0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Everybody has the idea of their dream home.
0:00:05 > 0:00:08Is it a cool city pad or somewhere in the country, nice and quiet?
0:00:08 > 0:00:10Hmmm, I'd like one of each of those, please.
0:00:10 > 0:00:14But your dream could be to build your own home from scratch, perhaps.
0:00:14 > 0:00:15Yes, whatever you're looking for,
0:00:15 > 0:00:18maybe it's just waiting for you to find it
0:00:18 > 0:00:20under the hammer.
0:00:45 > 0:00:48Now, buying at auction can be very daunting but getting
0:00:48 > 0:00:51something at the right price, well, it certainly makes up for it.
0:00:51 > 0:00:54Yes, so who placed the winning bids and what did they buy
0:00:54 > 0:00:55on today's show?
0:00:55 > 0:01:00I'm intrigued, I think we should find out.
0:01:00 > 0:01:04Have the buyers at this Gravesend terrace got their priorities sorted?
0:01:04 > 0:01:07It was local and it's near the pub.
0:01:10 > 0:01:13And there's no doubt what's top of the list at this
0:01:13 > 0:01:15northwest London property.
0:01:15 > 0:01:19- Coffee's an important thing for staff.- Absolutely!
0:01:19 > 0:01:22And in Derbyshire the important things are shelter,
0:01:22 > 0:01:25warmth and an inside loo.
0:01:25 > 0:01:30And, yes, the inside toilet. Get in!
0:01:30 > 0:01:33All these properties have been sold at auction. We'll find
0:01:33 > 0:01:36out who bought them and what they paid when they went
0:01:36 > 0:01:37under the hammer.
0:01:37 > 0:01:39It's yours, sir. Well done.
0:01:47 > 0:01:51We're off to the bustling Kent town of Gravesend to see
0:01:51 > 0:01:54a property that I first visited in April 2014.
0:01:54 > 0:01:58It was an end terrace two-bedroom house for sale at auction,
0:01:58 > 0:02:02guided at 115-125,000.
0:02:04 > 0:02:08With the front door out of action, I got in through the basement.
0:02:10 > 0:02:14Dusty, dirty, damp, just a few words that spring to mind
0:02:14 > 0:02:16in the first room I walk in.
0:02:16 > 0:02:21Yeah, a bit of a disappointment, actually. Not a great space
0:02:21 > 0:02:23and, it's clear to see, a lot of work will be done.
0:02:23 > 0:02:26Now, you expect basements to be dingy and dark
0:02:26 > 0:02:29but this really is something else.
0:02:29 > 0:02:32A kitchen which harks back to many moons ago,
0:02:32 > 0:02:35so all of this needs to be completely updated,
0:02:35 > 0:02:37it's filthy as well.
0:02:37 > 0:02:38And up here, what have we got?
0:02:38 > 0:02:41A little half-landing and a loo out the back.
0:02:41 > 0:02:43I'm going to investigate further.
0:02:49 > 0:02:52'So my first impressions were really not that great.
0:02:52 > 0:02:55'This property felt a little unloved.'
0:03:01 > 0:03:05There was that small loo on the landing but then on the ground
0:03:05 > 0:03:09floor there was a pretty good-sized bathroom, minus a toilet.
0:03:09 > 0:03:13Hello? There had obviously been a major falling out -
0:03:13 > 0:03:17common sense would say, "Get them back together in the same room."
0:03:19 > 0:03:25# Hello, is it me you're looking for. #
0:03:30 > 0:03:33The lounge on the ground floor was also a decent size
0:03:33 > 0:03:38and on the first floor, two generous bedrooms completed the tour.
0:03:38 > 0:03:42Now, I usually pride myself on straight talking but this house
0:03:42 > 0:03:45soon had me off on a tangent.
0:03:46 > 0:03:51It's almost as if this house is slightly on the wonk,
0:03:51 > 0:03:55a little bit lopsided even though it's not, it's structurally sound.
0:03:55 > 0:03:58But if you look down here, you know, it's very angular.
0:03:58 > 0:04:03It's almost as if there's a triangle there, but not quite.
0:04:03 > 0:04:06It's making me feel a bit wobbly walking around.
0:04:06 > 0:04:09And, you can see, this room here is hanging out over the landing.
0:04:09 > 0:04:13I just feel it really does need a major rearrange.
0:04:13 > 0:04:17Somebody needs to come in here and sort out all of the levels.
0:04:17 > 0:04:19So good luck to that person.
0:04:21 > 0:04:25So plenty of work needed to make this place habitable
0:04:25 > 0:04:28but, with lots of redevelopment work going on round about,
0:04:28 > 0:04:31I felt this was a great investment opportunity.
0:04:33 > 0:04:37Now, just because there is a building site next door, it doesn't
0:04:37 > 0:04:39mean you should run for the hills.
0:04:39 > 0:04:42A quick search and you would discover that this old
0:04:42 > 0:04:44council building, right here, is
0:04:44 > 0:04:47being turned into some new shiny flats
0:04:47 > 0:04:50and it's in keeping with what's happening in the broader
0:04:50 > 0:04:52picture around Gravesend,
0:04:52 > 0:04:56where just last year local councillors agreed the first stages
0:04:56 > 0:05:01of a £120 million regeneration programme for the town,
0:05:01 > 0:05:03which is so exciting.
0:05:03 > 0:05:07For an investor, a building site is a sign of regeneration
0:05:07 > 0:05:11and a helping hand in turning a profit.
0:05:13 > 0:05:15When the house went to auction there were a few bidders who
0:05:15 > 0:05:18agreed with me and after a quickfire battle,
0:05:18 > 0:05:22it was a final bid of 163,000 that secured the purchase.
0:05:22 > 0:05:24163,000.
0:05:24 > 0:05:26Quite sure all done.
0:05:26 > 0:05:28Sold to you, sir. Thank you very much.
0:05:28 > 0:05:31The man waving the paddle was Shane, who, together with his three
0:05:31 > 0:05:35friends Jay, Martin and Hugh, have pooled their resources to
0:05:35 > 0:05:39take a first step into the property development business.
0:05:40 > 0:05:43The four have been friends since their school days,
0:05:43 > 0:05:47so how did they come up with the idea of working together?
0:05:47 > 0:05:49Well, we're still chums and we see each other every
0:05:49 > 0:05:52week, we're in a pub quiz team together,
0:05:52 > 0:05:55and we just thought one night... At the pub quiz we thought,
0:05:55 > 0:05:58"Well, we're all getting old, we're coming up to retirement now,
0:05:58 > 0:06:00"what are we going to do?"
0:06:00 > 0:06:03Stupidly, and that was after a few drinks, we thought, "Oh, it would
0:06:03 > 0:06:07"be a good idea, we'll buy somewhere and see if we can do it up."
0:06:07 > 0:06:10We thought about how to deal with it and actually formed a company,
0:06:10 > 0:06:13so we have a company that has bought the property.
0:06:13 > 0:06:16We formed the company and then we visited, probably,
0:06:16 > 0:06:18seven or eight auctions.
0:06:18 > 0:06:21I should imagine we've probably looked at about 30 properties
0:06:21 > 0:06:23and this was the one that we were fortunate to get.
0:06:23 > 0:06:26It suits us because we all live in the area
0:06:26 > 0:06:29and so we're all within, probably, a mile of the property.
0:06:29 > 0:06:32- So did you all visit the property prior to the auction?- ALL: Yeah.
0:06:32 > 0:06:35We had a bit of trouble, though, because the guy that was showing us
0:06:35 > 0:06:39about from the auction company, took us round and said,
0:06:39 > 0:06:42"Oh, I can't shut this back door, somebody's opened this back door."
0:06:42 > 0:06:44And, of course, it had been shut for a long time.
0:06:44 > 0:06:47He said, "Could you give us a hand?" So I went round the back
0:06:47 > 0:06:50and he said, "Right, I'll pull it."
0:06:50 > 0:06:53I went to push it and put my arm through the glass
0:06:53 > 0:06:55and smashed the glass in the back.
0:06:55 > 0:06:59MUSIC: "Breaking Glass" by David Bowie
0:06:59 > 0:07:02Well, Jay, I know all breakages must be paid for
0:07:02 > 0:07:05but buying the whole house, it's a bit extreme!
0:07:05 > 0:07:10But, seriously, buying this place was quite a commitment.
0:07:10 > 0:07:12Now, I know a lot of people would have been put off on first
0:07:12 > 0:07:15glance at this because of what's going on next door.
0:07:15 > 0:07:19There's also no parking, it's in a really bad state of repair.
0:07:19 > 0:07:22What was it about this that made you guys want to bid on it?
0:07:22 > 0:07:23It was local and it's near the pub.
0:07:23 > 0:07:26THEY LAUGH
0:07:26 > 0:07:29That is the right reason!
0:07:29 > 0:07:32Yeah, no, because we all live fairly near,
0:07:32 > 0:07:34this was ideal and we know the area and,
0:07:34 > 0:07:37despite the building work that's going on, Gravesend
0:07:37 > 0:07:41really seems to be quite an up-and-coming place.
