Episode 57

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0:00:02 > 0:00:03Hello, and welcome to the show.

0:00:03 > 0:00:06Now, we see all manner of investors, each with a different story to tell.

0:00:06 > 0:00:08Yeah, they all have their own ideas

0:00:08 > 0:00:10and will probably end up with different outcomes.

0:00:10 > 0:00:13Yeah, I can't think of a better place to start a property

0:00:13 > 0:00:15journey than down at your local property auction.

0:00:42 > 0:00:43Here on Homes Under The Hammer,

0:00:43 > 0:00:45we meet property buyers from all over the country.

0:00:45 > 0:00:48That's right. Some are just putting their foot on the property ladder

0:00:48 > 0:00:52for the first time, and others are increasing their ever-growing rental

0:00:52 > 0:00:55- portfolio.- Mm-hmm, but whatever their experiences,

0:00:55 > 0:00:56they're worth following.

0:00:56 > 0:00:59Let's see what we've got coming up for you on today's show.

0:01:02 > 0:01:06I'm in Cumbria at this former pharmacy that's in need of a remedy.

0:01:06 > 0:01:10There is a lot of damp here too, black, hairy, mouldy damp.

0:01:11 > 0:01:15I'm meant to be at this three-bed semi in Haverfordwest,

0:01:15 > 0:01:17but I'm in the doghouse with the cameraman.

0:01:18 > 0:01:19Can I come in now, please?

0:01:22 > 0:01:26And I'm going the distance at this mixed-use premises in Alvaston.

0:01:26 > 0:01:28Just take a look at this.

0:01:28 > 0:01:30It goes so far back.

0:01:30 > 0:01:31It's unbelievable.

0:01:32 > 0:01:3365,000 in the room.

0:01:33 > 0:01:36All these properties have been sold at auction,

0:01:36 > 0:01:38and we'll find out who bought them and what they paid

0:01:38 > 0:01:40when they went under the hammer.

0:01:40 > 0:01:41Sold. It's yours, sir.

0:01:44 > 0:01:47Cleator Moor is a small town about 20 miles from the Lake District

0:01:47 > 0:01:49National Park in Cumbria.

0:01:49 > 0:01:50In years gone by,

0:01:50 > 0:01:53the town used to be bustling with people who worked in the local

0:01:53 > 0:01:57ironworks, many of whom had travelled across from Ireland

0:01:57 > 0:02:01in search of work. This influx gave the town the nickname

0:02:01 > 0:02:02Little Ireland.

0:02:02 > 0:02:07Another more famous visitor was the matchstick man himself, LS Lowry.

0:02:07 > 0:02:11He spent a lot of time here painting the local scenery,

0:02:11 > 0:02:14and in a town as pretty as this, why wouldn't you?

0:02:14 > 0:02:17# Pictures of matchstick men and girls. #

0:02:17 > 0:02:21Now, the property I'm here to see, it's got me a bit perplexed,

0:02:21 > 0:02:25which is odd considering I'm not even in the front door.

0:02:25 > 0:02:29Now, the auction catalogue here describes it as four properties.

0:02:29 > 0:02:31I'm guessing this is where it starts.

0:02:31 > 0:02:34And then it says it used to be four properties.

0:02:34 > 0:02:36And then... Yeah, but still going.

0:02:36 > 0:02:41And then it says in the description it is actually two properties,

0:02:41 > 0:02:43one residential and one commercial.

0:02:43 > 0:02:46It certainly looks big enough to be four properties.

0:02:46 > 0:02:50What I do know is the guide price is £50,000 plus.

0:02:50 > 0:02:51Let's go look.

0:02:53 > 0:02:54Looks like I'm going round the back.

0:02:55 > 0:02:57One thing I do know about this property

0:02:57 > 0:02:59is that it was a former pharmacy,

0:02:59 > 0:03:02so will it be just what the doctor ordered?

0:03:07 > 0:03:08Aha. We're in.

0:03:10 > 0:03:14Now, I'm coming into the back of the commercial property,

0:03:14 > 0:03:17so this I can tell has been a storage area.

0:03:17 > 0:03:19You still have some boxes.

0:03:19 > 0:03:21Along this way, you have a corridor and more rooms.

0:03:21 > 0:03:24I'll investigate that further a bit later.

0:03:24 > 0:03:27Now, you come to expect the smell of damp in auction properties,

0:03:27 > 0:03:30but it is pretty overwhelming here.

0:03:30 > 0:03:33It's coming in waves and it's strong.

0:03:33 > 0:03:35Through to... Oh, I do like this.

0:03:35 > 0:03:38It just paints the picture of how things were run.

0:03:38 > 0:03:42So many shelves around this room would be used

0:03:42 > 0:03:46to store your pills and your potions, and then, aha,

0:03:46 > 0:03:50there's the wee hatch that the pharmacists would use

0:03:50 > 0:03:53to give the prescriptions for customers in the front room.

0:03:53 > 0:03:56I do love this, coming into a place where people worked

0:03:56 > 0:03:58and just seeing how things were.

0:03:58 > 0:04:00I'm looking forward to seeing what's next.

0:04:02 > 0:04:06Wow. So I expected the front of the shop to be big,

0:04:06 > 0:04:08but this is enormous.

0:04:08 > 0:04:11It just goes on and on and on.

0:04:11 > 0:04:13And so does that smell of damp,

0:04:13 > 0:04:16and I can see clear damp patches on the floor.

0:04:16 > 0:04:19Actually, still really wet.

0:04:19 > 0:04:22And the ceiling tiles, just lots of water's been coming through.

0:04:22 > 0:04:23Need to investigate that.

0:04:23 > 0:04:26But let's concentrate on the positive of this shop

0:04:26 > 0:04:28just being enormous.

0:04:28 > 0:04:30So if you're on a main stretch, off-road,

0:04:30 > 0:04:32and there's lots of shops there,

0:04:32 > 0:04:34it's great to have your shop right there.

0:04:34 > 0:04:37It's even better if you have double frontage.

0:04:37 > 0:04:39This is quadruple frontage.

0:04:39 > 0:04:41What could it be used for?

0:04:41 > 0:04:43You could have one massive bar.

0:04:43 > 0:04:45You could have a post office.

0:04:45 > 0:04:49You could carve it off into four shops or a couple of cafes.

0:04:49 > 0:04:52You might want to think about residential,

0:04:52 > 0:04:55make this into some flats and commercial property.

0:04:55 > 0:04:57Because we are in a conservation area,

0:04:57 > 0:05:00you may well find there's a council stipulation -

0:05:00 > 0:05:03because we are on a main road - to keep some of it

0:05:03 > 0:05:04as commercial property.

0:05:04 > 0:05:06Something you have to look into.

0:05:06 > 0:05:08Right, you know those rooms I spotted earlier?

0:05:08 > 0:05:10I'm off to have a look.

0:05:10 > 0:05:13# Doctor, Doctor, gimme the news

0:05:13 > 0:05:16# I got a bad case of lovin' you

0:05:16 > 0:05:19# No pill's gonna cure my ill

0:05:19 > 0:05:23# I got a bad case of lovin' you. #

0:05:23 > 0:05:24Bathroom.

0:05:26 > 0:05:29The rest of the rooms run off this long corridor,

0:05:29 > 0:05:32and there's no shortage of storage space.

0:05:32 > 0:05:34I mean, really no shortage.

0:05:34 > 0:05:40It just goes on and on and on, and this is just the ground floor.

0:05:41 > 0:05:42Aha, upstairs.

0:05:49 > 0:05:51This place is vast!

0:05:51 > 0:05:53So you've got more storage rooms this way.

0:05:53 > 0:05:58You've got this big hall area and then space for storage.

0:05:58 > 0:06:02Staff would have used the locker rooms, the little kitchen,

0:06:02 > 0:06:03bathroom, too.

0:06:03 > 0:06:05And then, my word, there's more.

0:06:05 > 0:06:08How much storage does this place need?

0:06:08 > 0:06:14Yeah, there's a lot of damp here, too - black, hairy, mouldy damp.

0:06:14 > 0:06:16Look at this, it's just...

0:06:16 > 0:06:17It's pretty worrying.

0:06:17 > 0:06:21So you've got a lot of rooms but you've got an awful lot of damp.

0:06:22 > 0:06:26And that trend continues in the residential property, too.

0:06:26 > 0:06:31The entrance and utility room are not so bad and the two bedrooms are

0:06:31 > 0:06:32good-sized doubles.

0:06:32 > 0:06:36The bathroom and kitchen suite could do with a face-lift

0:06:36 > 0:06:40but the extensive damp in the living room is very worrying indeed,

0:06:40 > 0:06:44and don't forget it's throughout both of the properties.

0:06:44 > 0:06:48Fixing that is high up on the to-do list, but once it's fixed,

0:06:48 > 0:06:51what could you do with all this space?

0:06:51 > 0:06:53And will that conservation area

0:06:53 > 0:06:55cause any limitations on your options here?

0:06:55 > 0:06:57What did a local estate agent think?

0:06:57 > 0:07:01There are restrictions to what you could do with the property,

0:07:01 > 0:07:05so while it would be great to turn it into completely residential,

0:07:05 > 0:07:09you do have to maintain a commercial business as part of it.

0:07:11 > 0:07:14And it's not just the conservation area.

0:07:14 > 0:07:16There's another planning consideration.

0:07:16 > 0:07:18You'd need to check out what use class it comes under

0:07:18 > 0:07:21and whether you'd need planning permission to change it.

