10We thoroughly enjoyed every part of the aspect of the renovation.
0:29:10 > 0:29:14The kitchen, I think, was the best part of the property.
0:29:16 > 0:29:19This is a great family kitchen,
0:29:19 > 0:29:23ably demonstrated by Hannah, William and grandpa Andy.
0:29:25 > 0:29:29But did Hannah manage to finally muck in and learn the family trade?
0:29:29 > 0:29:33It turns out I wasn't as hands-on, or hands-on at all.
0:29:33 > 0:29:34Erm, life got in the way.
0:29:34 > 0:29:38I'm a single mum with two children, so it ended up...
0:29:38 > 0:29:40I ended up taking care of the rentals,
0:29:40 > 0:29:43as opposed to being hands-on with this property.
0:29:44 > 0:29:48So, is Hannah disappointed she didn't get her hands dirty?
0:29:48 > 0:29:50Yeah, I was frustrated, but I'm looking forward to the future
0:29:50 > 0:29:53when I can, sort of, get involved in the next project,
0:29:53 > 0:29:56when my little one is at school full-time.
0:29:56 > 0:29:58And I've no doubt Andy will be happy to teach Hannah
0:29:58 > 0:30:01when William's schooldays start.
0:30:01 > 0:30:03Is she impressed by her dad's work?
0:30:03 > 0:30:05I think he's fantastic.
0:30:05 > 0:30:09It's an amazing job to see, from the rubble that it was,
0:30:09 > 0:30:11to what it is now is amazing.
0:30:11 > 0:30:13I wouldn't mind living here myself.
0:30:13 > 0:30:17Erm... And the quality and the workmanship
0:30:17 > 0:30:19that he's put into the house,
0:30:19 > 0:30:23it makes me want to come out and work with him.
0:30:24 > 0:30:27Well, like me, she's impressed.
0:30:27 > 0:30:30But are two local estate agents feeling the same way?
0:30:32 > 0:30:33The changes are really good.
0:30:33 > 0:30:35Downstairs is open plan,
0:30:35 > 0:30:37opening into the kitchen, which is great.
0:30:37 > 0:30:40The fittings are of high quality
0:30:40 > 0:30:41and the renovation has been done
0:30:41 > 0:30:42to a very high standard.
0:30:42 > 0:30:45It would have been a big bonus to have the extra bedroom.
0:30:45 > 0:30:48Didn't think they would get the planning,
0:30:48 > 0:30:53as there's nothing here in the area that's been done to that level.
0:30:53 > 0:30:55It does tick all the boxes
0:30:55 > 0:30:58and we have a lot of interest in the area at the moment.
0:30:58 > 0:30:59And they are always looking
0:30:59 > 0:31:01for a property that has a little
0:31:01 > 0:31:03bit extra, ie an extension,
0:31:03 > 0:31:07a nice new kitchen, nice new bathroom.
0:31:07 > 0:31:09Andy bought the property at £25,000,
0:31:09 > 0:31:12and having done a lot of the work himself,
0:31:12 > 0:31:15his renovation cost was 35,000,
0:31:15 > 0:31:18meaning a total spend of £60,000.
0:31:18 > 0:31:20So, what could it resell for?
0:31:22 > 0:31:26We would market this property at £125,000.
0:31:26 > 0:31:30This property would sell between £115,000 and £120,000.
0:31:31 > 0:31:34A top valuation of 125,000
0:31:34 > 0:31:37could mean a potential profit, before taxes and expenses,
0:31:37 > 0:31:40of £65,000.
0:31:40 > 0:31:44- It's a good price.- It's a very good result, yes. Very good result.
0:31:44 > 0:31:45Another renovation done.
0:31:45 > 0:31:47What's the plan for the family now?
0:31:47 > 0:31:51Will Hannah finally get to learn the trades?
0:31:51 > 0:31:53Well, I hope he's going to show me the ropes and, yeah,
0:31:53 > 0:31:55teach me all the...
0:31:55 > 0:31:57How to plaster and do all the grafting.
0:31:57 > 0:31:59For the future,
0:31:59 > 0:32:01I'm retiring, you're taking over.
0:32:10 > 0:32:14Telford in Shropshire, one of the new towns of the 1960s,
0:32:14 > 0:32:16is named after Thomas Telford,
0:32:16 > 0:32:19the famous 18th-century Scottish civil engineer
0:32:19 > 0:32:22whose work on the local canals and roads
0:32:22 > 0:32:26earned him the nickname of the "Colossus of Roads".
0:32:26 > 0:32:28That's r-o-a-d-s, get it?
0:32:28 > 0:32:30Yeah. Well, it's all Greek to me, too.
0:32:34 > 0:32:37Well, three miles northwest of the town centre,
0:32:37 > 0:32:40on this popular ex-local authority estate,
0:32:40 > 0:32:42is the property I'm here to see.