0:07:41 > 0:07:45It's 22 minutes to London on the high-speed train
0:07:45 > 0:07:49and it's a nice part of town, we're near town, it's a nice short walk
0:07:49 > 0:07:52- into the town centre. - So what happens now?
0:07:52 > 0:07:55Hugh, talk me through what the next stage is going to be for you guys.
0:07:55 > 0:07:57Right, the builder friend has been round and looked at the place
0:07:57 > 0:07:59and we've talked through a few proposals.
0:07:59 > 0:08:01We have a plan A and plan B.
0:08:01 > 0:08:05Plan A is to turn the basement into a one-bedroom flat
0:08:05 > 0:08:09and then the rest of the building to be turned into a two-bedroom flat.
0:08:09 > 0:08:11That's obviously subject to planning permission,
0:08:11 > 0:08:12building regs and so forth.
0:08:12 > 0:08:14What is your plan B?
0:08:14 > 0:08:18Plan B is to leave it as one unit and just renovate it.
0:08:18 > 0:08:20And they had carefully considered
0:08:20 > 0:08:24the cost implications for both options.
0:08:24 > 0:08:28We've got some indicative prices with regards to doing the two jobs.
0:08:28 > 0:08:30If it's a single entity, it'll be about 20,000
0:08:30 > 0:08:33but if we were to split it into two, which is what we want to be doing,
0:08:33 > 0:08:37- it's about £40,000, we think will be the costs to produce that.- OK.
0:08:37 > 0:08:41That's very much on the basis that the four of us will be
0:08:41 > 0:08:44involved as much as we can in terms of the, sort of,
0:08:44 > 0:08:46labouring elements of the work.
0:08:46 > 0:08:49- Really? I was going to move onto that.- Mostly the three of them.
0:08:49 > 0:08:53- For the three of them and you're just going to be telling them what to do.- Absolutely, that's the plan.
0:08:53 > 0:08:57He'll be making the coffee, that's what Jay's good at.
0:08:59 > 0:09:01OK, so with the coffee making sorted,
0:09:01 > 0:09:05I wanted to know about the real work.
0:09:05 > 0:09:09What skills... What can you each individually bring to the table?
0:09:09 > 0:09:11Well, there's a lovely bit of ironwork just outside,
0:09:11 > 0:09:13a nice, sort of, wrought iron
0:09:13 > 0:09:15railings which I quite fancy, sort of, tarting up
0:09:15 > 0:09:18- and making them look attractive. - That's got your name on it.
0:09:18 > 0:09:21So we're taking down the chimney bricks throughout the building and
0:09:21 > 0:09:23he's doing a little bit of painting at the back.
0:09:23 > 0:09:26Which sounds about right, that doesn't surprise us at all!
0:09:26 > 0:09:28So what are you going to bring to the table?
0:09:28 > 0:09:30I think, certainly like these two here...
0:09:30 > 0:09:33Basically, I had my own house for 30-odd years,
0:09:33 > 0:09:35got some DIY skills at home,
0:09:35 > 0:09:37this is a great opportunity to hone those skills and,
0:09:37 > 0:09:39indeed, develop other skills.
0:09:39 > 0:09:41The builder we've been talking to will, hopefully, give us an
0:09:41 > 0:09:44opportunity to use the tools a bit more, perhaps a bit of plastering,
0:09:44 > 0:09:46perhaps a little bit of brickwork,
0:09:46 > 0:09:48I don't quite know, whatever comes along.
0:09:48 > 0:09:51But, basically, when we finish this you've got that sense of achievement
0:09:51 > 0:09:55and you're in a better position to commence the new project as and
0:09:55 > 0:09:58when we sell this and we've got the money left to buy another property.
0:09:58 > 0:10:01- You do really want to be hands-on here.- Absolutely, yes.- Fantastic.
0:10:01 > 0:10:04So what's the timescale, the realistic timescale you've set yourselves?
0:10:04 > 0:10:06THEY TALK OVER EACH OTHER
0:10:06 > 0:10:10I would love it if you all said different things at the same time.
0:10:10 > 0:10:11- A couple of weeks!- Oops!
0:10:11 > 0:10:13- We did discuss this yesterday, didn't we?- Yeah!
0:10:13 > 0:10:16- So, come on, timesescale, all say it together. Go!- ALL: Nine months.
0:10:16 > 0:10:20- Six to nine months. - Nine months.
0:10:22 > 0:10:25Hard to tell amongst all those voices but I'm sure I heard,
0:10:25 > 0:10:27"Nine months."
0:10:27 > 0:10:31Well, when we came back 11 months later, it was clear the lads
0:10:31 > 0:10:35had done a lot of work but things were running a bit behind.
0:10:40 > 0:10:43Planning permission had been granted for the conversion into two
0:10:43 > 0:10:45flats, a one-bed in the basement
0:10:45 > 0:10:49and a two-bed on the ground floor and first floors.
0:10:49 > 0:10:51Knowing the team's fondness for meeting up in the pub,
0:10:51 > 0:10:55I wondered how much of this had contributed to the delay.
0:10:58 > 0:11:00We've hardly ever been there.
0:11:00 > 0:11:03I think these things, inevitably, take longer than you imagine,
0:11:03 > 0:11:06especially for the first time that some of us have been involved in
0:11:06 > 0:11:09the process and then the added dimension
0:11:09 > 0:11:12was around this being part of a conservation area.
0:11:12 > 0:11:16So where we wanted to change, for example, the front door,
0:11:16 > 0:11:20and things like that, we had to get additional planning approval.
0:11:20 > 0:11:23We're moving into the finishing, sort of, situation at the moment.
0:11:23 > 0:11:26You can probably hear we've actually got builders working
0:11:26 > 0:11:27on-site at the moment.
0:11:27 > 0:11:31The builders are still putting in radiators, boilers
0:11:31 > 0:11:34baths, some electrical work.
0:11:34 > 0:11:37We're starting to paint the building from top to bottom,
0:11:37 > 0:11:40so these are the sort of tasks we can take on.
0:11:44 > 0:11:47To get an idea of how buoyant the market was, we invited two
0:11:47 > 0:11:51local estate agents along to have a look at this work in progress.
0:11:53 > 0:11:56I think there's always a demand for quality properties
0:11:56 > 0:12:01and, at the moment, I believe there is a shortage of properties.
0:12:01 > 0:12:04So if you've got something and if it is of good quality,
0:12:04 > 0:12:06I think it'll go very quickly.
0:12:06 > 0:12:09I think the owners have done a really good job here.
0:12:09 > 0:12:12They've converted it into two units, both of which will sell quite
0:12:12 > 0:12:15readily or be able to be rented out fairly quickly.
0:12:18 > 0:12:21Having spent 218,000 up to that point,
0:12:21 > 0:12:24the guys were planning to add a high-end finish to the
0:12:24 > 0:12:28decoration, in the hope of reaching the best possible sale price.
0:12:28 > 0:12:31Keeping that in mind and looking at the work done so far,
0:12:31 > 0:12:34what did the estate agents think the flats might be worth,
0:12:34 > 0:12:38starting with the one-bed basement?
0:12:38 > 0:12:41That should achieve a price in the region of £90,000.
0:12:41 > 0:12:45It should make somewhere in the region of £95,000
0:12:45 > 0:12:50and the upper flat should sell for somewhere in the region of £175,000.
0:12:50 > 0:12:55That property should achieve a price in the region of £160,000.
0:12:58 > 0:13:02But achieving that possible profit of 50,000 would mean ramping up
0:13:02 > 0:13:05the action and getting on with the work,
0:13:05 > 0:13:08isn't that right, boys?!
0:13:08 > 0:13:10We do, of course, have an unwritten rule that every board meeting
0:13:10 > 0:13:13- for the company has to be in a different pub.- In a different pub.
0:13:13 > 0:13:16That's the real reason that most of us are involved in the project,
0:13:16 > 0:13:18as you've probably guessed.
0:13:18 > 0:13:22That's where we're going at the moment.
0:13:22 > 0:13:25Well, we'll see the results of those "board meetings"
0:13:25 > 0:13:28and, hopefully, quite a lot of work later on in the show.
0:13:36 > 0:13:40Harrow Weald, in northwest London, is a busy part of the modern
0:13:40 > 0:13:44metropolis that has hidden historical depths.
0:13:44 > 0:13:46It's the site of Grim's Ditch,
0:13:46 > 0:13:49an earthwork, or man-made hill, that's believed by some
0:13:49 > 0:13:51to date back to the 5th century,
0:13:51 > 0:13:54though some think it may even be older,
0:13:54 > 0:13:57built as a defence against the Romans.
0:13:57 > 0:14:00Nowadays, the Romans would have no trouble getting from A to B
0:14:00 > 0:14:04as there are good links to the A41, M1 and M25.
0:14:04 > 0:14:06And a mile away there is the
0:14:06 > 0:14:10Bakerloo and London Overground station.
0:14:12 > 0:14:14So what was up for auction?