0:07:21 > 0:07:25The agent thinks this would be nice to turn into residential,

0:07:25 > 0:07:27but what if you were to avoid all the hassle

0:07:27 > 0:07:30and just renovate the spaces as they are?

0:07:30 > 0:07:33Bearing in mind that seemingly reasonable guide price

0:07:33 > 0:07:36of 50 grand plus, what could it resell for?

0:07:39 > 0:07:43The entire premises, both the shop and the flat,

0:07:43 > 0:07:46I would think it would be worth around about £100,000

0:07:46 > 0:07:48once refurbished.

0:07:48 > 0:07:51What about if you converted the rest of the residential space

0:07:51 > 0:07:53into one and two-bedroom flats?

0:07:53 > 0:07:58A one-bedroom flat in this area would sell for around £25,000.

0:07:58 > 0:08:00In this area, a two-bedroom flat would sell

0:08:00 > 0:08:02for around about £30,000.

0:08:02 > 0:08:05Wow. Where to start with this property?

0:08:05 > 0:08:07It's a bit of a monster.

0:08:07 > 0:08:10You don't have carte blanche to do exactly as you please,

0:08:10 > 0:08:12because we are in a conservation area,

0:08:12 > 0:08:15but the potential is definitely there.

0:08:15 > 0:08:18Let's find out who agreed when it went under the hammer.

0:08:20 > 0:08:23The old original four properties occupying a prominent position

0:08:23 > 0:08:26in the high street. A lot of property this, again.

0:08:26 > 0:08:27Start me at 50.

0:08:27 > 0:08:30At £50,000, am I bid?

0:08:30 > 0:08:32Anybody here? 45?

0:08:32 > 0:08:3440?

0:08:34 > 0:08:3735?

0:08:37 > 0:08:38- Not going lower.- 35.

0:08:38 > 0:08:3935 bid.

0:08:39 > 0:08:40£35,000.

0:08:40 > 0:08:42In one. It's nice and easy.

0:08:42 > 0:08:43At £35,000.

0:08:43 > 0:08:46I'm going to tell you, I'm here to sell.

0:08:46 > 0:08:48It's in the room, then. Don't lose it if you're here,

0:08:48 > 0:08:50or one bid gets it. First time.

0:08:50 > 0:08:52Second time.

0:08:52 > 0:08:54Don't let them have it. It's too cheap.

0:08:54 > 0:08:55Third and final time.

0:08:55 > 0:08:58Fair warning. Hammer's up.

0:08:58 > 0:09:00Hammer's down. To the phone.

0:09:00 > 0:09:02# Eh, eh, eh, eh, eh, eh, eh, eh, eh

0:09:02 > 0:09:04# Stop telephonin' me! #

0:09:04 > 0:09:07That canny telephone bidder who bought the property

0:09:07 > 0:09:11for an astounding 15 grand below the guide price was Chelsea,

0:09:11 > 0:09:14and I met her back at the former pharmacy

0:09:14 > 0:09:17to see what she had prescribed for the building.

0:09:17 > 0:09:18Chelsea, hello.

0:09:18 > 0:09:19- Hi.- Pleased to meet you.

0:09:19 > 0:09:21- Nice to meet you. - And congratulations.

0:09:21 > 0:09:24- Thank you.- You've got yourself a monster of a property.

0:09:24 > 0:09:27- I know.- So what's the history behind this?

0:09:27 > 0:09:29How did you find it?

0:09:29 > 0:09:31Why did you want it?

0:09:31 > 0:09:34I own a property over the road, so we were here.

0:09:34 > 0:09:35We'd seen it go up for market.

0:09:35 > 0:09:37It wasn't going to auction at that stage.

0:09:37 > 0:09:39I didn't even look to see how much it was.

0:09:39 > 0:09:42I was looking at another property a couple of months later

0:09:42 > 0:09:45with the local auction house, and he said,

0:09:45 > 0:09:49"Oh, have you seen the pharmacy at Cleator Moor's going to auction?"

0:09:49 > 0:09:51Brilliant. We came down to look at it.

0:09:51 > 0:09:52Thought it was fantastic.

0:09:52 > 0:09:55I didn't expect to get it for the price I got it for,

0:09:55 > 0:09:57- I have to say.- Well, the guide price was 50.

0:09:57 > 0:09:59- Yes.- And you got it for under that.

0:09:59 > 0:10:01- Yeah.- You got it for 35.

0:10:01 > 0:10:02Brilliant, isn't it?

0:10:02 > 0:10:05It is brilliant, but there's an awful lot of money,

0:10:05 > 0:10:06probably, that needs spent.

0:10:06 > 0:10:08But that didn't put you off when you came in?

0:10:08 > 0:10:12No, because I don't tend to look at properties that don't need a lot of

0:10:12 > 0:10:14work or money spending on them.

0:10:14 > 0:10:15I'm not attracted to them, really.

0:10:15 > 0:10:17Can't get away from that damp smell,

0:10:17 > 0:10:21and also the signs of damp are still visible on the walls,

0:10:21 > 0:10:24and some ceilings... Have you looked into what the problem might be?

0:10:24 > 0:10:26Yeah, I mean, there's three flat roofs.

0:10:26 > 0:10:27They all need replacing,

0:10:27 > 0:10:30so they're probably the biggest contributor to it.

0:10:30 > 0:10:32And the damp on the ground?

0:10:32 > 0:10:35It's been leaking, so we had a leak in the back.

0:10:35 > 0:10:36There's been a leak on the front.

0:10:36 > 0:10:38Several of the shop windows were damaged.

0:10:38 > 0:10:41It's been empty we think over two years now.

0:10:41 > 0:10:43- OK, it's...- It could be a lot worse.

0:10:43 > 0:10:45So you sound like you know your stuff.

0:10:45 > 0:10:48What kind of properties do you have already?

0:10:48 > 0:10:50I've got a rental portfolio.

0:10:50 > 0:10:54We are currently working on our biggest development at the moment in a neighbouring town,

0:10:54 > 0:10:56so that was one again we bought at auction and we are making

0:10:56 > 0:11:00into four properties, so that's kind of how I built myself up,

0:11:00 > 0:11:01- by developing.- Wow.

0:11:01 > 0:11:03And you say we, who's we?

0:11:03 > 0:11:06My husband is a joiner and he has a building firm,

0:11:06 > 0:11:08so he does all the work.

0:11:08 > 0:11:09- Brilliant.- It's good.

0:11:09 > 0:11:12And do you have a day job or is this your day job?

0:11:12 > 0:11:15This is getting more and more to be my day job,

0:11:15 > 0:11:18but I do work with a local estate agent as well,

0:11:18 > 0:11:21which is a really good foot in the door.

0:11:21 > 0:11:23I've got advice whenever I need it, so...

0:11:23 > 0:11:26Yeah, and I guess you hear about things coming up because you're...

0:11:26 > 0:11:28- Yes.- ..in that line of work.

0:11:28 > 0:11:32Chelsea and husband David make a great property power couple,

0:11:32 > 0:11:35so what are this dynamic duo planning on doing

0:11:35 > 0:11:38with the commercial part of the building?

0:11:38 > 0:11:41I'm hoping to get as much residential out of it,

0:11:41 > 0:11:43because that's what I know best.

0:11:43 > 0:11:46Because it's in the town centre, there is a policy,

0:11:46 > 0:11:47they want to keep some shop frontage,

0:11:47 > 0:11:50which I'm more than happy to be on board with,

0:11:50 > 0:11:53so we are just negotiating just how much shop space.

0:11:53 > 0:11:55This is a really big shop for Cleator Moor

0:11:55 > 0:11:59and I think that there would be a big risk of it being left empty

0:11:59 > 0:12:01- if we left it this much. - Yeah.- Like, floor space.

0:12:01 > 0:12:03We're hoping, if the council will go with it,

0:12:03 > 0:12:07we would get five residential units and a commercial unit

0:12:07 > 0:12:10from the whole building. That's an ideal scenario.

0:12:10 > 0:12:15We have three residentials upstairs, two downstairs,

0:12:15 > 0:12:16and then the shop.

0:12:16 > 0:12:19The flats themselves, how will they be comprised?

0:12:19 > 0:12:20One, two-beds?

0:12:21 > 0:12:24I would like to go for two-beds.

0:12:24 > 0:12:28Ideally, it would be nice to have a three-bed upstairs as well.

0:12:28 > 0:12:31The flat that's there at the minute, it's pretty much good to go.

0:12:31 > 0:12:33There's a couple of weeks of work in there.

0:12:33 > 0:12:34So I will tenant that initially,

0:12:34 > 0:12:37just so it's generating some money initially.

0:12:38 > 0:12:40If I got a really happy tenant,

0:12:40 > 0:12:42I maybe wouldn't change the layout there.

0:12:42 > 0:12:45It is a really big two-bed flat, though.

0:12:45 > 0:12:47I think it could be a three-bed.

0:12:47 > 0:12:50So that's another thing that might change along the way,

0:12:50 > 0:12:52depending on who moves in upstairs.

0:12:53 > 0:12:55Chelsea certainly knows what she wants,

0:12:55 > 0:12:59but it all hinges on the local planning department.

0:12:59 > 0:13:03She is aiming for five flats and one commercial unit overall and,

0:13:03 > 0:13:06with the help of her husband David's building firm,

0:13:06 > 0:13:10they plan on achieving all that for 100 grand.

0:13:11 > 0:13:13What's your timescale?