0:32:42 > 0:32:44Three-bedroomed semi detached
0:32:44 > 0:32:46had a guide price of £65,000 plus,
0:32:46 > 0:32:50but for that you have to replace the fence to start off with!
0:32:50 > 0:32:53Or maybe you could just take it all down
0:32:53 > 0:32:55and turn it into a driveway?
0:32:55 > 0:32:58You'll need to get permission from the council to lower the curb,
0:32:58 > 0:33:01but it's a good-sized space at the front here.
0:33:01 > 0:33:03Promising so far.
0:33:05 > 0:33:08Oh, previous owner obviously had a dog.
0:33:08 > 0:33:10Now, I love dogs, I've got two.
0:33:10 > 0:33:12But when it comes to properties,
0:33:12 > 0:33:16it really depends on how the owner has been with the dog,
0:33:16 > 0:33:19or what kind of dog it is, cos they can cause all sorts of damage.
0:33:19 > 0:33:22Erm... But anyway, we will be aware of that.
0:33:22 > 0:33:27Through the front door, a useful little entrance area here.
0:33:27 > 0:33:31Erm, and then down to the kitchen.
0:33:31 > 0:33:34Now, it is an ex-local authority property
0:33:34 > 0:33:37and that generally means you get a lot of space for your money,
0:33:37 > 0:33:40and things like the kitchens are really well proportioned.
0:33:40 > 0:33:44It's not quite big enough for a sort of kitchen/diner, but it's...
0:33:44 > 0:33:46It's OK. It obviously needs a bit of refurbishment,
0:33:46 > 0:33:48well, new units, basically.
0:33:48 > 0:33:51A nice little added bonus,
0:33:51 > 0:33:53useful little utility area there.
0:33:53 > 0:33:57You might want to think about incubating that with the kitchen.
0:33:57 > 0:34:00Bit of work, but could be worth it.
0:34:00 > 0:34:03One design feature that I'd certainly want to
0:34:03 > 0:34:06look at a way of resolving is here.
0:34:06 > 0:34:10The toilet is actually situated
0:34:10 > 0:34:13on this little, sort of, semi-landing bit.
0:34:13 > 0:34:15Not ideal.
0:34:16 > 0:34:17Hmm.
0:34:17 > 0:34:19Hopefully, that's not the only toilet.
0:34:19 > 0:34:21# How bizarre
0:34:22 > 0:34:25# How bizarre, how bizarre... #
0:34:26 > 0:34:30There's also a good-sized living room to the right of the front door,
0:34:30 > 0:34:33with nice big windows and an appealing dual aspect.
0:34:35 > 0:34:38There's work to be done here but, so far, I'm impressed.
0:34:38 > 0:34:40What about upstairs?
0:34:42 > 0:34:46Well, coming back to doggy damage, it's not exactly damage but...
0:34:47 > 0:34:51That stair carpet is a classic.
0:34:51 > 0:34:52HE CLEARS HIS THROAT
0:34:52 > 0:34:55Anyway, what have we got up here?
0:34:55 > 0:34:58Three half-decent sized bedrooms, especially that one.
0:34:58 > 0:35:01Really good dual aspect there.
0:35:01 > 0:35:05So, we like that. And two reasonable sized extra bedrooms.
0:35:05 > 0:35:07One thing which is a bit of a disappointment,
0:35:07 > 0:35:09as I kind of suspected,
0:35:09 > 0:35:14erm... This is a bathroom, but it doesn't have the loo.
0:35:14 > 0:35:17The only loo is that one at the bottom of the stairs there,
0:35:17 > 0:35:19so ideally you'd want to move that up.
0:35:19 > 0:35:22Now, you could get rid of what's here, which is actually the boiler,
0:35:22 > 0:35:24move that downstairs into the kitchen perhaps,
0:35:24 > 0:35:27create a bit of extra space. That's one option.
0:35:27 > 0:35:29But here, in the rear bedroom,
0:35:29 > 0:35:32or one of the rear bedrooms, another potential problem.
0:35:32 > 0:35:34Well, not really a potential problem,
0:35:34 > 0:35:36just something you're going to have to look at.
0:35:36 > 0:35:40Oh, my goodness, he says, kneeling down on the floor gingerly.
0:35:40 > 0:35:43Only one socket for the whole room.
0:35:43 > 0:35:47Now, in a room like this, you would expect around four.
0:35:47 > 0:35:50So, I think a rewire is in order...
0:35:51 > 0:35:54..and also a bit of a hoover.
0:35:54 > 0:35:57- # Who let the dogs out? - Who, who, who, who?
0:35:57 > 0:36:00- # Who let the dogs out? - Who, who, who, who?- #
0:36:00 > 0:36:04On second thoughts, maybe just some fresh carpet would be better.
0:36:04 > 0:36:06Despite the bathroom/toilet layout,
0:36:06 > 0:36:09this is a well proportioned family house,
0:36:09 > 0:36:12with just a bit of modernising needing to be done.