0:14:14 > 0:14:18Well, one of those auction lots you don't see every day,
0:14:18 > 0:14:21a former church premises.
0:14:21 > 0:14:25Hmmm, interesting, eh? A guide price at £250,000 plus.
0:14:25 > 0:14:29This is it, woohoo!
0:14:34 > 0:14:36Well, first off, it's worth noticing that
0:14:36 > 0:14:39the building looks pretty modern, which has got to be good news.
0:14:39 > 0:14:42It's likely to have proper damp-proof course,
0:14:42 > 0:14:46the roof is likely to be in good condition, good electrics, etc, etc.
0:14:46 > 0:14:50What have we actually got? Well, probably what you might expect.
0:14:50 > 0:14:54A little entrance area here, a few cupboards for storage,
0:14:54 > 0:14:58a loo, looks to be in fairly nice condition,
0:14:58 > 0:15:02lots of oak all over the place and...
0:15:02 > 0:15:04Yeah, it's good.
0:15:04 > 0:15:07What else is there?
0:15:07 > 0:15:09Whoa! One large room here, we'll explore that in a minute,
0:15:09 > 0:15:11but, first of all, look at this door.
0:15:11 > 0:15:15This is an amazing feature.
0:15:15 > 0:15:17How about that?!
0:15:17 > 0:15:19I don't know what you'd use it for but I love it.
0:15:19 > 0:15:23It's solid oak, it's really heavy and it's...
0:15:23 > 0:15:25HE GROANS
0:15:25 > 0:15:27..it's like a fortress.
0:15:27 > 0:15:31It's solid oak, I don't know if it's soundproofed or anything.
0:15:31 > 0:15:34It would be a shame to get rid of it because it probably cost a fortune.
0:15:34 > 0:15:39But once you get into this room, well, it's just great, actually.
0:15:39 > 0:15:42It's a bit bland, I suppose, but it's clean.
0:15:42 > 0:15:46You come in here and you get a size of the building, for sure.
0:15:46 > 0:15:49Straight away you're thinking a place of work, offices, or whatever.
0:15:49 > 0:15:52It would be really easy to convert it to that, it's almost ready-made.
0:15:52 > 0:15:56In terms of something else, eh, yeah...
0:15:56 > 0:16:01The fact that you've got this blank canvas is great news.
0:16:01 > 0:16:04So, yeah, from the outside...
0:16:04 > 0:16:05HE MUMBLES
0:16:05 > 0:16:08..in here, this is amazing.
0:16:09 > 0:16:12However, as exciting as this space is,
0:16:12 > 0:16:15there are some important things to bear in mind.
0:16:15 > 0:16:17We have to remember this was a church
0:16:17 > 0:16:21so, unless you are planning on buying this to have your own
0:16:21 > 0:16:25Sunday sermons, then we're talking change of use.
0:16:25 > 0:16:28This lot would be categorised as D1,
0:16:28 > 0:16:31it's a non-residential institution.
0:16:31 > 0:16:35And when it comes to buying property, check the use class
0:16:35 > 0:16:39and if the planning department will look favourably on a change of use.
0:16:39 > 0:16:43But if they do, there are some very interesting possibilities.
0:16:43 > 0:16:47The one thing that's really in favour of the building is that roof.
0:16:47 > 0:16:50It's only a single-storey dwelling and yet the roof height is
0:16:50 > 0:16:54almost the same height as the double sized buildings next door.
0:16:54 > 0:16:56So when it came to planning decisions,
0:16:56 > 0:16:57maybe putting in a second floor,
0:16:57 > 0:17:00certainly a dormer window, or something like that.
0:17:00 > 0:17:04I don't think the planners would have an issue, so that's great news.
0:17:06 > 0:17:08The roof space already has a generous attic
0:17:08 > 0:17:10but that possibility to extend
0:17:10 > 0:17:14the former church into the heavens means there's huge potential here.
0:17:14 > 0:17:19Plenty of parking space, too, that's always an added bonus.
0:17:19 > 0:17:21But what to do with all this?
0:17:21 > 0:17:24Well, let's listen to the thoughts of a local estate agent.
0:17:27 > 0:17:30# Glory, glory
0:17:30 > 0:17:35# Hallelujah. #
0:17:35 > 0:17:37If you could get the planning permission to convert
0:17:37 > 0:17:39it into houses or flats, I would say go with that
0:17:39 > 0:17:42because that's what you're surrounded by around here,
0:17:42 > 0:17:45that's where, I would say, the main money is.
0:17:45 > 0:17:48But if you couldn't and you had to keep it as a commercial property,
0:17:48 > 0:17:52I would say going for a convenience store or solicitors
0:17:52 > 0:17:54or an office of some sort.
0:17:56 > 0:18:00The agent thinks that converting the church into flats or
0:18:00 > 0:18:03a semi-detached house is a strong possibility
0:18:03 > 0:18:08and he values a two-bed semi in this area at £400,000,
0:18:08 > 0:18:14while one-bedroom flats can go for anything between 180-200,000.
0:18:14 > 0:18:17It does sound like there might be money to be made
0:18:17 > 0:18:19but you'd have to factor in the time for planning
0:18:19 > 0:18:23and all the demolition costs before you even start to build.
0:18:23 > 0:18:26So if you decide to convert it and turn it into a shop,
0:18:26 > 0:18:30what kind of money could it make?
0:18:31 > 0:18:36If you do get a convenience store or even A3 or A5 use on it,
0:18:36 > 0:18:42you could, actually, probably resale somewhere up to about £380,000.
0:18:42 > 0:18:45A3 would mean a cafe or restaurant,
0:18:45 > 0:18:48whereas an A5 is a takeaway.
0:18:48 > 0:18:50Hmmm, food for thought.
0:18:50 > 0:18:53However, what if you just wanted to make this an office of some kind?
0:18:53 > 0:18:56If you were to convert this to offices
0:18:56 > 0:19:01and put this on the open market, I'd say you'd be looking about £350,000.
0:19:03 > 0:19:05Well, a bit of a blank canvas, this one.
0:19:05 > 0:19:08Subject to the right planning permission, this could be
0:19:08 > 0:19:12a place of business, flats, maybe just a home.
0:19:12 > 0:19:14Yeah, a great opportunity.
0:19:14 > 0:19:16Let's see who thought it was heaven-sent
0:19:16 > 0:19:18when it went under the hammer.
0:19:18 > 0:19:22Unfortunately, we're unable to bring you the bidding on this
0:19:22 > 0:19:25property, although we know interest was keen.
0:19:27 > 0:19:32The building was bought for £365,000 by Kiran.
0:19:32 > 0:19:37She paid a whopping 115 grand over the guide price and came along with
0:19:37 > 0:19:40Winston, who is the manager of her business, to tell us
0:19:40 > 0:19:44what's going to happen to the former church premises.
0:19:44 > 0:19:48- Kiran and Winston, good to meet you both.- Hi.- Hi.- Congratulations!
0:19:48 > 0:19:51Tell me why you wanted to buy this place.
0:19:51 > 0:19:56We wanted to have this to run a fostering service from it and also
0:19:56 > 0:20:02for it to be a community based place where we can run women's groups...
0:20:02 > 0:20:04- Fantastic.- .. and run training events.
0:20:04 > 0:20:06We're both social workers
0:20:06 > 0:20:11and we have been in the fostering field for quite a while.
0:20:11 > 0:20:15We recruit foster carers and place vulnerable children with them.
0:20:15 > 0:20:17Wow! What a fantastic job.
0:20:17 > 0:20:21In this area or a bit further afield?
0:20:21 > 0:20:23All over greater London, the outskirts of London.
0:20:23 > 0:20:27Is this a charity or is this part of the local authority?
0:20:27 > 0:20:29Well, it's an independent fostering agency,
0:20:29 > 0:20:33so, technically speaking, we make profits
0:20:33 > 0:20:36but, you know, we tender our services
0:20:36 > 0:20:38- out to the local authorities.- Right.
0:20:38 > 0:20:41And so people come to you or do you go searching for people,
0:20:41 > 0:20:43to find foster parents?
0:20:43 > 0:20:45- We go searching.- Right.
0:20:45 > 0:20:49So what were you looking for, then, in terms of a building?
0:20:49 > 0:20:52We needed an office space so the staff could
0:20:52 > 0:20:56operate from the office space and for foster carers to come here as well.
0:20:56 > 0:20:59I would have thought it's an absolutely ideal building.
0:20:59 > 0:21:01As you can see, I mean, it's got a lots of potential.
0:21:01 > 0:21:03Anything we could imagine that we
0:21:03 > 0:21:06could do in here, whether it's partitions, building up, you know,
0:21:06 > 0:21:09we can go for it.
0:21:11 > 0:21:15Winston's absolutely right, this is a really flexible space.
0:21:15 > 0:21:19So what's the initial plan?
0:21:19 > 0:21:23At the moment it needs a bit of a refurb.
0:21:23 > 0:21:25We need a kitchen area,
0:21:25 > 0:21:30we need to make it look a lot more presentable than at the moment.