0:13:13 > 0:13:18So, we are hoping to finish where we are working now beginning next year,

0:13:18 > 0:13:20hopefully that will be a nice time.

0:13:20 > 0:13:22The plans should be finalised for here

0:13:22 > 0:13:24so that we could just roll straight onto this job.

0:13:24 > 0:13:26OK, so you've got another project.

0:13:26 > 0:13:28- Yeah.- And then doing this.

0:13:28 > 0:13:31And then committing to that kind of...full-time?

0:13:31 > 0:13:36Yeah, hopefully, erm, and I think we'll be on here six months.

0:13:36 > 0:13:38Chelsea, I cannot wait to see what you do with the place,

0:13:38 > 0:13:39and the best of luck.

0:13:39 > 0:13:41- Thank you.- Thank you. - Thanks very much.

0:13:43 > 0:13:46Chelsea seems to have it sorted, doesn't she?

0:13:46 > 0:13:49She's got a husband who owns a building company

0:13:49 > 0:13:52and he's a joiner by trade, and she's worked as an estate agent.

0:13:52 > 0:13:57But the best laid plans have to be OK'd by the planning department,

0:13:57 > 0:13:59who say you can go ahead with your plans.

0:13:59 > 0:14:01Too many plans?

0:14:01 > 0:14:03You can find out what happens later in the show.

0:14:09 > 0:14:13Haverfordwest is the county town of Pembrokeshire in Wales.

0:14:14 > 0:14:18It's certainly been home to many famous faces over the years,

0:14:18 > 0:14:21like actors Christian Bale, Rhys Ifans,

0:14:21 > 0:14:25Gruff Rhys from the Super Furry Animals and even Suggs from Madness

0:14:25 > 0:14:26went to school here.

0:14:27 > 0:14:31I'm on this quiet and very well-kept residential estate,

0:14:31 > 0:14:33and the kids are very lucky,

0:14:33 > 0:14:36because they've got a ready-made football pitch across the road.

0:14:36 > 0:14:39It also has a feeling of space and community.

0:14:39 > 0:14:43The house I'm here to see is this place right here.

0:14:43 > 0:14:44It's a semidetached house.

0:14:44 > 0:14:49It's got three bedrooms and a guide price of £85,000 plus.

0:14:49 > 0:14:52Let's go in and see what you get for your money.

0:14:52 > 0:14:54# Standing here, in the rain

0:14:54 > 0:14:58# Maybe the weather will change again

0:14:58 > 0:15:01# Change again or stay the bleeding same. #

0:15:03 > 0:15:06Now, you have got a nice space out there, just in that porch way,

0:15:06 > 0:15:09to put all your dirty shoes or your coats.

0:15:09 > 0:15:10Keep all the mess out there.

0:15:10 > 0:15:12Keep this hallway clear.

0:15:12 > 0:15:14And it's a decent-sized hallway.

0:15:14 > 0:15:16The stairs go up to the bedrooms.

0:15:16 > 0:15:19This is the lounge/living area.

0:15:19 > 0:15:22Good space. Gas fire in there, which I would want to get rid of.

0:15:22 > 0:15:24A nice big window as well.

0:15:24 > 0:15:25Lots of light coming in.

0:15:25 > 0:15:27Good lounge area. I like that.

0:15:27 > 0:15:30Down the hallway into the dining room.

0:15:30 > 0:15:33Again, it's not a bad size at all.

0:15:33 > 0:15:36Double-glazed windows, central heating - always a good start.

0:15:36 > 0:15:41It does have a feeling of being strong and sturdy,

0:15:41 > 0:15:44and off the dining room, you've got the kitchen,

0:15:44 > 0:15:45and a good-sized kitchen.

0:15:45 > 0:15:49I wasn't expecting it to be this spacey, to be honest.

0:15:49 > 0:15:51It's not in bad condition, either.

0:15:51 > 0:15:53Depending on what you want to do with this house,

0:15:53 > 0:15:56you might get away with keeping the cupboards.

0:15:56 > 0:15:59You will need a new hob and cooker, of course,

0:15:59 > 0:16:00if you're thinking of renting, that is.

0:16:00 > 0:16:02But I do like it. I really do.

0:16:02 > 0:16:07It's got a feeling of maybe post-war '50s, '60s.

0:16:07 > 0:16:10Whenever this was built, it was built well.

0:16:10 > 0:16:11In terms of change,

0:16:11 > 0:16:15why not speak to a local expert to see if you can't knock down a wall

0:16:15 > 0:16:17to create a kitchen-diner?

0:16:17 > 0:16:20But remember, not all buyers want open-plan,

0:16:20 > 0:16:22so if your plan was to sell it,

0:16:22 > 0:16:24it might not gain as much value as you think.

0:16:24 > 0:16:26In that case, I wouldn't bother.

0:16:27 > 0:16:30I thought it looked strong and well built from the outside.

0:16:30 > 0:16:32The interior matches that.

0:16:32 > 0:16:38# No matter, cos there's something inside so strong. #

0:16:38 > 0:16:43Right, so upstairs to the bedrooms. We have got three bedrooms up here.

0:16:43 > 0:16:44Two to my left.

0:16:44 > 0:16:47You've got more of a box bedroom and a double bedroom just to my left,

0:16:47 > 0:16:49too. There's in-built cupboards,

0:16:49 > 0:16:52which don't take any floor space up at all.

0:16:52 > 0:16:55Very well thought out, well proportioned.

0:16:55 > 0:16:58Ah, there is a downside to this house at last...

0:17:00 > 0:17:01..the bathroom.

0:17:01 > 0:17:04A little bit cramped, and I'd want to make that a little bit bigger.

0:17:04 > 0:17:09So into the third and final bedroom, a lot of space in here again.

0:17:09 > 0:17:10It's a double bedroom,

0:17:10 > 0:17:14but I'm thinking about this bathroom and the space of the bathroom.

0:17:14 > 0:17:18Could you come through this wall, maybe nick a metre,

0:17:18 > 0:17:22come to about here, put a wall up here?

0:17:22 > 0:17:24Yes, it would make the bedroom smaller.

0:17:24 > 0:17:26I still think you'd get a double bed in.

0:17:26 > 0:17:29You'd be doubling up on your bathroom space,

0:17:29 > 0:17:33so that would be my Dublin solution.

0:17:36 > 0:17:41# Fill my eyes with that double vision

0:17:41 > 0:17:46# My double vision gets the best of me. #

0:17:46 > 0:17:49But you don't need Dublin vision to see this house

0:17:49 > 0:17:50has a lot going for it.

0:17:50 > 0:17:53This estate, like many round here, was built

0:17:53 > 0:17:55by the Ministry of Defence,

0:17:55 > 0:17:58so they are really well built and with families in mind.

0:18:00 > 0:18:02Let's have a look out the back.

0:18:02 > 0:18:06Now, this is something you don't get

0:18:06 > 0:18:13with brand-new residential housing, all this space as your back garden.

0:18:13 > 0:18:15You've got access out into the lane.

0:18:15 > 0:18:18You've got a gate there to come into your back garden as well.

0:18:18 > 0:18:21It's really well proportioned.

0:18:21 > 0:18:23The cameraman stayed inside because it's raining,

0:18:23 > 0:18:26so can I come in now, please?

0:18:26 > 0:18:28I'm coming in anyway, cos it's raining.

0:18:32 > 0:18:37In property, if it seems too good to be true, get a second opinion,

0:18:37 > 0:18:41so we've called in a local estate agent to get his thoughts

0:18:41 > 0:18:43on this three-bed property.

0:18:43 > 0:18:45These properties are particularly well built,

0:18:45 > 0:18:47being ex-Ministry of Defence.

0:18:47 > 0:18:48They are structurally very sound.

0:18:48 > 0:18:52They are set in good grounds as well.

0:18:52 > 0:18:55The garden sizes are exceptionally large for this type of property.

0:18:55 > 0:18:59The layout of the property is very workable for a growing family.

0:18:59 > 0:19:03I believe that the general condition is reasonably good,

0:19:03 > 0:19:08and I believe that, with some minor modernisation,

0:19:08 > 0:19:11this property could be sold in the near future for a profit.

0:19:13 > 0:19:15Guided at 85 grand plus,

0:19:15 > 0:19:18what could this house sell and rent for once renovated?

0:19:20 > 0:19:23Once renovated, if the property was put on the rental market,

0:19:23 > 0:19:28I would expect it to achieve between £600 and £650 per calendar month.

0:19:28 > 0:19:35I believe this property should achieve in the region of £140,000.

0:19:35 > 0:19:39I do like a solidly built house, and that is what you're getting here.

0:19:39 > 0:19:43I also think it would be a perfect first project for someone.

0:19:43 > 0:19:46Let's find out if that was the case when it went under the hammer.

0:19:46 > 0:19:49£30,000 to get the bidding started.

0:19:49 > 0:19:50Now, due to a technical hiccup,

0:19:50 > 0:19:53we can't show you the footage of the auction on the day,

0:19:53 > 0:19:57but I can tell you the house was bought for £91,500

0:19:57 > 0:20:00by Kelly, who was at the auction with her dad, Andy.

0:20:01 > 0:20:03Kelly is going to live in the house,

0:20:03 > 0:20:06so I wanted to find out a little bit more about her first step

0:20:06 > 0:20:08on the property ladder.

0:20:13 > 0:20:15- Kelly, nice to meet you.- Hiya. - Andy, nice to meet you, too.

0:20:15 > 0:20:17- Nice to meet you.- Congratulations.