0:36:12 > 0:36:14But for a truly great family home,
0:36:14 > 0:36:17you need a good outside play area.
0:36:18 > 0:36:21Well, at the back of the property, a reasonable sized garden.
0:36:21 > 0:36:23Obviously, needs a bit of tender loving care,
0:36:23 > 0:36:28some plants would be nice and a slightly better lawn.
0:36:28 > 0:36:30But apart from that, it's not a bad size.
0:36:30 > 0:36:33While I'm out here, just a quick glance at the rear of the property.
0:36:33 > 0:36:35Soffit up there could do with replacing.
0:36:35 > 0:36:38It looks to me like that might be asbestos sheets,
0:36:38 > 0:36:39so you have to be careful about that.
0:36:39 > 0:36:41But other than that,
0:36:41 > 0:36:45all in all, it's a pretty solid and together house.
0:36:45 > 0:36:48And in case you were wondering, the soffit is the board
0:36:48 > 0:36:51that runs along the wall, protecting the rafters.
0:36:51 > 0:36:52And, moving swiftly on, I reckon
0:36:52 > 0:36:55that guide price of £65,000 plus
0:36:55 > 0:36:58represents great value for money.
0:36:58 > 0:37:01Let's see if a local estate agent agrees.
0:37:03 > 0:37:06Externally to the property,
0:37:06 > 0:37:08there's not much you can do externally to the rear.
0:37:08 > 0:37:10It is a small garden. It's what it is.
0:37:10 > 0:37:13I would just keep it low-maintenance,
0:37:13 > 0:37:15small lawn area and a paved patio.
0:37:15 > 0:37:18The front is actually quite a good size.
0:37:18 > 0:37:19And, really, what I would suggest is
0:37:19 > 0:37:22try and create some off-road parking, particularly at the side.
0:37:22 > 0:37:25The junction might be a little bit difficult, but at the side,
0:37:25 > 0:37:28the neighbouring property's got a driveway, so there's
0:37:28 > 0:37:30a good chance you could possibly get a driveway on the front garden.
0:37:30 > 0:37:33Of course, permission would be needed from the council to drop
0:37:33 > 0:37:37the curb, but that looks possible given the neighbouring properties.
0:37:37 > 0:37:40Does the agent think there is any more value to be added?
0:37:42 > 0:37:46If the current owners actually made significant changes to the layout,
0:37:46 > 0:37:50ie putting a toilet upstairs, opening out the kitchen
0:37:50 > 0:37:55into the outhouse, I would value this between 105 and £110,000.
0:37:55 > 0:37:57And what about rental figures?
0:37:57 > 0:37:59If this was to go on the open rental market,
0:37:59 > 0:38:02I don't think it would make any difference whether you made
0:38:02 > 0:38:03any changes to the layout or not,
0:38:03 > 0:38:06so I would just actually just do a quick refurb.
0:38:06 > 0:38:09And I would suggest a rental valuation of around
0:38:09 > 0:38:12£575 per calendar month.
0:38:13 > 0:38:16Well, it's a good, solid, little property
0:38:16 > 0:38:19that I don't think needs too much to sort it out.
0:38:19 > 0:38:20Yes, a good one to go for.
0:38:20 > 0:38:23Let's see who agreed when it went under the hammer.
0:38:23 > 0:38:27A three-bedroom, semi-detached house in need of modernisation.
0:38:27 > 0:38:29It's at 60 to start me.
0:38:31 > 0:38:3260 bid, seated.
0:38:32 > 0:38:34At £60,000.
0:38:34 > 0:38:3665, can I see now?
0:38:36 > 0:38:38At £60,000.
0:38:38 > 0:38:39I'll go in ones if it helps?
0:38:39 > 0:38:41Bid's at 60. 61.
0:38:41 > 0:38:44No? At 61,000 seated. At 61.
0:38:44 > 0:38:4762, 63, 64,
0:38:47 > 0:38:5065, 66, 67,
0:38:50 > 0:38:5368, 69, 70,
0:38:53 > 0:38:5671, 72, 73,
0:38:56 > 0:38:5974, 75...
0:38:59 > 0:39:03No? At 75. Your bid, seated, sir, at £75,000.
0:39:03 > 0:39:0576 anywhere else?
0:39:06 > 0:39:10If not, I'm selling it at £75,000 for the first time...
0:39:10 > 0:39:13£75,000 for the second time...
0:39:13 > 0:39:1576, 77.
0:39:17 > 0:39:19Lady's bid now, 78.
0:39:19 > 0:39:2179...
0:39:21 > 0:39:23No? 79. Still with you, sir.
0:39:23 > 0:39:2480 anywhere else?
0:39:26 > 0:39:29If not, 79 once, 79 twice,
0:39:29 > 0:39:32third and final time, £79,000...
0:39:32 > 0:39:34GAVEL TAPS Your lot, sir. Well done.
0:39:39 > 0:39:44The successful bid of £79,000 was made by Tony and his wife Shirley.