0:21:30 > 0:21:32Maybe go up into the loft space, as well.
0:21:32 > 0:21:34And then in the future maybe expand it even more.
0:21:34 > 0:21:38Right, but the idea that it is this office space to start off with,
0:21:38 > 0:21:41but also a bit of a multiuse building, if you like?
0:21:41 > 0:21:43So, in terms of the internal layout, then,
0:21:43 > 0:21:46tell me what your thoughts are at this point.
0:21:46 > 0:21:49We've had a lot of thoughts around are we going to partition areas,
0:21:49 > 0:21:51are we going to make smaller offices,
0:21:51 > 0:21:53a nice little boardroom area for
0:21:53 > 0:21:56people to meet and have training events?
0:21:56 > 0:22:01So it's looking at how we can use this space.
0:22:01 > 0:22:03'A little bit of thinking needed on the best layout.
0:22:03 > 0:22:08'But they'll need to be quick as they want to move in, in just one month.
0:22:08 > 0:22:13'It's a tight timescale but is the budget as tight as well?'
0:22:15 > 0:22:20So, initially, we're looking at about £15,000.
0:22:20 > 0:22:23And, obviously, if we go up into the roof,
0:22:23 > 0:22:25the budget will need to be extended from there.
0:22:25 > 0:22:27And what would you put up there?
0:22:27 > 0:22:30Would that just be dormer windows and more, sort of...?
0:22:30 > 0:22:33- More office space.- Office space, OK.
0:22:33 > 0:22:36First stage is really, sort of, I would say, sitting down,
0:22:36 > 0:22:41talking to the staff team a bit more, looking at how we're going to
0:22:41 > 0:22:43divide the space, colour schemes,
0:22:43 > 0:22:46where's the kitchenette going to go.
0:22:48 > 0:22:52- Coffee's an important thing for staff.- Absolutely!
0:22:52 > 0:22:55And how involved in the actual process of the renovations
0:22:55 > 0:22:57are you both going to get?
0:22:57 > 0:22:59- Very involved.- Very involved?!
0:22:59 > 0:23:03- A hands-on painting kind of thing?! - Yeah.
0:23:03 > 0:23:07- See you in your overalls tomorrow. - Why not!
0:23:07 > 0:23:11That comment might very well backfire, Winston,
0:23:11 > 0:23:14looks like you'll all be getting a set of overalls
0:23:14 > 0:23:18and hold on to them for a while because if you do decide to go into
0:23:18 > 0:23:20that loft space, well, you'll need them to paint
0:23:20 > 0:23:22and decorate up there, too.
0:23:22 > 0:23:24Obviously, two people of many talents
0:23:24 > 0:23:28but I particularly wanted to know what drew them into social work.
0:23:30 > 0:23:34We've both been in social work for a very long time, 25 years for me
0:23:34 > 0:23:37and, I think...
0:23:37 > 0:23:40- About 30 for me.- Really?! Oh, wow!- Yeah.
0:23:40 > 0:23:43A big step to saying, well, there's a need but then going out
0:23:43 > 0:23:44and doing something about it.
0:23:44 > 0:23:49Yeah, definitely, but we're very passionate about what we do.
0:23:49 > 0:23:52We've got a good staff team that's got a lot of skills
0:23:52 > 0:23:55and experience, so that really helps us.
0:23:55 > 0:23:59There's a lot of children out there that need foster care,
0:23:59 > 0:24:01a huge number of children that need foster care, so...
0:24:01 > 0:24:04It's a very fulfilling job you've, sort of,
0:24:04 > 0:24:09- taken on, isn't it?- Yeah. - Definitely.- Yeah, definitely.
0:24:09 > 0:24:11Well, listen, congratulations, extremely worthwhile
0:24:11 > 0:24:15- and wonderful what you're doing. So good luck with it.- Thank you.
0:24:15 > 0:24:18- I look forward to seeing how you get on.- Thanks very much.
0:24:20 > 0:24:25Well, turning this former church into offices is, definitely,
0:24:25 > 0:24:28a good move, especially with the close proximity to good transport
0:24:28 > 0:24:30links like the underground.
0:24:30 > 0:24:33Still, lots of decisions to be made.
0:24:33 > 0:24:37Will they get divine inspiration? You can find out later in the show.
0:24:39 > 0:24:44Still to come, is there a father/son disagreement in Derbyshire?
0:24:44 > 0:24:46Plenty of family arguments about what we should do
0:24:46 > 0:24:48and, in the end, we got there.
0:24:51 > 0:24:55And in London, all is equally harmonious.
0:24:55 > 0:24:58We very much want to be part of the community here.
0:25:03 > 0:25:05Back now to Gravesend, in Kent,
0:25:05 > 0:25:08where we first met our four old school friends,
0:25:08 > 0:25:11who decided to invest their savings in property.
0:25:11 > 0:25:15So they took their piggy banks along to a local auction.
0:25:15 > 0:25:18# We are the funky men... #
0:25:18 > 0:25:21Sold to you, sir. Thank you very much.
0:25:21 > 0:25:22The end result was the purchase of this
0:25:22 > 0:25:27two-bedroom end terrace house for 163,000.
0:25:27 > 0:25:29It was local and it's near the pub.
0:25:34 > 0:25:36Proximity to the pub aside,
0:25:36 > 0:25:39this house had great investment potential.
0:25:39 > 0:25:41The local area was undergoing a face-lift
0:25:41 > 0:25:44and the guys' timing couldn't have been better.
0:25:45 > 0:25:49Gravesend really seems to be quite an up-and-coming place,
0:25:49 > 0:25:5222 minutes to London on the high-speed train.
0:25:52 > 0:25:57The plan was to convert the house into a one-bed and a two-bed
0:25:57 > 0:26:00flat and the fab four were keen on getting their hands dirty.
0:26:00 > 0:26:03# We are the funky men. #
0:26:03 > 0:26:06Well, 75% of them, anyway.
0:26:06 > 0:26:10The four of us will be involved as much as we can in terms
0:26:10 > 0:26:13- of the, sort of, labouring elements of the work.- Really?
0:26:13 > 0:26:16And you're just going to be telling them what to do.
0:26:16 > 0:26:19- Absolutely, that's the plan. - He will be making the coffee.
0:26:19 > 0:26:22They had an original timescale of nine months and when we went
0:26:22 > 0:26:27back 11 months later, they were well on their way but not quite finished.
0:26:31 > 0:26:34Now a year since they started, we're back.
0:26:34 > 0:26:39There's a new door, but more importantly, not a builder in sight.
0:26:39 > 0:26:41But remember this damp and dingy basement...?
0:26:50 > 0:26:54Well, it's now a sparkling one-bedroom flat.
0:27:00 > 0:27:04And, above that, the two-bedroom maisonette.
0:27:15 > 0:27:18This looks like a spectacular result,
0:27:18 > 0:27:21made all the more impressive by the fact that this was the
0:27:21 > 0:27:24four friends' first foray into property development.
0:27:24 > 0:27:28With builders and other trades handling the technical stuff,
0:27:28 > 0:27:32the decorating and finishing touches were left to the gang of four.
0:27:34 > 0:27:37There's a variation of input between each of the guys.
0:27:37 > 0:27:39You know, there's a couple of younger ones who are stronger,
0:27:39 > 0:27:41so they'll do the heavier type work
0:27:41 > 0:27:44and a couple who do the lighter, painting sort of work.
0:27:44 > 0:27:46And then there's Jay.
0:27:46 > 0:27:48And there is Jay, yes, yes.
0:27:48 > 0:27:50I fetched the coffees.
0:27:50 > 0:27:55- And the rest of us have mucked in and decorated top to bottom.- Yeah.
0:27:55 > 0:28:00To be fair, you know, Jay has enlisted help from his wife
0:28:00 > 0:28:04and friends to make up for the lack of input on his own part.
0:28:04 > 0:28:07He's been very busy, sort of, going abroad.
0:28:07 > 0:28:12He's just recently retired, he's been on lots of holidays, etc,
0:28:12 > 0:28:14but he turns up when he's available.
0:28:14 > 0:28:19They've never trusted me with the delicate work, apart from the rail
0:28:19 > 0:28:21outside that, right from the start, they said,
0:28:21 > 0:28:24if I want that done, I've got to jolly well do it myself.
0:28:24 > 0:28:27So I'm responsible for that.
0:28:27 > 0:28:30I think he's done a good job out there and the rest of us
0:28:30 > 0:28:34were keen to keep him out there, to be honest.
0:28:34 > 0:28:39# Three's a crowd Four's a traffic jam... #
0:28:40 > 0:28:43Oh, poor Jay. I bet your coffee's brilliant.
0:28:43 > 0:28:47Anyway, he has made another very important contribution.
0:28:49 > 0:28:52We decided quite a long time ago that, I think the quote was,
0:28:52 > 0:28:55"You can't decide colours by committee."
0:28:55 > 0:28:57So we've largely left it to Jay.
0:28:57 > 0:28:59But there's more of a divided opinion.