0:20:17 > 0:20:19Well done. So, when you went to auction,

0:20:19 > 0:20:21was this the property that you went for?

0:20:21 > 0:20:23No. There was two other properties before this,

0:20:23 > 0:20:25and I thought I'd get either one of them,

0:20:25 > 0:20:29because this was the better one, so I didn't think I'd get this one.

0:20:29 > 0:20:32And they went for more than I could afford, the other two,

0:20:32 > 0:20:34so I really didn't think I'd get this one,

0:20:34 > 0:20:38and then my dad and brother gave me a bit more money there

0:20:38 > 0:20:40- and then on the...- Oh, you see.

0:20:40 > 0:20:42They helped me out and I ended up with this one,

0:20:42 > 0:20:44so I didn't come away empty-handed.

0:20:44 > 0:20:47- I knew that Andy would come into... come into play very, very soon.- Yes.

0:20:47 > 0:20:51So... So this was your fave, but you thought it was going to be too much?

0:20:51 > 0:20:54Yeah, I thought it was going to be too expensive for me,

0:20:54 > 0:20:56so I would have been happy with either of...

0:20:56 > 0:20:57- Any of the three.- OK.

0:20:57 > 0:21:01Yeah. So, Andy, you helped out?

0:21:01 > 0:21:04Yes, well, I didn't want to see her disappointed on the night.

0:21:04 > 0:21:05She's been heart...

0:21:05 > 0:21:08Felt that you needed a house...

0:21:08 > 0:21:10- Yeah.- She needed to move out of our house.

0:21:10 > 0:21:12- OK.- So I stumped up some extra cash.

0:21:12 > 0:21:14- Oh, you see?- Yes.

0:21:14 > 0:21:16It was handy, bringing him.

0:21:16 > 0:21:17Wasn't it just, eh?

0:21:17 > 0:21:18Oh, Daddy's girl.

0:21:18 > 0:21:20- Yes.- Yeah. Gets what she wants!

0:21:20 > 0:21:22And rightly so. Good on you.

0:21:22 > 0:21:27# My dad, the best dad that I've had. #

0:21:29 > 0:21:31Now, Kelly, when you're watching this,

0:21:31 > 0:21:32it's a reminder that your dad

0:21:32 > 0:21:36deserves a really good Father's Day gift this year.

0:21:36 > 0:21:41This is a great first home, and I'm sure you're going to love it.

0:21:41 > 0:21:42Do you know anything about this area at all?

0:21:42 > 0:21:44Yeah, I only live a mile away now.

0:21:44 > 0:21:45- So...- Oh, do you?

0:21:45 > 0:21:47Yes, so it's handy.

0:21:47 > 0:21:48It's close to work for me.

0:21:48 > 0:21:51- OK.- It's... It's just... I don't need to move far. It ticks all the boxes.

0:21:51 > 0:21:53- Yeah.- I've lived here all my life, so...

0:21:53 > 0:21:57- Yeah.- Since '61, so I know the estate quite well.

0:21:57 > 0:21:59And...

0:21:59 > 0:22:02- Good on you.- Yeah, it's a very popular estate to live on.

0:22:02 > 0:22:04And it's a solid-built house, isn't it?

0:22:04 > 0:22:06- Yeah.- Very solid. The old Goodwick brick, they call it.

0:22:08 > 0:22:11- Goodwick.- Goodwick.- OK.- Even drill bits get blunted on those bricks.

0:22:11 > 0:22:14- Do they?- Yeah.- I...- I learn something new every day.

0:22:14 > 0:22:17Tools out, lads, let's test it!

0:22:17 > 0:22:19They're famous in south-west Wales, these bricks,

0:22:19 > 0:22:22- like, so...- OK.- They're solid.

0:22:22 > 0:22:26When we grew up as kids, this was known as the naval site.

0:22:26 > 0:22:29It was a big naval site in Brawdy.

0:22:29 > 0:22:32- OK.- And then later it was RAF Brawdy,

0:22:32 > 0:22:34when the RAF moved in on the estate.

0:22:34 > 0:22:37And after Brawdy moved out, the army moved in,

0:22:37 > 0:22:40but they built a new estate for them on the other side of Haverfordwest.

0:22:40 > 0:22:42So tell me what you're going to do with it, then.

0:22:42 > 0:22:45Now you've got it, it's yours, it's now going to be your new home...

0:22:45 > 0:22:48I'm not sure, really. It depends on money.

0:22:48 > 0:22:49- OK.- And how much things cost.

0:22:49 > 0:22:53- Well, Daddy's there, so you'll be fine.- Yeah.- As per the usual.

0:22:53 > 0:22:56I'd like to try and make the bathroom bigger if I can.

0:22:56 > 0:22:57- OK.- Somehow.

0:22:57 > 0:22:59But it all depends on cost and everything.

0:22:59 > 0:23:02And maybe open up the kitchen-diner if I can.

0:23:02 > 0:23:04- Exciting, though, isn't it?- Yeah. Oh, yeah.

0:23:04 > 0:23:05Cos it's going to be your home.

0:23:05 > 0:23:08- Yes, so...- Can you picture things and where you're going to put stuff

0:23:08 > 0:23:10- in here and...?- Kind of.

0:23:10 > 0:23:12I couldn't really remember what it looked like, so...

0:23:12 > 0:23:14- OK.- I didn't want to get my...

0:23:14 > 0:23:16..something set in my mind and then it not be that.

0:23:16 > 0:23:18- OK.- So...- And who's going to do the work?

0:23:18 > 0:23:19My dad and my brother.

0:23:19 > 0:23:21Yes. Yeah.

0:23:21 > 0:23:24And then what they can't do, we'll have to get somebody in.

0:23:24 > 0:23:28With Kelly's needs, which I'm pretty sure will be quite high...

0:23:28 > 0:23:30- Yes.- Standards will be quite high.

0:23:30 > 0:23:32- Oh, definitely, yeah.- Good luck on the purse strings with that one.

0:23:32 > 0:23:34- Yeah.- With the new kitchen, new bathroom and...

0:23:34 > 0:23:37- Yes.- How much is your budget?

0:23:37 > 0:23:41It's not very much. I've got about 2,000 to £5,000.

0:23:41 > 0:23:42OK. With Dad there, anyway...

0:23:42 > 0:23:46- Well...- If it's five, it might have to be 60, 70...- Five, ten...

0:23:46 > 0:23:50Fivey, sixey, seveny, you know?

0:23:50 > 0:23:52I'm fairly cheap on my labour rates as well!

0:23:52 > 0:23:55- Mate's rates. Family rates.- Mate's rates, yeah, yeah.

0:23:55 > 0:23:57So, in between two and five with the budget.

0:23:57 > 0:23:59What about the timescale?

0:23:59 > 0:24:01- About six months. - So what is your...?

0:24:01 > 0:24:02What you do when you're not,

0:24:02 > 0:24:05you know, getting your new house ready to live in?

0:24:05 > 0:24:08- What's your job?- I'm a health care assistant in the hospital.

0:24:08 > 0:24:09- Nice.- Yeah.- How about you, Andy?

0:24:09 > 0:24:12I'm a coach driver. I used to be a greenkeeper at the golf course,

0:24:12 > 0:24:14the local golf course, for 25 years.

0:24:14 > 0:24:15- Did you?- And...

0:24:15 > 0:24:18That's how I know lots of my friends, like,

0:24:18 > 0:24:19on the golf course as...

0:24:21 > 0:24:24- OK.- Plumbers, carpenters, I know them all, like, so...

0:24:24 > 0:24:25Yeah, we'll have that spic and span...

0:24:25 > 0:24:27- Wow. Ready to go.- ..come the summer.

0:24:27 > 0:24:29Lucky you. She's a lucky girl, you know.

0:24:29 > 0:24:31You're a lucky girl. Wow.

0:24:31 > 0:24:33Having a dad who is going to help you out like this.

0:24:33 > 0:24:35- Good on you, Andy.- Yes. - I hope it works out.

0:24:35 > 0:24:38I'm excited to see how your new home's going to turn out.

0:24:38 > 0:24:39- Thank you.- I wish you all the best. Good luck.- Thank you.

0:24:39 > 0:24:42- Good luck.- Thank you, Dion. - Thank you.

0:24:43 > 0:24:46Now, that is a really nice story.

0:24:46 > 0:24:48Kelly couldn't have done this on her own.

0:24:48 > 0:24:52She's got her dad, Andy, who's going to be helping with everything.

0:24:52 > 0:24:55And so we've got a DIY dad, a good starter home,

0:24:55 > 0:24:57and a decent budget to tackle not a lot.

0:24:59 > 0:25:02Let's see if Kelly is happily settled in later in the show.

0:25:04 > 0:25:08Still to come, I'm just outside Derby in Alvaston,

0:25:08 > 0:25:10and you'd better hold on to your hats, because...

0:25:10 > 0:25:13This place is not disappointing.

0:25:16 > 0:25:21And back in Haverfordwest, we'll find out what's got Andy in a twist.

0:25:21 > 0:25:22I'm still in shock.

0:25:28 > 0:25:30Time to head back to Cleator Moor,

0:25:30 > 0:25:33where I saw a former pharmacy that had bags of potential.

0:25:35 > 0:25:38# Doctor, Doctor, gimme the news

0:25:38 > 0:25:43# I got a bad case of lovin' you. #

0:25:43 > 0:25:46This giant commercial unit had so much space,

0:25:46 > 0:25:48it was easy to get lost on the ground floor.