0:39:44 > 0:39:46Full-time service engineer Tony
0:39:46 > 0:39:49is a part-time property developer
0:39:49 > 0:39:51who is building a portfolio.
0:39:51 > 0:39:54I met him back at his latest acquisition to find out
0:39:54 > 0:39:57the plan for this one.
0:39:57 > 0:39:59- Tony, good to meet you.- Hello.
0:39:59 > 0:40:01Congratulations. Tell me why you wanted to buy this place.
0:40:01 > 0:40:05We decided the time was right to get another rental property -
0:40:05 > 0:40:07we've got two already.
0:40:07 > 0:40:09And, more recently,
0:40:09 > 0:40:12there's some money coming our way, so...
0:40:12 > 0:40:14Yeah, we decided we wanted to look.
0:40:14 > 0:40:16The time was right.
0:40:16 > 0:40:18Erm... The weather was right.
0:40:18 > 0:40:21Our last two houses have been done over winter,
0:40:21 > 0:40:22they've been winter refurbs.
0:40:22 > 0:40:27This hopefully will be a summer refurb, which will be a bit easier.
0:40:27 > 0:40:28So what's the plan for it?
0:40:28 > 0:40:31It's rental.
0:40:31 > 0:40:33In terms of what we're going to do to it,
0:40:33 > 0:40:36it's been a bit difficult having not seen it properly
0:40:36 > 0:40:38to know what needed doing.
0:40:38 > 0:40:41But all the wallpaper will be stripped off,
0:40:41 > 0:40:43skirting boards off, radiators out...
0:40:44 > 0:40:46..architrave doors gone...
0:40:47 > 0:40:51When it's finished, it'll be the traditional rental,
0:40:51 > 0:40:52white skirting boards...
0:40:53 > 0:40:55..magnolia walls.
0:40:55 > 0:40:58But it will be clean, tidy, a lot more power points,
0:40:58 > 0:41:01satellite TV, you know, the things that people want
0:41:01 > 0:41:04that I don't want them laying cables all around the place for.
0:41:04 > 0:41:07We'll do what needs to be done.
0:41:07 > 0:41:09It'll need... Fit a new kitchen.
0:41:09 > 0:41:12We've got to get a toilet in the bathroom upstairs somehow.
0:41:12 > 0:41:14Haven't quite figured that one out yet
0:41:14 > 0:41:17cos I haven't had enough time to measure the dimensions.
0:41:17 > 0:41:19But, erm, we'll do it somehow.
0:41:19 > 0:41:22It's an odd location, at the moment, for the toilet, isn't it?
0:41:22 > 0:41:23It is.
0:41:23 > 0:41:26One suggestion was taking that out completely.
0:41:26 > 0:41:28It's not much use, but I don't like that idea.
0:41:28 > 0:41:30I think for a family, which is what we want,
0:41:30 > 0:41:32a downstairs toilet is very useful,
0:41:32 > 0:41:35so we've got to get another one upstairs.
0:41:35 > 0:41:39We've got to squeeze it, somehow, in the bathroom.
0:41:39 > 0:41:42I'm glad to hear that Tony does plan to make the kitchen more
0:41:42 > 0:41:45family-friendly by utilising the utility area.
0:41:47 > 0:41:50He's earmarked a total budget of £15,000
0:41:50 > 0:41:52and a timescale of three to four months
0:41:52 > 0:41:54before it's ready for the rental market.
0:41:56 > 0:41:59In the past, Tony has taken a lead on the renovations,
0:41:59 > 0:42:02only this time, he's handing the reins over
0:42:02 > 0:42:04to stepsons Adam and Kieran.
0:42:04 > 0:42:06The boys have picked up the experience.
0:42:06 > 0:42:09- They've now just formed their own limited company.- Oh, right.
0:42:09 > 0:42:12One of them's been doing weekend building work and stuff anyway,
0:42:12 > 0:42:17so they're going to be our commercial builders for...
0:42:17 > 0:42:21- We're their first major project.- Wow. So, you're going to employ your...
0:42:21 > 0:42:23We're going to employ... So, we're going to have to pay
0:42:23 > 0:42:24commercial rates, not family rates.
0:42:24 > 0:42:27- Well, they're still family?- Well, they are and the good news is that,
0:42:27 > 0:42:30right now, the finance is coming from the younger one anyway.
0:42:30 > 0:42:33It's not the bank of Mum and Dad this time - it's the bank of son.
0:42:33 > 0:42:36- Oh, right. Oh, excellent. - That's short-term.- Right.
0:42:36 > 0:42:39- But he's plugged the gap for us. - Oh, great.
0:42:39 > 0:42:42So, your sons are doing the work. Are you going to get involved?
0:42:42 > 0:42:45Yeah, I'm going to be running project interference...
0:42:45 > 0:42:47HE LAUGHS
0:42:47 > 0:42:49They're going to take the lead.
0:42:49 > 0:42:51It's going to be a family project.