0:28:59 > 0:29:04Some like the green, some like the apricot, not many like both.
0:29:04 > 0:29:08And not many that like either.
0:29:08 > 0:29:11I think the green, in particular, works really well
0:29:11 > 0:29:15and I think it's a contemporary colour for the age of the property.
0:29:15 > 0:29:19And I think the apricot is a very, very nice colour
0:29:19 > 0:29:22because it's in the part of the house that always gets the sun.
0:29:22 > 0:29:25So I think that's quite a cheery room, especially if somebody
0:29:25 > 0:29:29decides to use it as a nursery or a study, it's quite bright and cheery.
0:29:30 > 0:29:36# Fancy colours... #
0:29:36 > 0:29:39Next door, the large development is finally complete
0:29:39 > 0:29:43and has paid an unexpected dividend.
0:29:43 > 0:29:49Basically, we had an original wall in the back garden and, somewhere
0:29:49 > 0:29:54along the line, it was knocked into by the next-door contractors.
0:29:54 > 0:29:57And, as a solution, they offered to take the whole wall down
0:29:57 > 0:29:59and put the new fencing out there for us.
0:29:59 > 0:30:03So that was a bit of a result, really, from an accident.
0:30:05 > 0:30:09It's no accident that this development has turned out so well.
0:30:09 > 0:30:11The guys have put in a lot of planning
0:30:11 > 0:30:12and effort over the past year.
0:30:12 > 0:30:18Their budget of £55,000 crept up very slightly by 1.5 grand.
0:30:18 > 0:30:22So, adding that to the purchase price of 163,000,
0:30:22 > 0:30:26brings their final spend to £219,500.
0:30:31 > 0:30:34The boys are just about to put the flats onto the sales market
0:30:34 > 0:30:38and so what better time than to ask two local estate agents to
0:30:38 > 0:30:40give us their expert opinions.
0:30:41 > 0:30:43I think the owners have done a really good job here, actually,
0:30:43 > 0:30:45and I think the finish is very nice.
0:30:45 > 0:30:49When people are looking on the internet for properties, I think
0:30:49 > 0:30:52the actual colours will really stand out and should lead to a lot of new
0:30:52 > 0:30:55interest for this property when it goes onto the market.
0:30:55 > 0:30:57I think the fact that they've divided it into two flats is
0:30:57 > 0:30:59an excellent idea.
0:30:59 > 0:31:02It will appeal to investors, particularly,
0:31:02 > 0:31:05or if somebody wanted to buy and live in the top
0:31:05 > 0:31:08and rent out the bottom, that's an extra income for them.
0:31:08 > 0:31:10I think that was a brilliant idea
0:31:10 > 0:31:13and something I would have gone along with myself.
0:31:13 > 0:31:15Rental isn't the plan for this development,
0:31:15 > 0:31:19so for how much do they estimate each could sell?
0:31:20 > 0:31:25The studio flat will sell for somewhere between £95-100,000.
0:31:25 > 0:31:32The upper maisonette will sell for somewhere between £175-185,000.
0:31:32 > 0:31:37I would estimate the studio flat to be worth somewhere in the region of
0:31:37 > 0:31:41£95-100,000 and the two-bedroom maisonette
0:31:41 > 0:31:47to be worth in the region of £185-190,000.
0:31:49 > 0:31:53If the sales reach those top estimates, the four friends could be
0:31:53 > 0:31:58looking at a pre-tax profit of just over £70,000.
0:31:58 > 0:32:00That surely calls for a celebratory drink.
0:32:00 > 0:32:03Oh, yes, a pleasant surprise, to be perfectly honest.
0:32:03 > 0:32:06I think the flat, downstairs, the studio, is what we expected but
0:32:06 > 0:32:09upstairs, yes, that's pleasant, that's more than we anticipated.
0:32:09 > 0:32:11There's clearly a profit there and, as an accountant,
0:32:11 > 0:32:13I'm quite happy with that.
0:32:13 > 0:32:16And if he's happy, I'm happy.
0:32:22 > 0:32:24I'm heading to the village of Shipley
0:32:24 > 0:32:28near the former coal mining town of Heanor in Derbyshire.
0:32:28 > 0:32:31- # Going underground - Going underground
0:32:31 > 0:32:32# Well, let the boys all sing
0:32:32 > 0:32:37# And let the boys all shout For tomorrow... #
0:32:37 > 0:32:40Coal mining has helped shape the town since the 1500s and,
0:32:40 > 0:32:44although the colliery is now closed, it's still a popular town with good
0:32:44 > 0:32:47commuter links to nearby Nottingham and Derby.
0:32:49 > 0:32:53So just on the outskirts of town, on this busy main road that links
0:32:53 > 0:32:55Ilkeston to Heanor
0:32:55 > 0:32:59and opposite you've got some lovely open countryside.
0:32:59 > 0:33:02On this street, you've got modern and you've got old
0:33:02 > 0:33:05and the modern ones tend to bring in that little bit more money
0:33:05 > 0:33:09but look at this quaint row of miner's cottages.
0:33:09 > 0:33:11The one I'm here to see is right there.
0:33:11 > 0:33:15It's got a guide price of £43,000 plus and it's a two-up, two-down.
0:33:15 > 0:33:17Let's have a look.
0:33:22 > 0:33:26Now, you've got to remember, this is a cottage so there's not going
0:33:26 > 0:33:30to be a huge amount of space in here, in this, what would be,
0:33:30 > 0:33:31the lounge area.
0:33:31 > 0:33:35My eyes are drawn to this four bar gas fire.
0:33:35 > 0:33:38The '70s come to mind, my two brothers and my sister
0:33:38 > 0:33:41fighting for heat when we lived in Leicester together
0:33:41 > 0:33:43in our small little terraced house.
0:33:43 > 0:33:48OK, through into here into the back room or, maybe, dining room,
0:33:48 > 0:33:50table and chairs in here, somewhere.
0:33:50 > 0:33:53Into the kitchen, you know, the theme runs through here.
0:33:53 > 0:33:56This place hasn't been touched in a long time.
0:33:56 > 0:34:01You'd need new floors, new windows, practically new everything.
0:34:03 > 0:34:06# It's a good tradition Of love and hate
0:34:06 > 0:34:08# Staying by the fireside
0:34:08 > 0:34:13# There's a good tradition Of love and hate... #
0:34:15 > 0:34:18It's all very well me getting nostalgic but it's going to
0:34:18 > 0:34:21take a lot of work before anyone can get cosy in this place.
0:34:22 > 0:34:25Especially as any heat from the kitchen will go straight up
0:34:25 > 0:34:30that staircase next to it, along with those cooking smells - nice(!)
0:34:32 > 0:34:35Out front, see the little clips on the roof tiles?
0:34:35 > 0:34:39A sign of a temporary repair and elsewhere it looks even more dodgy.
0:34:41 > 0:34:45Out the back there's a small garden space and an old outside toilet.
0:34:45 > 0:34:48Let's just hope that's not the only loo.
0:34:48 > 0:34:53I'm not sure I'd fancy that in the summer, let alone days like today.
0:34:55 > 0:34:59OK, upstairs, and yes, the inside toilet.
0:34:59 > 0:35:00Get in!
0:35:00 > 0:35:03Bedroom, two there, smaller one.
0:35:03 > 0:35:05And into the master bedroom, decent size,
0:35:05 > 0:35:08got some storage space over there.
0:35:08 > 0:35:12It would need new windows, most definitely,
0:35:12 > 0:35:14and some central heating.
0:35:14 > 0:35:18Here, I can see some concrete flooring as is downstairs.
0:35:18 > 0:35:21It's not unusual in Victorian properties.
0:35:21 > 0:35:23But, if you lift this lino...
0:35:23 > 0:35:25And there's no cracks in that concrete at all.
0:35:25 > 0:35:28..you can basically lay anything you want on top of it.
0:35:28 > 0:35:31For me, a nice soft carpet, please.
0:35:32 > 0:35:34This might be a small cottage
0:35:34 > 0:35:38but it's got a very big list of things that need doing.
0:35:38 > 0:35:41Yes, the guide price is a reasonable 43 grand
0:35:41 > 0:35:45but could this cottage turn out to be an economic basket case?
0:35:46 > 0:35:49We asked a local estate agent along to give us his opinion.
0:35:51 > 0:35:53The property's in quite a bad state of repair,
0:35:53 > 0:35:56it does require quite a lot of modernisation to bring it up
0:35:56 > 0:35:59to a saleable standard and, certainly, a rentable standard.
0:35:59 > 0:36:02Looking round the property, there's no actual signs of any damp,
0:36:02 > 0:36:06it just wants a really, really good modernisation and makeover.
0:36:06 > 0:36:09But if the buyer does do a good renovation,
0:36:09 > 0:36:11what chance have they got to rent or sell?
0:36:11 > 0:36:14It's quite a popular area, the market's fairly buoyant
0:36:14 > 0:36:15at the moment.
0:36:15 > 0:36:17We're fairly close to two major cities
0:36:17 > 0:36:21as well as Shipley being fairly close to a country park,
0:36:21 > 0:36:24we've got open views front and rear.