0:25:51 > 0:25:52Aha, upstairs.

0:25:53 > 0:25:55This place is a vast!

0:25:55 > 0:25:57So, you've got more storage rooms this way.

0:25:57 > 0:25:59You've got this big hall area,

0:25:59 > 0:26:02and then staff would have used the locker rooms,

0:26:02 > 0:26:05the little kitchen, a bathroom, too.

0:26:06 > 0:26:09As there was also a self-contained two-bed flat at the back

0:26:09 > 0:26:10of the commercial unit,

0:26:10 > 0:26:14you might have thought turning this all into residential

0:26:14 > 0:26:16would be the best way to go.

0:26:16 > 0:26:19But the important thing to note here was its location,

0:26:19 > 0:26:21as it was a conservation area,

0:26:21 > 0:26:25and at least some of the ground floor had to remain commercial.

0:26:27 > 0:26:32That didn't put off Chelsea from purchasing all this for 35 grand.

0:26:32 > 0:26:35As an estate agent and property developer,

0:26:35 > 0:26:38whose husband, David, has a building firm, well,

0:26:38 > 0:26:41she was excited about the potential on offer here.

0:26:42 > 0:26:44We're hoping, if the council will go with it,

0:26:44 > 0:26:48we would get five residential units and a commercial unit

0:26:48 > 0:26:51from the whole building. That's an ideal scenario.

0:26:51 > 0:26:56We'd have three residentials upstairs, two downstairs,

0:26:56 > 0:26:57and then the shop.

0:26:57 > 0:27:00Chelsea thought the full renovation plan of five flats

0:27:00 > 0:27:04and a commercial unit would be completed in six months,

0:27:04 > 0:27:06once planning had been granted.

0:27:06 > 0:27:09In the meantime, she'd work on another project in Whitehaven.

0:27:09 > 0:27:14As far as this lot was concerned, she had a plan B for the short term.

0:27:14 > 0:27:17The flat that's there at the minute, it's pretty much good to go.

0:27:17 > 0:27:19There's a couple of weeks' work in there,

0:27:19 > 0:27:20so I will tenant that initially,

0:27:20 > 0:27:23just so it's generating some money initially.

0:27:24 > 0:27:28It was a smart plan, so, as we return just one month later,

0:27:28 > 0:27:30how have things gone in the meantime?

0:27:48 > 0:27:52Yes, as you can see, there wasn't too much to do in this flat

0:27:52 > 0:27:54to get it to a rentable standard.

0:27:55 > 0:27:57The main issue was sorting out the damp,

0:27:57 > 0:28:01which was coming in through the old fascia were the front sign was.

0:28:01 > 0:28:03And down in the utility room,

0:28:03 > 0:28:06it was caused by some loose tiles which have now been sorted.

0:28:06 > 0:28:10So, the flat is dry and freshly decorated,

0:28:10 > 0:28:14but if you were expecting big changes in the commercial unit,

0:28:14 > 0:28:15well...

0:28:23 > 0:28:26You will, of course, have to wait quite a bit longer.

0:28:26 > 0:28:28It's only been four weeks,

0:28:28 > 0:28:30and Chelsea's still going through the planning process,

0:28:30 > 0:28:35but Chelsea has managed to get this flat up and running quickly,

0:28:35 > 0:28:38and it's ready to get a new tenant in the door,

0:28:38 > 0:28:40and some income in her pocket.

0:28:41 > 0:28:44This has been a really straightforward refurb.

0:28:44 > 0:28:47The standard of finish that we've gone for in this property,

0:28:47 > 0:28:49we've done a cosmetic refurb everywhere.

0:28:49 > 0:28:52The bathroom and the kitchen were perfectly practical and usable,

0:28:52 > 0:28:54and they were neutral enough, they are both white.

0:28:54 > 0:28:57So the state that we did was the back wall drying out

0:28:57 > 0:28:58with the new plaster.

0:28:58 > 0:29:00We hadn't seen that that was going to need replacing.

0:29:00 > 0:29:02It did hold up the decorating.

0:29:02 > 0:29:05Chelsea managed to source a loss of the materials,

0:29:05 > 0:29:08such as new flooring and paint, at a reasonable cost,

0:29:08 > 0:29:12as she always buys in bulk for use in her other projects.

0:29:12 > 0:29:16So far, the spend on this flat has been £2,000,

0:29:16 > 0:29:20which is small change when compared with the overall estimated spend

0:29:20 > 0:29:25of 100 grand for all five flats and the commercial space.

0:29:25 > 0:29:27It may seem like a simple renovation,

0:29:27 > 0:29:31but Chelsea has her hands full with other commitments.

0:29:31 > 0:29:33This hasn't been my full-time job.

0:29:33 > 0:29:36I tried to give it as much attention as I could over the two weeks

0:29:36 > 0:29:39that I allowed it. Me and my husband make a really good team

0:29:39 > 0:29:41and normally we do work on every project together,

0:29:41 > 0:29:43but, when this one came along,

0:29:43 > 0:29:45he was far too busy on another one of our projects,

0:29:45 > 0:29:47so I managed this on my own.

0:29:47 > 0:29:51We got some local workmen and at times I was even painting it myself.

0:29:51 > 0:29:54But I do also have another project that's going on in Whitehaven

0:29:54 > 0:29:57that's at a really crucial stage, and I did find it hard

0:29:57 > 0:29:58juggling them both,

0:29:58 > 0:30:01and I was grateful, really, that this did stay such a basic refurb,

0:30:01 > 0:30:03and I was able to do that.

0:30:03 > 0:30:06I'm really pleased with the refurb on this flat.

0:30:06 > 0:30:08I think it feels much more homely now.

0:30:08 > 0:30:11It came together really quickly and it's going to be generating income

0:30:11 > 0:30:13very soon, so it's perfect.

0:30:13 > 0:30:14Exactly what I was hoping for.

0:30:16 > 0:30:20Chelsea has in fact already got a tenant lined up for this property,

0:30:20 > 0:30:23so let's get two local estate agents along to see what they think

0:30:23 > 0:30:26of the changes and what she should be charging for rent.

0:30:29 > 0:30:31First, the agent who saw it last time.

0:30:33 > 0:30:36The property, it's undergone quite a simple transformation,

0:30:36 > 0:30:39but it's given it a full new lease of life, fortunately,

0:30:39 > 0:30:43so it's nice and fresh and ready to move into.

0:30:43 > 0:30:45I think it's nice and neutral, but also it is fresh

0:30:45 > 0:30:48all the way through, and so the new carpets, the new paint

0:30:48 > 0:30:50gives a real good impression.

0:30:50 > 0:30:52Chelsea reckons if she gets planning sorted,

0:30:52 > 0:30:55it's going to take nine months until she is getting income

0:30:55 > 0:31:00from the other flats and commercial space, but, in the meantime,

0:31:00 > 0:31:02is she getting the right price for this one?

0:31:02 > 0:31:04In terms of rental value,

0:31:04 > 0:31:07I estimate this property would make between £375 and £400

0:31:07 > 0:31:09per calendar month.

0:31:09 > 0:31:13As a rental, I think you would be looking at around £350 to £400

0:31:13 > 0:31:15per calendar month.

0:31:15 > 0:31:19I agree with those rental valuations and I am achieving £380 a month,

0:31:19 > 0:31:20not including bills.

0:31:22 > 0:31:27With that figure and Chelsea's total outlay here being 37 grand,

0:31:27 > 0:31:32she's already making a very good 12% yield on just this one flat alone,

0:31:32 > 0:31:35and to think there could be another four flats,

0:31:35 > 0:31:38plus one commercial unit still to bring in more income...

0:31:42 > 0:31:44Chelsea must be keen to get things started.

0:31:46 > 0:31:47We have had the survey done.

0:31:47 > 0:31:50The architect's been several times to meet me and we are still in

0:31:50 > 0:31:52discussions with the planners,

0:31:52 > 0:31:55and we hope in the next few weeks to have some drawings put together.

0:31:55 > 0:31:59I have been approached by several local businesses already,

0:31:59 > 0:32:01so it's very exciting.

0:32:02 > 0:32:04And hopefully when we return,

0:32:04 > 0:32:07everything will have gone as smoothly as this first stage.

0:32:09 > 0:32:11This one's been really easy so far.

0:32:11 > 0:32:14I'm excited to do the development.

0:32:14 > 0:32:16I love working with my architect.

0:32:16 > 0:32:19It's not listed, which previous projects have been,

0:32:19 > 0:32:22and that is always difficult, so, yeah, the future's bright.

0:32:29 > 0:32:32This is Alvaston, a large suburb of Derby,

0:32:32 > 0:32:34about three miles from the city centre.

0:32:34 > 0:32:37And although we may only be a few miles out of Derby,

0:32:37 > 0:32:40we're also right on the doorstep of Alvaston Park,

0:32:40 > 0:32:46an 85-acre area of green space which opened back in 1913.

0:32:46 > 0:32:50And the property I'm here to see is just over half a mile away.

0:32:50 > 0:32:53But there couldn't be a greater contrast in location.

0:32:57 > 0:33:00Well, right in the heart of Alvaston's shopping centre

0:33:00 > 0:33:03is the property I'm here to see. Interesting one, this.

0:33:03 > 0:33:06A former retail unit, it's obviously closed.

0:33:06 > 0:33:10But it's being sold with vacant possession and a flat.

0:33:10 > 0:33:12Well, actually, it's not really a flat, but it could be a flat.