0:42:51 > 0:42:53It's a family affair again, I suppose, really.
0:42:53 > 0:42:56I want to be... I'll be guiding it. It will be running...
0:42:56 > 0:42:58And I'm picking up the bill, ultimately.
0:42:58 > 0:43:03So, yes, it will be under my interfering hand.
0:43:03 > 0:43:05- Listen, congratulations. Good luck with it.- Oh, thank you.
0:43:05 > 0:43:09- Look forward to seeing how you get on.- Thank you.
0:43:09 > 0:43:11So, Tony keeping it in the family
0:43:11 > 0:43:13and employing his sons to do the work,
0:43:13 > 0:43:18but will he manage to stay away and not interfere?
0:43:19 > 0:43:21Well, make your own mind up.
0:43:21 > 0:43:24You can find out how it all goes later in the programme.
0:43:28 > 0:43:31Well, we've already seen how one project turned out
0:43:31 > 0:43:32but what about the other two?
0:43:32 > 0:43:34Yes, did they stick to their budgets and schedules?
0:43:34 > 0:43:36Let's go back and find out.
0:43:45 > 0:43:49Earlier in the programme, we met Steve in Wimbledon, West London,
0:43:49 > 0:43:52where it was all systems go for a fish restaurant
0:43:52 > 0:43:57on the ground floor of this former beauty salon.
0:43:57 > 0:44:01We've had a look and there's no sort of fish bar or restaurants here
0:44:01 > 0:44:04and we've all got backgrounds from restaurants.
0:44:06 > 0:44:10Sold, a million, 210. Well bought.
0:44:10 > 0:44:13They bought the building at auction for a mouthwatering
0:44:13 > 0:44:15£1.2 million
0:44:15 > 0:44:18in October, 2013.
0:44:18 > 0:44:20But eight months later,
0:44:20 > 0:44:22delayed by planning difficulties,
0:44:22 > 0:44:25Steve, his brother and four cousins decided
0:44:25 > 0:44:29to postpone plans for developing the upper floors into flats,
0:44:29 > 0:44:33in order to concentrate on getting the restaurant up and running.
0:44:33 > 0:44:37To the left of me, there will be all the fish range, the grills,
0:44:37 > 0:44:39the chefs working. And to the right-hand side,
0:44:39 > 0:44:41there'll be all the booth seating.
0:44:41 > 0:44:45And in the front area, it's going to be high-level seating.
0:44:45 > 0:44:49Situated in a busy thoroughfare in the heart of the borough,
0:44:49 > 0:44:53Steve and his family were excited to be taking on a project together
0:44:53 > 0:44:56and were certain it would pay off handsomely.
0:44:56 > 0:45:00We pitched up 14 months after the original purchase
0:45:00 > 0:45:03to see if the Frying Tonight sign was up.
0:45:13 > 0:45:16Well, it looks like things have really taken off.
0:45:16 > 0:45:19The sound of frying fish is mixed with the ringing of cash registers
0:45:19 > 0:45:22and Steve looks like a really happy man.
0:45:22 > 0:45:26Once things had quietened down a bit after the frantic opening day,
0:45:26 > 0:45:29we asked Steve to tell us about how things had been for him
0:45:29 > 0:45:31and the run-up.
0:45:32 > 0:45:34Finally, up and running
0:45:34 > 0:45:39and what a response as well from the locals in Wimbledon.
0:45:39 > 0:45:42For me, I was running the actual build-up
0:45:42 > 0:45:44to get it where we are today.
0:45:44 > 0:45:48And where it's sort of really stressful for a lot of people,
0:45:48 > 0:45:50for me, it just came natural.
0:45:50 > 0:45:51I thrived on it.
0:45:51 > 0:45:53And, you know,
0:45:53 > 0:45:57I'm really enjoying even serving on the tables, now that it's open.
0:45:57 > 0:45:58I've really enjoyed it.
0:46:00 > 0:46:02And what a difference six months has made.
0:46:02 > 0:46:05The building site has been transformed into a modern
0:46:05 > 0:46:10restaurant with an open plan kitchen area and seating to the side.
0:46:10 > 0:46:13There's a storage and food preparation area at the back,
0:46:13 > 0:46:17and one of the building's original features has been recycled.
0:46:19 > 0:46:22If you can remember the old safe that we had,
0:46:22 > 0:46:23that is now a walk-in fridge,
0:46:23 > 0:46:26which is probably one of the best investments that I've done
0:46:26 > 0:46:29cos it's continuously full, empty,
0:46:29 > 0:46:30full, empty.
0:46:30 > 0:46:35But the most striking thing about the restaurant is its design.
0:46:35 > 0:46:38All respect to the designers who designed it for us.
0:46:38 > 0:46:41They've come up with this great 1950s look.
0:46:41 > 0:46:45The colour scheme inspiration came from the film The Life Aquatic.