0:36:24 > 0:36:26So we're agreed, plenty of work to do
0:36:26 > 0:36:30but once done it could be an ideally placed rental property.
0:36:30 > 0:36:33So how much might all that work cost?
0:36:33 > 0:36:36I think you're looking in the region of about a £20-£30,000
0:36:36 > 0:36:38spend on this particular property.
0:36:38 > 0:36:41Assuming the house sells for around the guide price and you
0:36:41 > 0:36:43spend £30,000 on it,
0:36:43 > 0:36:47that would take you to a 73 grand investment.
0:36:47 > 0:36:50Is there a possible profit here and what could it sell for?
0:36:50 > 0:36:53Once this property is fully completed to be very, very high standard,
0:36:53 > 0:36:58this should be fetching in and around £95-£100,000.
0:36:58 > 0:37:01So a lot of work could generate a half decent profit.
0:37:01 > 0:37:03What about the rental values?
0:37:03 > 0:37:06The rental market is very buoyant at the moment,
0:37:06 > 0:37:09this property should fetch £495 per calendar month.
0:37:10 > 0:37:14There's definitely room for improvement here and, as we've heard,
0:37:14 > 0:37:17the resale and rental markets are buoyant.
0:37:17 > 0:37:21Now, there's a bona fide opportunity here for a developer,
0:37:21 > 0:37:23if they can get it to the right price.
0:37:23 > 0:37:26Let's see what happened when it went under the hammer.
0:37:26 > 0:37:29It's a cottage style two-bedroom terraced house that requires
0:37:29 > 0:37:32a scheme of updating and improvement.
0:37:32 > 0:37:35Who's got 40,000 to start me for it?
0:37:35 > 0:37:36£40,000, it's not a lot of money.
0:37:36 > 0:37:3940, thank you at the back, I've got you, sir.
0:37:39 > 0:37:41£40,000, my opening bid.
0:37:41 > 0:37:4340 is my starter. 41 on the left.
0:37:43 > 0:37:45At 41, 42.
0:37:45 > 0:37:4842,000, 43.
0:37:48 > 0:37:4944.
0:37:49 > 0:37:52Two competing bidders drove this price up very quickly.
0:37:52 > 0:37:56We rejoin the bidding at £57,000.
0:37:56 > 0:37:59£57,000, bid's right at the back.
0:37:59 > 0:38:0257.5 somewhere else?
0:38:02 > 0:38:06At £57,000 for the first time,
0:38:06 > 0:38:09£57,000 second time.
0:38:09 > 0:38:11500. 58.
0:38:11 > 0:38:1358, no.
0:38:13 > 0:38:16At 58,000 once.
0:38:16 > 0:38:1858.5.
0:38:18 > 0:38:2059,000.
0:38:20 > 0:38:2159.5.
0:38:21 > 0:38:2459.5. 60,000.
0:38:24 > 0:38:2660,000. Definite?
0:38:26 > 0:38:29£60,000 once,
0:38:29 > 0:38:31twice, third time.
0:38:31 > 0:38:33It's yours, sir. Well done at 60,000.
0:38:33 > 0:38:35Ajab, on the right,
0:38:35 > 0:38:40found himself being congratulated on his successful bid of £60,000.
0:38:43 > 0:38:46Ajab is a taxi driver and a property developer
0:38:46 > 0:38:50and already has nine properties in his portfolio, which he rents out.
0:38:50 > 0:38:55I met with him to find out what he had planned for his latest venture.
0:38:55 > 0:38:58- Ajab, nice to meet you.- Nice to meet you.- Congratulations.- Thank you.
0:38:58 > 0:39:01Let's get back to the auction, how was it?
0:39:01 > 0:39:03- It was great.- Yeah?- Yeah.
0:39:03 > 0:39:06And did you only go for this property alone?
0:39:06 > 0:39:08Actually, yes.
0:39:08 > 0:39:11Tell us why this particular property, first and foremost.
0:39:11 > 0:39:13First of all, I don't live far from here,
0:39:13 > 0:39:18- I only live 200 yards away. - 200 yards?!- 200 yards, yeah.
0:39:18 > 0:39:20And when I saw it, I just...
0:39:20 > 0:39:23I said, "That's it, I'm going to get that.
0:39:23 > 0:39:25And what about the price?
0:39:25 > 0:39:28Did you get it for what you want, did you go over?
0:39:28 > 0:39:30I got it cheap, actually. I could go over.
0:39:30 > 0:39:33- So you're happy?- I'm very happy, yes, yes.
0:39:33 > 0:39:35Have you saved a little bit of money
0:39:35 > 0:39:39- now so you can spend on this property?- That's right, yeah.
0:39:39 > 0:39:42Ajab is happy with paying 17 grand over the guide price
0:39:42 > 0:39:45but I'm beginning to worry a bit.
0:39:45 > 0:39:48If he intends spending anything like the 30 grand that the agent
0:39:48 > 0:39:53thought it might take, then the profit margin is beginning to narrow.
0:39:53 > 0:39:55Ajab, tell me a little bit more in depth what you're
0:39:55 > 0:39:58actually going to do to the property, how you're going to turn it around.
0:39:58 > 0:40:00What things have you really got to do?
0:40:00 > 0:40:05We've got to change the windows and put the central heating in.
0:40:05 > 0:40:09The first time I saw the stairs going through the kitchen,
0:40:09 > 0:40:14I'm thinking about changing them and putting them from the dining room.
0:40:14 > 0:40:17What budget have you got in your mind that you'd like...
0:40:17 > 0:40:19Well, not like to spend.
0:40:19 > 0:40:23Well budget is around about £7-10,000.
0:40:23 > 0:40:27Well, he's certainly not going to be risking any profit margin with that budget.
0:40:27 > 0:40:30That doesn't sound very much to me for all the work needed here
0:40:30 > 0:40:35and he has a tight 6-8 weeks schedule, for a very pressing reason.
0:40:35 > 0:40:39I'm going on holiday, I want to finish this project before I go.
0:40:39 > 0:40:42- Where are you going to?- I'm going to India.- Ah!
0:40:43 > 0:40:45# More, more, more
0:40:45 > 0:40:48# How do you like it, How do you like it?
0:40:48 > 0:40:50# More, more, more
0:40:50 > 0:40:53# How do you like it, How do you like it...? #
0:40:56 > 0:41:00I think I would like it more if there was more money and more time.
0:41:00 > 0:41:04I mean, windows, central heating, roof repairs,
0:41:04 > 0:41:06modernisation of bathroom and kitchen,
0:41:06 > 0:41:10not to mention the decoration and flooring, is more than enough.
0:41:10 > 0:41:14But Ajab is also thinking of repositioning those stairs
0:41:14 > 0:41:15off the kitchen.
0:41:15 > 0:41:17But he does have years of experience
0:41:17 > 0:41:21and has a good relationship with a team of trades people.
0:41:21 > 0:41:25And that's not the only relationship tied up in this property.
0:41:25 > 0:41:29- It's for my son.- You bought it for your son? What's he doing to do?
0:41:29 > 0:41:32Is he going to live here or do the work on it, or?
0:41:32 > 0:41:34No, he's going to rent it out, he's going
0:41:34 > 0:41:38to do it up and rent it out, like an investment.
0:41:38 > 0:41:40Anybody else in the family going to get involved?
0:41:40 > 0:41:42My big boss, my missus.
0:41:43 > 0:41:46She knows about property,
0:41:46 > 0:41:49you'd be surprised. She's the main man in the house.
0:41:51 > 0:41:55So she's the one who, sort of, guides you now and again, helps you?
0:41:55 > 0:41:58She helps me, she's done about 14 kitchens...
0:42:01 > 0:42:04- You've got your...- ..that even the professionals can't copy.
0:42:04 > 0:42:06You can sit back, you can go on the beach and relax.
0:42:06 > 0:42:08That's what I usually do.
0:42:08 > 0:42:11I buy the property and she does all the work.
0:42:11 > 0:42:15- Does she do all the work for you?! - That's right.- Fantastic.- She's brilliant, she is.
0:42:15 > 0:42:17Ajab, good luck. I wish you all the best
0:42:17 > 0:42:20and make sure you check with your wife before you do anything.
0:42:20 > 0:42:23- Thank you.- Good luck.- Thank you very much.- Pleasure.
0:42:25 > 0:42:30This is a real family effort but despite the kitchen building talents
0:42:30 > 0:42:32of Ajab's wife Harvinda,
0:42:32 > 0:42:36I think all this work is a big ask for that budget.
0:42:36 > 0:42:40Will they get the whole thing sorted out in time for Ajab's India trip?
0:42:40 > 0:42:43Find out later on in the show.
0:42:45 > 0:42:48Well, we've seen how one set of buyers got on,
0:42:48 > 0:42:49what about the others?
0:42:49 > 0:42:52Did they spend more time and money than they were expecting?
0:42:52 > 0:42:55Or did they come in bang on target?
0:42:55 > 0:42:58Well, let's find out what went on.