0:33:12 > 0:33:14See, I'm thinking ahead. An office space above.

0:33:14 > 0:33:16£90,000 was the guide price.

0:33:16 > 0:33:17Let's have a look.

0:33:17 > 0:33:21Well, certainly when it comes to good locations for a retail unit,

0:33:21 > 0:33:23it ticks lots of boxes.

0:33:23 > 0:33:24A very, very busy road.

0:33:24 > 0:33:28You've got a major roundabout, other shops all around.

0:33:28 > 0:33:33And free parking, at least parking is available, which is great news.

0:33:33 > 0:33:34Then the actual unit itself.

0:33:34 > 0:33:37Well, it doesn't look much from the outside.

0:33:37 > 0:33:39But just take a look at this.

0:33:39 > 0:33:43It goes so far back, it's unbelievable.

0:33:43 > 0:33:44I mean, talk about a Tardis.

0:33:44 > 0:33:47It stretches through one bay, then another bay, then another bay.

0:33:47 > 0:33:48It just goes on and on.

0:33:49 > 0:33:50Great start.

0:33:50 > 0:33:52What a surprise!

0:33:52 > 0:33:57# Baby, what a big surprise

0:33:57 > 0:34:02# Right before my very eyes. #

0:34:02 > 0:34:06This former hardware shop was one of those retail treasures where you

0:34:06 > 0:34:08could buy almost anything.

0:34:08 > 0:34:11And, given its position, passing trade and so on,

0:34:11 > 0:34:13it could suit a lot of businesses.

0:34:13 > 0:34:17But you know me, I always like to look at the residential potential.

0:34:19 > 0:34:22Well, upstairs and yet more space.

0:34:22 > 0:34:24Lots of storage at the moment.

0:34:24 > 0:34:29Back there, a storage area, large area here, you've got a loo.

0:34:29 > 0:34:32And as I said at the start, it is currently an office,

0:34:32 > 0:34:38but straightaway I was thinking, "Yes, this is so obviously a flat."

0:34:38 > 0:34:40I mean, it's huge for a start.

0:34:40 > 0:34:41I mean one flat, yeah, probably.

0:34:41 > 0:34:44Two bedrooms at least. Not only have you got that area there,

0:34:44 > 0:34:49you've got this area at the front which obviously is a former office

0:34:49 > 0:34:51itself, an office.

0:34:51 > 0:34:54It's on the road, you'd need to have double glazing.

0:34:54 > 0:34:57But in terms of space, fantastic.

0:34:57 > 0:34:59I mean, so many options.

0:34:59 > 0:35:01And that's what I like.

0:35:01 > 0:35:05And there is room to release that potential without too much hassle.

0:35:05 > 0:35:08You could, under permitted development rights, change

0:35:08 > 0:35:11the use from office to residential without having to get

0:35:11 > 0:35:13full planning permission.

0:35:13 > 0:35:17Though, of course, you'd still have to comply with building regulations.

0:35:17 > 0:35:21The shop, however, is a different issue and use classification.

0:35:21 > 0:35:23I'd always have a chat with your planning department

0:35:23 > 0:35:24before taking the plunge.

0:35:24 > 0:35:28And do bear in mind from time to time regulations can change.

0:35:30 > 0:35:33Well, this place is already screaming potential, isn't it?

0:35:33 > 0:35:36But wait until you see outside because it gets even better.

0:35:36 > 0:35:39You've got a separate side access that leads to this area

0:35:39 > 0:35:42which is made up of all these sort of sheds.

0:35:42 > 0:35:44But it's a huge space.

0:35:44 > 0:35:47And it gets even better because as you come up through here and past

0:35:47 > 0:35:52more of this kind of stuff, you've also got this building here.

0:35:52 > 0:35:54Now, it's currently just another storage area,

0:35:54 > 0:35:58but it does have access onto another road there.

0:35:58 > 0:36:00How amazing is this?

0:36:00 > 0:36:03I mean, the potential for building something here, I don't know,

0:36:03 > 0:36:07some flats, a house, whatever it might be, is just huge.

0:36:07 > 0:36:10This place is not disappointing.

0:36:10 > 0:36:17# There's not much to say

0:36:17 > 0:36:19# But there's so much to do. #

0:36:19 > 0:36:24So not only is there a shop, a space for an upstairs flat,

0:36:24 > 0:36:28but there's also all of this, and all for a guide price

0:36:28 > 0:36:29of just £90,000.

0:36:29 > 0:36:32Of course, you would need planning permission for out here

0:36:32 > 0:36:35but the mind boggles at the possibilities.

0:36:35 > 0:36:37Time to hear the thoughts and opinions of the agent

0:36:37 > 0:36:40from the auction house that sold it.

0:36:40 > 0:36:44First thoughts are that it's impressive in terms of space.

0:36:44 > 0:36:45A casual glance from outside,

0:36:45 > 0:36:49you think it's just a lock-up shop with some accommodation above.

0:36:49 > 0:36:53But we've got a really deep property here and a lock-up yard

0:36:53 > 0:36:57and storage facilities. It sort of seems to go on and on and on.

0:36:57 > 0:36:59So, very deceptive in terms of space,

0:36:59 > 0:37:01and therefore a lot of potential.

0:37:01 > 0:37:07So, retain the shop, maybe two, possibly three, residences.

0:37:07 > 0:37:10So the agent sees the same kind of potential that I have.

0:37:10 > 0:37:14But what kind of ballpark valuations could we be looking at?

0:37:14 > 0:37:16I think if we look at a refurbished shop,

0:37:16 > 0:37:18and we'll assume it's rented out,

0:37:18 > 0:37:21and we'll assume that we've got two one-bedroom flats.

0:37:21 > 0:37:24One on the ground floor, one on the first floor.

0:37:24 > 0:37:25With some lock-up storage,

0:37:25 > 0:37:28which I think you've also got potential to sublet if you want to.

0:37:30 > 0:37:33And let's just assume that we've got an income of somewhere

0:37:33 > 0:37:39between 20 and £25,000 a year from those three or four ingredients,

0:37:39 > 0:37:41you've got a capital value that would be somewhere

0:37:41 > 0:37:44between £225,000 and £250,000.

0:37:44 > 0:37:49Well, lots of potential and therefore profit on this one.

0:37:49 > 0:37:50You've got the retail unit,

0:37:50 > 0:37:53you've got the office upstairs for the opportunity, perhaps,

0:37:53 > 0:37:55of a flat there. More flats out the back.

0:37:55 > 0:37:58Yeah, it's a really interesting project.

0:37:58 > 0:38:01Let's see who bought it when it went under the hammer.

0:38:05 > 0:38:07Sensible guide of 90.

0:38:07 > 0:38:09Who'll start me off on the guide price of 90?

0:38:09 > 0:38:12We do have telephone bids and we do have internet bids on this lot.

0:38:12 > 0:38:14Don't want to go too far backwards.

0:38:14 > 0:38:1690,000, bid me.

0:38:16 > 0:38:1990 I'm looking for. Surely we're going to get past this.

0:38:19 > 0:38:2490. 88. 88,000. 88. 88 I have, thank you.

0:38:24 > 0:38:2788 is bid. 89 is bid. 90. 90 is bid.

0:38:27 > 0:38:29And one. 92.

0:38:29 > 0:38:31And three. And four.

0:38:31 > 0:38:33And five. And six.

0:38:33 > 0:38:35And seven. And eight.

0:38:35 > 0:38:36And nine. 100.

0:38:36 > 0:38:38Plenty of interest in this lot, then.

0:38:38 > 0:38:41We rejoin the auctioneer looking for 148,000.

0:38:41 > 0:38:43148 I need on the phone.

0:38:43 > 0:38:45148 I'm looking for.

0:38:45 > 0:38:47The bid's 147 in the room.

0:38:47 > 0:38:48148 on the phone.

0:38:48 > 0:38:51149. Are you bidding me, sir?

0:38:51 > 0:38:52149 is bid. 150.

0:38:52 > 0:38:55150 is bid.

0:38:55 > 0:38:56151? 151.

0:38:56 > 0:38:58152. 152.

0:38:58 > 0:39:01153. 153 is bid.

0:39:01 > 0:39:05154. At 154 is bid on the phone.

0:39:05 > 0:39:06It's against you, 155, sir.

0:39:06 > 0:39:09155. 156 I need, Chrissie.

0:39:09 > 0:39:11At one hundred and... 156.

0:39:11 > 0:39:13157? 157.

0:39:13 > 0:39:16158? 158 on the phone.

0:39:16 > 0:39:19159. Shakes his head.

0:39:19 > 0:39:23At 158,000, on Chrissie's telephone.

0:39:23 > 0:39:26The bid is £158,000.

0:39:26 > 0:39:27Make no mistakes.

0:39:27 > 0:39:30For the first time at 158,000.

0:39:30 > 0:39:31He's back, 159.

0:39:31 > 0:39:33160 to stay with it on the phone.

0:39:35 > 0:39:36Gentleman's bid, 159 in the room.

0:39:36 > 0:39:38160 I need.

0:39:38 > 0:39:42At £159,000 for the first time.

0:39:42 > 0:39:43For the second time.

0:39:43 > 0:39:46For the third and final time. Fair warning, internet.

0:39:46 > 0:39:49The hammer's up. At 159,000 it goes.

0:39:49 > 0:39:51Sold. It's yours, sir, 159.

0:39:56 > 0:39:59Sold for almost £70,000 over the guide price.

0:39:59 > 0:40:03The property has gone to businessman and developer, Chris.