0:46:45 > 0:46:48I mean, if you see, like, Bill Murray's hat in the film
0:46:48 > 0:46:51is the red, the actual boat is the yellow,
0:46:51 > 0:46:53their uniform is the blue.
0:46:53 > 0:46:56So, the colour scheme inspiration came from that film
0:46:56 > 0:47:01and, obviously, the design was the 1950s English fish and chip shop.
0:47:13 > 0:47:16The Life Aquatic has worked pretty well on the ground floor,
0:47:16 > 0:47:21but what about that mysterious river that ran underneath?
0:47:21 > 0:47:22Everything's fine with that.
0:47:22 > 0:47:27It ended up being a burst pipe that was really leaking slowly,
0:47:27 > 0:47:32so we literally just replaced the pipe.
0:47:32 > 0:47:35Actually, it's been quite useful because the services have been
0:47:35 > 0:47:39able to be run underneath that area and come up through the floor,
0:47:39 > 0:47:41so it has been useful, actually.
0:47:41 > 0:47:43But, yeah, river, I wish.
0:47:43 > 0:47:45No, it wasn't, in fact.
0:47:45 > 0:47:48It was just a slow leaking pipe.
0:47:51 > 0:47:54One of the exciting things about this property were those fantastic
0:47:54 > 0:47:59spaces upstairs, which we all agreed would make some amazing flats.
0:47:59 > 0:48:02So, given they've been tied up with the ground-floor project,
0:48:02 > 0:48:04what's been happening with that area?
0:48:06 > 0:48:11With the upstairs, as you know, I sublet it straight away,
0:48:11 > 0:48:14which has been fine. It's been a nice, useful income for us.
0:48:14 > 0:48:19I'm not entirely sure of what the people have done with it upstairs,
0:48:19 > 0:48:21but I am considering taking it back
0:48:21 > 0:48:24because I think I'm going to need it for the staff
0:48:24 > 0:48:25that I'm employing here.
0:48:27 > 0:48:30So, for the moment, all those amazing plans to build
0:48:30 > 0:48:33another floor and extend out have been put on hold.
0:48:36 > 0:48:39But what about what the family have achieved so far?
0:48:39 > 0:48:41They have an amazing commercial premises
0:48:41 > 0:48:44but have they spend their money wisely?
0:48:44 > 0:48:48We asked a residential and commercial property agent
0:48:48 > 0:48:53if this renovation was going to cook up some big profits.
0:48:53 > 0:48:55An enormous amount of work's been done since we were last here.
0:48:55 > 0:48:59The restaurant's now up and running and it looks to be really fantastic.
0:49:00 > 0:49:03And what would he estimate would be the rental and resale
0:49:03 > 0:49:07value of this little piece of seaside '50s glamour in Wimbledon?
0:49:08 > 0:49:12We anticipate the rental for the restaurant
0:49:12 > 0:49:14to be in the region of £5,000 a month.
0:49:14 > 0:49:17And for resale, we would anticipate
0:49:17 > 0:49:19in the region of £850,000.
0:49:21 > 0:49:24And don't forget there's still the option of developing
0:49:24 > 0:49:27those four flats. What would they fetch on the open market?
0:49:29 > 0:49:31We anticipate that a two-bedroom flat here
0:49:31 > 0:49:34will rent for approximately
0:49:34 > 0:49:36£1,500 per calendar month,
0:49:36 > 0:49:40and sell for approximately £475,000.
0:49:41 > 0:49:46Assuming Steve's original renovation budget of £500,000,
0:49:46 > 0:49:51the valuation for the flats would give him a profit of 1.4 million.
0:49:51 > 0:49:53I'm going to keep talking in millions,
0:49:53 > 0:49:55so you better pay attention!
0:49:55 > 0:49:58If you add the value of the restaurant and the flats together,
0:49:58 > 0:50:02that would bring a total value of around 2.75 million,
0:50:02 > 0:50:07less an estimated total investment of 1.9 million.
0:50:07 > 0:50:11So, selling the whole lot could mean a possible
0:50:11 > 0:50:13£850,000 profit,
0:50:13 > 0:50:17minus tax and expenses, of course.
0:50:17 > 0:50:19But, obviously, with the business up and running,
0:50:19 > 0:50:21that's just the beginning.
0:50:21 > 0:50:26For the time being, Steve is enjoying life as a restauranteur.
0:50:26 > 0:50:29But what does the future hold?
0:50:29 > 0:50:32I think it would be to increase the seating of this restaurant.
0:50:32 > 0:50:36The cellar downstairs, we'll develop it so we can have more services
0:50:36 > 0:50:39down there and then increase the seating upstairs.
0:50:39 > 0:50:41Our future-future, would...
0:50:41 > 0:50:44I think, would be to open another couple of these restaurants -
0:50:44 > 0:50:46that would be good.
0:50:51 > 0:50:53Guess where we're going back to now?
0:50:53 > 0:50:57Yes, that's right. It's time to toddle back to Telford,
0:50:57 > 0:51:00where this three-bed end terrace was up for grabs at a guide price
0:51:00 > 0:51:03of £65,000.