0:42:59 > 0:43:04We return now to northwest London, Harrow Weald to be precise.
0:43:04 > 0:43:09Earlier I cast my eye over this former church premises.
0:43:09 > 0:43:12This is it. Woohoo!
0:43:14 > 0:43:18From the outside the building was in excellent condition
0:43:18 > 0:43:20and on the inside, full of potential
0:43:20 > 0:43:24for all manner of businesses or community enterprises.
0:43:24 > 0:43:27There was no doubting the star attraction
0:43:27 > 0:43:30and I just couldn't resist a trial of strength.
0:43:30 > 0:43:33Look at this door. This is an amazing feature.
0:43:33 > 0:43:36HE GROANS
0:43:36 > 0:43:37How about that?
0:43:39 > 0:43:42Phew! That was my day's workout taken care of.
0:43:42 > 0:43:47When this lot went to auction it was sold for £365,000 and was bought
0:43:47 > 0:43:53by Kiran who co-owns an independent fostering service in Greater London.
0:43:53 > 0:43:55Together with manager Winston they saw this building
0:43:55 > 0:43:58as an ideal opportunity to expand.
0:44:01 > 0:44:05We wanted to have this to run fostering service from it and also
0:44:05 > 0:44:11for it to be a community based place where we can run women's groups
0:44:11 > 0:44:13- and training events.- Fantastic.
0:44:13 > 0:44:15As you can see, I mean, it's got lots of potential.
0:44:15 > 0:44:17Anything we could imagine doing in here,
0:44:17 > 0:44:20whether it's partitions, building up, we can go for it.
0:44:21 > 0:44:26With a budget of £15,000 and a timescale of seven weeks,
0:44:26 > 0:44:29Kiran and Winston couldn't wait to get started.
0:44:29 > 0:44:32Almost four months have passed and we've come back
0:44:32 > 0:44:34to see how it's changed.
0:44:45 > 0:44:47Apart from the decoration and cabling,
0:44:47 > 0:44:51the open-plan area is, more or less, unaltered.
0:44:51 > 0:44:55No partitions have been put up and no extensions built into the
0:44:55 > 0:44:58loft space but several crucial changes have been made.
0:45:01 > 0:45:04The main piece of work, actually, is the windows
0:45:04 > 0:45:07because, although there were false windows outside
0:45:07 > 0:45:09but none on the inside, so that
0:45:09 > 0:45:12was the most major piece of work, really.
0:45:14 > 0:45:17Getting the windows done may have been important
0:45:17 > 0:45:21but when I first met Kiran, she had a more pressing priority.
0:45:21 > 0:45:23# Coffee time... #
0:45:23 > 0:45:25Where's the kitchenette going to go?
0:45:25 > 0:45:28- Coffee's an important thing for staff.- Absolutely.
0:45:28 > 0:45:31And voila! Where once were coats and hats,
0:45:31 > 0:45:33it's now lattes,
0:45:33 > 0:45:35espressos and Americanos.
0:45:35 > 0:45:39# Because it's coffee time. #
0:45:40 > 0:45:45It took a lot of thought in terms of where the kitchen area should be
0:45:45 > 0:45:49and in terms of trying to maintain as much good space
0:45:49 > 0:45:53as possible in the actual main office area.
0:45:53 > 0:45:57So we felt that we should have it slightly outside.
0:45:57 > 0:46:03But it's also... It's created a good space as well.
0:46:03 > 0:46:06And I'm delighted to see my favourite part of the building
0:46:06 > 0:46:07is still intact.
0:46:08 > 0:46:13# I don't want to lose This good thing... #
0:46:13 > 0:46:15We had lots of thoughts about it.
0:46:15 > 0:46:20We thought if we break it through we will create a lot more space
0:46:20 > 0:46:25but it just looks so nice and you just don't get that wood any more.
0:46:25 > 0:46:27Lots of people that have visited,
0:46:27 > 0:46:29that's the first thing they notice, actually.
0:46:29 > 0:46:32Yeah, so we've kept it.
0:46:32 > 0:46:37# I better knock on wood
0:46:37 > 0:46:39# Baby... #
0:46:39 > 0:46:42So were Kiran or Winston hands-on?
0:46:42 > 0:46:46Or did they get professionals to knock on wood?
0:46:46 > 0:46:50Oh, and brick and plasterboard...
0:46:50 > 0:46:54We sourced local builders and we asked around a little bit
0:46:54 > 0:46:58whose reputation was good and we've been really pleased with their work.
0:46:58 > 0:47:03However, it's a lot of pushing and keeping on target
0:47:03 > 0:47:06and a lot of monitoring, I couldn't leave them to it.
0:47:08 > 0:47:11# Don't turn your back on me... #
0:47:11 > 0:47:14Ah, well, it was all worth it, even though extra expenses,
0:47:14 > 0:47:16like the windows, meant Kiran
0:47:16 > 0:47:22went over her original £15,000 budget by 10,000.
0:47:22 > 0:47:25But there's no doubting their work has successfully transformed
0:47:25 > 0:47:29this into a fitting headquarters with this foster care company.
0:47:29 > 0:47:32The new premises have already had a positive effect.
0:47:34 > 0:47:37It feels like we've always been here, it really does feel like home.
0:47:37 > 0:47:39Since we've been here we've already expanded
0:47:39 > 0:47:42and we will continue to expand.
0:47:42 > 0:47:47We very much want to be part of the community here, which we already are.
0:47:47 > 0:47:50People are dropping in and wondering what we do.
0:47:50 > 0:47:53We've had a lot of interest
0:47:53 > 0:47:55and that will just go further
0:47:55 > 0:47:59and further in terms of the stuff that we're trying to do.
0:48:01 > 0:48:04Kiran and Winston have their feet firmly under the table
0:48:04 > 0:48:08but we've asked two local estate agents to come along and tell us
0:48:08 > 0:48:12how this building sits within a local commercial premises market.
0:48:14 > 0:48:20The property is very unusual, it's been well maintained throughout,
0:48:20 > 0:48:22it works perfectly as an office space.
0:48:22 > 0:48:26They've made various changes with the kitchen to the front,
0:48:26 > 0:48:29put in, obviously, all the desks, the computer equipment and
0:48:29 > 0:48:33I can see they've wired in all the networks and everything like that.
0:48:33 > 0:48:36So they've made quite a few changes, it's quite impressive.
0:48:37 > 0:48:40The company have only just settled in but
0:48:40 > 0:48:45if a future move was planned, how easy would it be to sell on?
0:48:45 > 0:48:48As it's situated in a predominantly residential area,
0:48:48 > 0:48:52would there be a high demand for office space in this location?
0:48:52 > 0:48:55The main thing that helps this property is the space that it's got,
0:48:55 > 0:48:57the location that it's got.
0:48:57 > 0:49:00Obviously you've got all the amenities locally
0:49:00 > 0:49:04and you've got further potential to, obviously, extend a business
0:49:04 > 0:49:06and you've got parking to the front, you've got, obviously,
0:49:06 > 0:49:09the kitchen and the space here.
0:49:09 > 0:49:12In this area there's a high demand for office space.
0:49:12 > 0:49:16It's a very residential area and has good transport links,
0:49:16 > 0:49:18so an office in this area is highly sought after.
0:49:18 > 0:49:22The strong selling point for this property are that it has
0:49:22 > 0:49:26off-street parking, which is an ideal advantage in this area.
0:49:26 > 0:49:29It's also in good condition throughout.
0:49:30 > 0:49:32Kiran and her business partner bought this
0:49:32 > 0:49:38property for £365,000 and they've spent around 25,000 on making it
0:49:38 > 0:49:41a good working environment that suits their needs.
0:49:41 > 0:49:45It's not going to be sold in the immediate future but how
0:49:45 > 0:49:50would this £395,000 investment fare on the commercial market?
0:49:50 > 0:49:52I would say that the property could either
0:49:52 > 0:49:55sell for £400-£415,000
0:49:55 > 0:49:59or could rent for £1,600 per calendar month.
0:49:59 > 0:50:02This property on the market today would sell for somewhere
0:50:02 > 0:50:04in the region of £400,000
0:50:04 > 0:50:07and it would rent for in the region of £1,600 per calendar month.
0:50:09 > 0:50:14Of course, it is reassuring that their investment
0:50:14 > 0:50:18has increased in value by around £25,000.
0:50:18 > 0:50:23But, truth be told, that's not the important factor here.
0:50:23 > 0:50:27Yeah, I mean, having a property like this, I think, has enabled us
0:50:27 > 0:50:29to operate far more effectively.
0:50:30 > 0:50:34I think that's enabled us, as a business, to grow better
0:50:34 > 0:50:37and I think as we grow we'll be able to provide
0:50:37 > 0:50:42families for the children who need them.
0:50:51 > 0:50:53Remember when I went to Shipley?
0:50:53 > 0:50:56(Which in old English means sheep pasture.)
0:50:56 > 0:51:00I took a look around this former Derbyshire miner's cottage.