0:40:03 > 0:40:06He has a few buy to let properties in his portfolio already

0:40:06 > 0:40:10and I'm eager to hear his plans for his latest purchase.

0:40:10 > 0:40:12Chris, really lovely to meet you.

0:40:12 > 0:40:14- Nice to meet you, Martin. - Congratulations.

0:40:14 > 0:40:16- Thank you.- I have to say, you're looking pretty sharp.

0:40:16 > 0:40:18Thank you.

0:40:18 > 0:40:20You were expecting me to talk about the property, weren't you!

0:40:20 > 0:40:23Straight in there. Well, you know, it's good to see.

0:40:23 > 0:40:26So, tell me why you wanted to buy this place.

0:40:26 > 0:40:29Well, I thought it's got a good opportunity here

0:40:29 > 0:40:35because in Alvaston there's a lot of new companies coming around here.

0:40:35 > 0:40:36So it's an investment decision?

0:40:36 > 0:40:39- Investment, yeah.- Do you know the area quite well?

0:40:39 > 0:40:41Yeah, because I own the petrol station across...

0:40:41 > 0:40:44- Oh! Across the road? - Across the road.

0:40:44 > 0:40:47- Oh, right.- Yeah, and I know the area very well. Right.

0:40:47 > 0:40:50So you've seen it from the petrol station and thought, "Oh, hello,

0:40:50 > 0:40:54- "that's something interesting"? - Yeah, and also I looked at the area

0:40:54 > 0:40:58- and then it's got a potential for flats above.- Yeah.

0:40:58 > 0:41:01And especially the location.

0:41:01 > 0:41:03- Yeah, yeah.- So what are your plans for it?

0:41:03 > 0:41:09I'm going to make it into the flat, the back side of another flat.

0:41:09 > 0:41:10- OK.- One bedroom.

0:41:10 > 0:41:12And then two bedrooms upstairs.

0:41:13 > 0:41:17And then the front, going to rent it to a pizza place

0:41:17 > 0:41:18or something like that.

0:41:18 > 0:41:22Food? Now, it would obviously have to have a change of use if it was going to be food, wouldn't it?

0:41:22 > 0:41:25- But there's a food place next door and...- Yes.

0:41:25 > 0:41:27That's why my architect is looking into it.

0:41:27 > 0:41:29- OK.- Is it OK to change the licence?

0:41:29 > 0:41:31Right, OK, fine.

0:41:31 > 0:41:33And what about all the space at the back, then?

0:41:33 > 0:41:35What about all the other bits and pieces you've got?

0:41:35 > 0:41:39Eventually, I want to do another two-bedroom flat in the back.

0:41:39 > 0:41:43- Oh, wow.- But that's going to take a while to go through the planning and everything.- Yeah, yeah.

0:41:43 > 0:41:46In the meantime, I just want to do it up very quickly.

0:41:46 > 0:41:49- OK.- And then, eventually, I'll do that up.

0:41:49 > 0:41:52So what's the budget for the project?

0:41:52 > 0:41:56Probably 35 to 40.

0:41:56 > 0:42:00OK. And then is the plan to rent the flats out or to sell them on?

0:42:00 > 0:42:01- No, rent them out.- Rent them out?

0:42:01 > 0:42:04- Yeah.- What kind of money do you think you'd get for the flats?

0:42:04 > 0:42:07I think the two-bedroom, probably 450 to 475.

0:42:07 > 0:42:12- Right.- And also the one-bedroom around 400.

0:42:12 > 0:42:13400, OK.

0:42:13 > 0:42:16And how much do you think you'd get for the shop?

0:42:17 > 0:42:20Shop, probably 12,000 a year.

0:42:20 > 0:42:23- 12,000 a year, so that's about £1,000 a month.- £1,000 a month.

0:42:23 > 0:42:24Wow, really?

0:42:24 > 0:42:28That's a local estimation of value.

0:42:28 > 0:42:31So that's 1,000 plus your 475 plus 400.

0:42:31 > 0:42:35So, £1,875 a month coming in.

0:42:35 > 0:42:36- Yeah.- Remind me what you paid for it?

0:42:36 > 0:42:41- 159.- 159. Plus you are going to spend say 40 or so, 200.

0:42:41 > 0:42:42- 200.- Right.

0:42:42 > 0:42:46So it's delivering way over a 10% yield, isn't it?

0:42:46 > 0:42:48It's very difficult to find properties like this

0:42:48 > 0:42:51- now for this 10%.- Yeah.

0:42:51 > 0:42:53Good result. And what's the timescale?

0:42:54 > 0:42:56For me, it's three months.

0:42:56 > 0:42:59- Oh, wow!- Yeah. - Bang! Straight in here.

0:42:59 > 0:43:01Yeah. Yeah, if you keep a property, it costs you money,

0:43:01 > 0:43:03so I want to do it up quickly.

0:43:03 > 0:43:05And get a tenant in.

0:43:05 > 0:43:07Hopefully. I don't know about the shop side,

0:43:07 > 0:43:08I'll get the tenant straightaway,

0:43:08 > 0:43:13but I'm confident the flat will rent out because they're short

0:43:13 > 0:43:15of properties around here. For a flat that size.

0:43:15 > 0:43:18OK. Wow. Well, listen, congratulations, good luck with it.

0:43:18 > 0:43:21- Look forward to seeing how you get on.- Thank you, Martin.

0:43:21 > 0:43:24Well, Chris clearly knows what he's doing

0:43:24 > 0:43:28and he has spotted the potential profit and long-term yield

0:43:28 > 0:43:29for this place.

0:43:29 > 0:43:32Yes. Lots of flats, retail unit rented out,

0:43:32 > 0:43:34it's definitely a gold mine.

0:43:34 > 0:43:36How will he get on sorting it out?

0:43:36 > 0:43:38You can find out later in the show.

0:43:42 > 0:43:44Well, earlier, we saw how one property turned out.

0:43:44 > 0:43:46Yes, what about the other two?

0:43:46 > 0:43:47It's time to find out!

0:43:49 > 0:43:52It was on this quiet estate in the county town of Haverfordwest

0:43:52 > 0:43:56that I saw this three-bed semi that went to auction

0:43:56 > 0:43:58with a guide price of £85,000 plus.

0:43:58 > 0:44:01Built by the MoD with families in mind.

0:44:03 > 0:44:06The downstairs living accommodation had good proportions.

0:44:06 > 0:44:10And the two double bedrooms and box room upstairs

0:44:10 > 0:44:12had plenty of handy storage space.

0:44:12 > 0:44:16Though I felt the bathroom was letting the side down.

0:44:16 > 0:44:18I'd want to make that a little bit bigger,

0:44:18 > 0:44:22so into the third and final bedroom.

0:44:22 > 0:44:23Could you come through this wall?

0:44:23 > 0:44:29Maybe nick a metre, come to about here, put a wall up here.

0:44:29 > 0:44:32You'd be doubling up on your bathroom space,

0:44:32 > 0:44:35so that would be my Dublin solution!

0:44:38 > 0:44:42The bathroom wasn't working for me, but seriously,

0:44:42 > 0:44:45I thought I was having double vision when I saw

0:44:45 > 0:44:49the absolutely massive back garden. My conclusion?

0:44:49 > 0:44:52# I'm seeing double. #

0:44:52 > 0:44:55This was a great house for a first-timer.

0:44:55 > 0:44:58And that first timer turned out to be health care assistant, Kelly.

0:44:58 > 0:45:01She bought the house to live in for 91 and a half grand.

0:45:01 > 0:45:04She came along with her dad, Andy, to tell me about her roller-coaster

0:45:04 > 0:45:06auction ride.

0:45:06 > 0:45:09There was two other properties before this and I thought I'd

0:45:09 > 0:45:11get either one of them, because this was the better one.

0:45:11 > 0:45:13So I didn't think I'd get this one!

0:45:13 > 0:45:16And they went for more than I could afford, the other two.

0:45:16 > 0:45:18So I really didn't think I'd get this one.

0:45:18 > 0:45:22And then my dad and brother gave me a bit more money.

0:45:22 > 0:45:25- Ah, you see!- It was handy, bringing him!

0:45:25 > 0:45:28Look at you, honestly! Look at that!

0:45:28 > 0:45:31So, Daddy's girl had her foot on the property ladder.

0:45:31 > 0:45:33And she had some good ideas, too.

0:45:33 > 0:45:35Like enlarging that bathroom.

0:45:35 > 0:45:39But would she be able to manage a budget of £2,000 to £5,000

0:45:39 > 0:45:43and have her first home ready in a timescale of six months?

0:45:44 > 0:45:47We're back eight months later to find out.

0:45:58 > 0:46:02Kelly and Dad Andy have been hard at work making this house a home.

0:46:03 > 0:46:08The whole place has been replastered and rewired by the professionals.

0:46:08 > 0:46:10A new boiler has been installed in the kitchen,

0:46:10 > 0:46:12which is still a work in progress.

0:46:15 > 0:46:19As is outside, where Andy and Kelly have been busy digging out

0:46:19 > 0:46:22the beginnings of a fantastic new patio.

0:46:22 > 0:46:25But what about that tiny upstairs bathroom?

0:46:25 > 0:46:29# I'm coming home! #

0:46:30 > 0:46:34By knocking down the partition wall and moving the doorway

0:46:34 > 0:46:35of the neighbouring bedroom,

0:46:35 > 0:46:37they've managed to make the bathroom bigger.