0:51:03 > 0:51:06It boasts a good space and a reasonable kitchen.
0:51:06 > 0:51:09But it was in there that the quirks started,
0:51:09 > 0:51:12like this dead area of a utility room
0:51:12 > 0:51:14and then another oddity.
0:51:14 > 0:51:18The toilet is actually situated
0:51:18 > 0:51:22on this little, sort of, semi-landing bit.
0:51:22 > 0:51:24Not ideal.
0:51:24 > 0:51:25Hmm.
0:51:25 > 0:51:27Hopefully, that's not the only toilet.
0:51:29 > 0:51:31Although there was an upstairs bathroom,
0:51:31 > 0:51:34it was missing the all-important WC,
0:51:34 > 0:51:37so adding another toilet was a must.
0:51:37 > 0:51:41As was replacing the carpets, which had gone to the dogs,
0:51:41 > 0:51:42quite literally.
0:51:44 > 0:51:45But with dogged determination,
0:51:45 > 0:51:49Tony bought the property for £79,000.
0:51:49 > 0:51:51He was quite handy himself,
0:51:51 > 0:51:53being a computer service engineer,
0:51:53 > 0:51:58but the work would be done by stepsons Adam and Kieran.
0:51:58 > 0:52:02They're going to be our commercial builders for...
0:52:02 > 0:52:05- We're their first major project.- Wow. So, you're going to employ your...
0:52:05 > 0:52:07We're going to employ... So, we're going to have to pay
0:52:07 > 0:52:09commercial rates, not family rates.
0:52:09 > 0:52:12- Well, they're still family.- Well, they are and the good news is that,
0:52:12 > 0:52:15right now, the finance is coming from the younger one anyway.
0:52:15 > 0:52:17It's not the bank of Mum and Dad this time - it's the bank of son.
0:52:17 > 0:52:19Oh, right. Oh, excellent.
0:52:21 > 0:52:24Tony had hoped the renovation would take around four months
0:52:24 > 0:52:26and at seven months later, we're back.
0:52:29 > 0:52:33The front has been landscaped and once the curb has been dropped,
0:52:33 > 0:52:36it'll make an ideal off-road parking space.
0:52:36 > 0:52:40While the back looks similarly neat and tidy,
0:52:40 > 0:52:42but what about inside?
0:52:56 > 0:52:58As well as updating the existing loo,
0:52:58 > 0:53:01Tony did manage to squeeze in an extra toilet
0:53:01 > 0:53:03in the upstairs bathroom.
0:53:04 > 0:53:08We put the priority on getting the toilet into the bathroom
0:53:08 > 0:53:11and finding a bathroom suite that would fit into that space,
0:53:11 > 0:53:13and I think we've achieved that.
0:53:13 > 0:53:17The space that was there originally wasn't being used very well.
0:53:17 > 0:53:21They'd used a large, ugly washbasin and put it in the middle of the wall,
0:53:21 > 0:53:23so we reasoned it would be possible to move it.
0:53:23 > 0:53:27The drains were already at the back of the house. It was just a case of
0:53:27 > 0:53:29dropping the soil stack into it and doing the job again.
0:53:29 > 0:53:31And what a job that is.
0:53:31 > 0:53:33Very clean, modern bathroom.
0:53:33 > 0:53:38Similarly, the kitchen is now also bright and modern with added space.
0:53:41 > 0:53:45The kitchen, we felt, would be better as a kitchen/diner
0:53:45 > 0:53:48and we also thought the space was wasted with,
0:53:48 > 0:53:51what was originally, a bare utility area.
0:53:51 > 0:53:53We removed the walls.
0:53:53 > 0:53:55We did do a little bit of extra beam work above,
0:53:55 > 0:53:59just to make sure there were no issues. And basically lined it
0:53:59 > 0:54:02and opened into a kitchen/diner, and it works very well.
0:54:02 > 0:54:05Taking away that utility room has added a lot of space,
0:54:05 > 0:54:08but I'm wondering if it's added a lot of cost.
0:54:08 > 0:54:11How was that £15,000 budget?
0:54:11 > 0:54:13The budget was great, yeah.
0:54:13 > 0:54:15We have spent £15,000,
0:54:15 > 0:54:19plus another £10,000,
0:54:19 > 0:54:20plus possibly a bit more.
0:54:20 > 0:54:22Oh, dear.
0:54:22 > 0:54:25Most of the overspend was due to running overtime with this
0:54:25 > 0:54:27project, taking seven months.
0:54:27 > 0:54:29But the finish is excellent, particularly with
0:54:29 > 0:54:34the issues around plug points being resolved and new carpets.
0:54:34 > 0:54:37Tony was project managing his stepsons,
0:54:37 > 0:54:39so how did that relationship work?
0:54:39 > 0:54:42I tried to direct them but, as builders,
0:54:42 > 0:54:45they went in their own directions at times.