0:51:00 > 0:51:04This two-up, two-down had definitely seen better days but someone still
0:51:04 > 0:51:09paid £17,000 over the guide price for this relic in need of a refit.
0:51:11 > 0:51:14That someone was Ajab who paid £60,000
0:51:14 > 0:51:17and purchased it on behalf of his son Jazz.
0:51:17 > 0:51:20Ajab is local, in fact he's very local.
0:51:21 > 0:51:26- I don't live far from here, I only live 200 yards away.- 200 yards?!
0:51:26 > 0:51:28200 yards, yeah.
0:51:28 > 0:51:33And when I saw it, I just... I said, "That's it, I'm going to get that."
0:51:36 > 0:51:40Ajab's main jobs were to sort out the roof, install central heating,
0:51:40 > 0:51:44rewire, fit new windows, make the kitchen bigger by moving
0:51:44 > 0:51:48the staircase into the dining room and install new kitchen units.
0:51:48 > 0:51:53Well, actually his wife Harvinda was going to do the kitchen.
0:51:53 > 0:51:55She knows about property.
0:51:55 > 0:51:58You'd we surprised, she's the main man, actually.
0:51:58 > 0:52:00She's done about 14 kitchens.
0:52:00 > 0:52:02You've got your...
0:52:02 > 0:52:05Even a professional couldn't copy it.
0:52:05 > 0:52:08You can sit back, you can go on the beach and relax.
0:52:08 > 0:52:12That's what I usually do. I buy the property and she does all the work.
0:52:13 > 0:52:16Did Ajab make it to the beach?
0:52:16 > 0:52:19And how did his main man Harvinda cope with her work?
0:52:20 > 0:52:22We're back after three months,
0:52:22 > 0:52:26which in the history of this old cottage, is but a moment.
0:52:26 > 0:52:29# When a moment
0:52:29 > 0:52:32# A moment changes everything
0:52:32 > 0:52:36# When a moment
0:52:36 > 0:52:39# A moment changes everything
0:52:39 > 0:52:42# When a moment
0:52:42 > 0:52:46# It changes everything... #
0:52:46 > 0:52:50Well, I think we can all agree that that bathroom has been changed
0:52:50 > 0:52:52for the better.
0:52:52 > 0:52:54My favourite changes are the new central heating
0:52:54 > 0:52:58and ceramic tiles that cover the old concrete floor nicely.
0:52:59 > 0:53:01With our backs to the bathroom,
0:53:01 > 0:53:05the new landing carpet and paintwork in soft muted shades also
0:53:05 > 0:53:08lifts the cottage from how it looked before.
0:53:09 > 0:53:13At the front, the bigger of the two bedrooms was in desperate
0:53:13 > 0:53:15need of modernisation.
0:53:16 > 0:53:19# When a moment
0:53:19 > 0:53:23# A moment changes everything
0:53:23 > 0:53:26# When a moment
0:53:26 > 0:53:29# A moment changes everything
0:53:29 > 0:53:35# When a moment... #
0:53:35 > 0:53:38Halfway down the landing, the smallest bedroom wouldn't
0:53:38 > 0:53:42frighten your kids anymore if they had to sleep in it.
0:53:45 > 0:53:49Instead of a ruin with a view, it's now a room with a view.
0:53:51 > 0:53:53Now, to downstairs.
0:53:53 > 0:53:58Remember the staircase used to end in the kitchen?
0:53:58 > 0:54:01But Ajab wanted to move it to the dining room.
0:54:01 > 0:54:03Sounds expensive, doesn't it?
0:54:03 > 0:54:07But I'm going to show you how cheap it can really be.
0:54:07 > 0:54:09By blocking off the kitchen door
0:54:09 > 0:54:12and replacing the last four treads of the existing staircase with
0:54:12 > 0:54:17kite steps, the staircase now turns into the dining room.
0:54:17 > 0:54:21Just think if the Chinese hadn't invented kites,
0:54:21 > 0:54:23Ajab would have been scuppered.
0:54:23 > 0:54:25There's new laminate flooring and new doors
0:54:25 > 0:54:27on the understairs cupboard
0:54:27 > 0:54:31and the lounge has a transparent door to make the most of the light.
0:54:31 > 0:54:35# Moment
0:54:35 > 0:54:38# A moment changes everything... #
0:54:38 > 0:54:42Unlike in the old days, I don't miss the gas fire.
0:54:42 > 0:54:46They'll be no huddling up for warmth anymore in this lounge.
0:54:47 > 0:54:49And, finally, downstairs.
0:54:49 > 0:54:53Let's take a look at Harvinda's piece de resistance.
0:54:53 > 0:54:55You couldn't call it a big kitchen
0:54:55 > 0:54:58but with the stairs doorway now blocked off,
0:54:58 > 0:55:01there's a bit more room for units.
0:55:01 > 0:55:04We're finished just in time because here comes Ajab
0:55:04 > 0:55:08with his solicitor son Jazz who owns the cottage.
0:55:08 > 0:55:11But, hang on a minute, where's Harvinda?
0:55:11 > 0:55:14We tried to get her on the camera, she won't come near it!
0:55:16 > 0:55:18It's her day off.
0:55:18 > 0:55:22And I'm glad to learn that Harvinda didn't do all the work herself.
0:55:22 > 0:55:25Ajab has a regular team of family and trades people, who,
0:55:25 > 0:55:30over the years, have helped him build his portfolio of nine rentals.
0:55:30 > 0:55:34But all the spending decisions were down to owner Jazz.
0:55:34 > 0:55:38Clearly he wasn't tempted to take any shortcuts with that roof.
0:55:38 > 0:55:41If we'd done a patch up job on it, there's a risk that we'll have to
0:55:41 > 0:55:46pay for the roof to be done, in any event, a year or two down the line.
0:55:46 > 0:55:49One bad winter and that work's gone as well.
0:55:49 > 0:55:53It just was a more common-sense approach.
0:55:53 > 0:55:57Did project manager Ajab manage to fit any time in on the beach?
0:55:57 > 0:56:00My dad's been to India in the meantime,
0:56:00 > 0:56:04my mum's been to Canada, my boy's not been well.
0:56:04 > 0:56:06But we've managed to keep on track.
0:56:06 > 0:56:08Plenty of phone calls, plenty of FaceTimes,
0:56:08 > 0:56:11plenty of family arguments about what we should do.
0:56:11 > 0:56:13In the end we got there.
0:56:13 > 0:56:17Even so, the 13 week job has only slightly overrun
0:56:17 > 0:56:20the original 6-8 week schedule.
0:56:20 > 0:56:24But did the overrun affect the spend on the cottage?
0:56:24 > 0:56:27I think if I'd been solely in charge of the budget we wouldn't have
0:56:27 > 0:56:29kept within in it
0:56:29 > 0:56:32because I just don't have the experience of keeping within one.
0:56:32 > 0:56:34But, yeah, we're happy with where it is,
0:56:34 > 0:56:37paid about 60, spent about ten.
0:56:37 > 0:56:40Still within the region that we'd like to be in.
0:56:41 > 0:56:45We invited two local estate agents along to help Jazz find out
0:56:45 > 0:56:48if his spending for the first time on property development stood to
0:56:48 > 0:56:50gain him a profit.
0:56:50 > 0:56:52He bought to rent out
0:56:52 > 0:56:58but if he wanted his £70,000 spend back now, where would he stand?
0:56:58 > 0:57:00First with a for sale evaluation.
0:57:00 > 0:57:03The agent who saw the property before.
0:57:03 > 0:57:05Property gone on the open market today would be
0:57:05 > 0:57:07marketed about 99,500.
0:57:07 > 0:57:10In the current market climate it should get very, very
0:57:10 > 0:57:11close to the asking price.
0:57:11 > 0:57:14I think the property could, potentially,
0:57:14 > 0:57:16sell for up to £100,000.
0:57:16 > 0:57:22So a potential profit of £30,000 minus the usual taxes and expenses.
0:57:22 > 0:57:25It's not bad for two months' work, is it?
0:57:27 > 0:57:31Well, I couldn't disagree with that. What about the rentals?
0:57:31 > 0:57:35To secure a good quality tenant, £495 per calendar month.
0:57:35 > 0:57:39I would market the property at £450 per calendar month.
0:57:39 > 0:57:43Taking the average that would give Jazz a yield of just over 8%.
0:57:43 > 0:57:48That's a good return for what he invested in this property.
0:57:48 > 0:57:50I think it's a very good return.
0:57:50 > 0:57:55And what does Ajab think of his son's progress as a property developer?
0:57:55 > 0:57:58He's made so much money in two months, I think he's going
0:57:58 > 0:58:00to start looking for another one soon.
0:58:03 > 0:58:06Will we see some more fairy tale endings next time?
0:58:06 > 0:58:10- Yeah, or will they be more of a grim ending?- Oh, yeah.
0:58:10 > 0:58:11Only one way to find out,
0:58:11 > 0:58:13join us next time for more Homes Under The Hammer.
0:58:13 > 0:58:15- See you then.- Goodbye.- Goodbye.