0:54:45 > 0:54:47I kept the materials supplied.
0:54:47 > 0:54:50They're working on another house for me now
0:54:50 > 0:54:54and it's much more hands off from the experience of this house.
0:54:54 > 0:54:57They've basically got a free rein. We've agreed what needs to be done
0:54:57 > 0:55:00and they are totally managing the contractors and they're,
0:55:00 > 0:55:04basically, sorting all the materials and they're just getting on with it.
0:55:04 > 0:55:07So, it looks like the partnership has survived
0:55:07 > 0:55:10and Tony seems philosophical about that overspend.
0:55:10 > 0:55:13He also has some philosophy to offer
0:55:13 > 0:55:16on renovating in different seasons.
0:55:17 > 0:55:20In the winter, you plaster a wall,
0:55:20 > 0:55:23you wait a week, ten days for the wall to dry.
0:55:23 > 0:55:25In the summer, it's too hot.
0:55:25 > 0:55:28The sweat's running in your eyes. You'd like to work with no clothes
0:55:28 > 0:55:32on at all, but the neighbours might object and the other people on site.
0:55:32 > 0:55:34The paint dries too fast.
0:55:34 > 0:55:37On the balance, I think maybe in future,
0:55:37 > 0:55:41I'd like to start maybe in January and come through towards the summer.
0:55:41 > 0:55:44A little bit too much information there, Tony,
0:55:44 > 0:55:45but thanks all the same.
0:55:45 > 0:55:50Now, the info we do need from two local estate agents.
0:55:50 > 0:55:52I think the owners have done a fantastic job with
0:55:52 > 0:55:54the improvements they've done.
0:55:54 > 0:55:56I particularly like that they've put a really good
0:55:56 > 0:55:59quality kitchen in, as well as opening up into what was the old
0:55:59 > 0:56:03utility room and making a larger breakfast/kitchen.
0:56:03 > 0:56:06The standard of finish for this, if the owner was actually letting
0:56:06 > 0:56:08the property out, for this type of market,
0:56:08 > 0:56:11I'd say it's a little bit over the top and I wouldn't perhaps
0:56:11 > 0:56:14quite have spent so much money if he was letting the property out.
0:56:14 > 0:56:17I think the property is finished to an absolutely fantastic standard.
0:56:17 > 0:56:18For myself, the kitchen
0:56:18 > 0:56:20and the bathroom is the main selling point here.
0:56:20 > 0:56:23They've done that to a very contemporary standard throughout
0:56:23 > 0:56:26and the decoration is all very neutral, too.
0:56:26 > 0:56:28Purchased at auction for £79,000
0:56:28 > 0:56:32and renovated at a cost of £25,000,
0:56:32 > 0:56:35Tony's total spend is £104,000,
0:56:35 > 0:56:39so time for those all-important values.
0:56:39 > 0:56:42If this property was to go onto the open market today,
0:56:42 > 0:56:44I would suggest an asking price of £120,000.
0:56:44 > 0:56:48And if the owner was to let the property out,
0:56:48 > 0:56:53I would recommend somewhere between £575 and £600 per calendar month.
0:56:53 > 0:56:56This property could resell anything between 95 and £100,000,
0:56:56 > 0:56:58and the property could rent anything between 575
0:56:58 > 0:57:01and 595 per calendar month.
0:57:01 > 0:57:04The top resale value of 120,000
0:57:04 > 0:57:08means Tony could make a pre-tax profit of £16,000,
0:57:08 > 0:57:12but he always planned to rent and the top figure of £600
0:57:12 > 0:57:15per calendar month would net him a yield of nearly 7%.
0:57:17 > 0:57:20We've already got tenants lined up.
0:57:20 > 0:57:22We had quite a lot of strong interest,
0:57:22 > 0:57:25so we don't think we're out on our price
0:57:25 > 0:57:29and it's considerably higher than the agency.
0:57:29 > 0:57:31Well, Tony and his wife Shirley have done better
0:57:31 > 0:57:34than the agents expected.
0:57:34 > 0:57:37And with stepsons Kieran and Adam getting on with another
0:57:37 > 0:57:40project for the couple, it's time for a rest for Tony.
0:57:40 > 0:57:43Or has the real boss of this group,
0:57:43 > 0:57:45Shirley, got other plans for him?
0:57:47 > 0:57:49There's no rest because I've got to go back to the work
0:57:49 > 0:57:53I started at home that got suspended when I started on this,
0:57:53 > 0:57:57because my real boss is insisting
0:57:57 > 0:57:59I get her house sorted out
0:57:59 > 0:58:02and she's complaining that we're making better houses for other
0:58:02 > 0:58:04people than she is expected to live in.
0:58:07 > 0:58:10Well, sadly, that's all we've got time for on today's show
0:58:10 > 0:58:14but we'll have more properties from the auctions next time.
0:58:14 > 0:58:17- Look forward to seeing you then. - Goodbye.- Goodbye.