0:46:37 > 0:46:41And you don't miss the space in the hall as that benefitted

0:46:41 > 0:46:43from losing the old heating system.

0:46:46 > 0:46:49Kelly and her dad have done a cracking job

0:46:49 > 0:46:52getting this house ready for Kelly to move in,

0:46:52 > 0:46:54but has the renovation all gone to plan?

0:46:56 > 0:46:58We had a little problem when we were getting ready for the plasterers

0:46:58 > 0:47:01to come in. We bonded all the walls.

0:47:02 > 0:47:05- We had all the family in.- Yeah, all of us were here.

0:47:05 > 0:47:06The ceilings, walls.

0:47:06 > 0:47:09And we did it the wrong consistency,

0:47:09 > 0:47:12- so we had to do it again the next day.- Yeah.

0:47:12 > 0:47:13Small hiccups aside,

0:47:13 > 0:47:17it seems everyone in the family has been hands on.

0:47:17 > 0:47:19So who's done what?

0:47:19 > 0:47:22Tim has come down from Cardiff, he's helped us with a few weekends.

0:47:22 > 0:47:26He's our second eldest, and me and him with the hammer

0:47:26 > 0:47:29and the crow bars, have been demolishing the walls upstairs.

0:47:29 > 0:47:30Kelly's been helping out.

0:47:30 > 0:47:33Yeah, and my mum's been...

0:47:33 > 0:47:34Co-ordinating all the purchases.

0:47:34 > 0:47:39Yes, she's keeping an eye on us with money and everything like that.

0:47:39 > 0:47:43Everyone pitching in should have helped keep the costs down,

0:47:43 > 0:47:47but has Mum, Anne, managed to keep the purse strings tight

0:47:47 > 0:47:49on that budget of £2,000-£5,000?

0:47:49 > 0:47:51We ended up spending about £9,000.

0:47:51 > 0:47:53- So far.- Yeah.

0:47:53 > 0:47:56More could be spent yet, but my biggest shock

0:47:56 > 0:47:59- of all this was the skip.- Yes.

0:47:59 > 0:48:04Over the years, I've had a skip, no more than £100, £120, £130,

0:48:04 > 0:48:06this was £840.

0:48:06 > 0:48:10- Yes.- Big mistake by me putting timber and plastics in the skip.

0:48:10 > 0:48:14It comes out as a mixed skip, and I'm still in shock.

0:48:16 > 0:48:19An expensive lesson for Dad Andy there,

0:48:19 > 0:48:23but I'm sure he fitted the bill for that one as Kelly has been saving

0:48:23 > 0:48:26hard the whole time to increase the budget.

0:48:26 > 0:48:29In fact, that's what caused the delay in the schedule.

0:48:29 > 0:48:31But now it's done, what's the plan?

0:48:33 > 0:48:36I'm going to move in. Yeah, even though I think Dad

0:48:36 > 0:48:37would like me to sell it.

0:48:37 > 0:48:38Dad would like you to come home!

0:48:40 > 0:48:43But, yeah, I think you'll be very happy here, Kel.

0:48:43 > 0:48:45Yeah, I like it.

0:48:45 > 0:48:48Aw, that is nice, he wants her home.

0:48:48 > 0:48:52So let's see if two local estate agents can persuade her.

0:48:52 > 0:48:56So far, Kelly, her dad and brother, Tim, have all chipped in

0:48:56 > 0:48:59to the tune of £100,500.

0:48:59 > 0:49:01So let's get a professional opinion,

0:49:01 > 0:49:03starting with the agent who saw it first.

0:49:03 > 0:49:06On arrival, I was very impressed with the quality of finish of throughout.

0:49:06 > 0:49:10I can see that the property has been fully rendered internally,

0:49:10 > 0:49:14which obviously offers a much nicer finish to the property.

0:49:14 > 0:49:16There's new flooring throughout and I think, overall,

0:49:16 > 0:49:18the property has been finished very nicely.

0:49:18 > 0:49:22So the property's been finished to a really good standard.

0:49:22 > 0:49:24It's a lovely modern decor and I think the owner

0:49:24 > 0:49:26will be very happy here.

0:49:26 > 0:49:29The only negative I can see is there is currently no off-street

0:49:29 > 0:49:30parking with the property.

0:49:30 > 0:49:33However, there is potential for off-street parking for somebody

0:49:33 > 0:49:35to do at a later date.

0:49:35 > 0:49:37While off-street parking can add value,

0:49:37 > 0:49:41in a quieter street like this, perhaps that isn't such an issue.

0:49:42 > 0:49:45Some other residents in the street have pretty gardens out front,

0:49:45 > 0:49:49so it will be up to Kelly, after all, it is her home.

0:49:49 > 0:49:50But if she was going to sell it on,

0:49:50 > 0:49:52what could it be worth on the market?

0:49:53 > 0:49:57As the property stands, as it is not 100% complete,

0:49:57 > 0:50:00if the property went on the open market, I would expect it to achieve

0:50:00 > 0:50:03somewhere in the region of £125,000 to £130,000.

0:50:03 > 0:50:06If we were looking to place this property on the open market,

0:50:06 > 0:50:08we would place it an asking price of £155,000

0:50:08 > 0:50:12and look to agree a sale in excess of £125,000.

0:50:12 > 0:50:18A sale of £130,000 could mean a profit of £29,500

0:50:18 > 0:50:20minus taxes and fees.

0:50:20 > 0:50:25The agents estimated between £135,000 and £140,000

0:50:25 > 0:50:31when complete, meaning the potential profit could rise to £39,500.

0:50:31 > 0:50:33So what do the pair think of that?

0:50:33 > 0:50:36Definitely, I'm happy with the highest price.

0:50:36 > 0:50:39Yeah, I'm happy with the price as it is now.

0:50:39 > 0:50:42So is Kelly tempted to change her mind?

0:50:42 > 0:50:46- I'm still going to move in.- Yeah. - The price doesn't change anything.

0:50:46 > 0:50:49It's been Kelly's main aim for many years to have her own house,

0:50:49 > 0:50:53so this is a dream that's come true.

0:50:57 > 0:51:00Earlier in the show, I was in the suburb of Alvaston,

0:51:00 > 0:51:02just three miles from Derby city centre.

0:51:02 > 0:51:05And it was right in the heart of the shopping centre

0:51:05 > 0:51:09that I saw a former retail unit with office space upstairs

0:51:09 > 0:51:11guided at £90,000.

0:51:11 > 0:51:13So, good location - check.

0:51:13 > 0:51:15Off-street parking - check.

0:51:15 > 0:51:18And the unit itself?

0:51:18 > 0:51:21It goes so far back, it's unbelievable.

0:51:21 > 0:51:24I mean, talk about a Tardis, it stretches through one bay,

0:51:24 > 0:51:28then another bay and another bay and it just goes on and on.

0:51:28 > 0:51:30Great start, what a surprise.

0:51:30 > 0:51:35# I want a big surprise tonight

0:51:35 > 0:51:38# A big surprise tonight. #

0:51:38 > 0:51:43And the surprises kept coming when I saw the size of the upstairs.

0:51:43 > 0:51:48Straightaway, I was thinking, "Yes, this is so obviously a flat."

0:51:48 > 0:51:50I mean, it's huge, for a start.

0:51:50 > 0:51:51I mean, one flat, yeah, probably.

0:51:51 > 0:51:53Two bedrooms at least.

0:51:53 > 0:51:54That wasn't the end of it -

0:51:54 > 0:51:58round the back was a massive yard and a huge outbuilding

0:51:58 > 0:52:00with access to the main road. I mean,

0:52:00 > 0:52:04the potential for building something here is just huge.

0:52:04 > 0:52:07This place is not disappointing.

0:52:08 > 0:52:11It seemed like Chris, who owns petrol stations

0:52:11 > 0:52:13and develops property, agreed,

0:52:13 > 0:52:18considering he paid almost £70,000 over the guide price for it.

0:52:19 > 0:52:23I'm going to make it into the backside of another flat.

0:52:23 > 0:52:28- OK.- One bedroom and then two-bedroom upstairs,

0:52:28 > 0:52:33and then the front is going to rent to pizza places or things like that.

0:52:33 > 0:52:35- OK, food or drink.- Yeah.- It would obviously have to have change of use

0:52:35 > 0:52:37if it was going to be food, wouldn't it?

0:52:37 > 0:52:39- But there's a food place next door.- Yeah.

0:52:39 > 0:52:41That's why my architect is looking into it.

0:52:41 > 0:52:44- OK.- Is it OK to change the licence?

0:52:44 > 0:52:47With plans for the outbuilding on the back burner,

0:52:47 > 0:52:50Chris was focusing on getting the main building ready for rental

0:52:50 > 0:52:55in three months, and he had a budget of £35,000 to £40,000 to do it.

0:52:55 > 0:52:57So, would he manage it?

0:52:57 > 0:53:01We're back one year and four months later to find out.

0:53:10 > 0:53:12It has taken longer than planned,

0:53:12 > 0:53:14but what was once an old, tired office

0:53:14 > 0:53:17is now a spotless two-bedroom flat.

0:53:19 > 0:53:21Some clever reconfiguring in the hall has made way

0:53:21 > 0:53:24for the first double bedroom, which is a good size.

0:53:26 > 0:53:28By joining two small storerooms,

0:53:28 > 0:53:31there's now a fantastic spacious master bedroom.

0:53:33 > 0:53:37A smart new shower room completes the layout upstairs,

0:53:37 > 0:53:40but did Chris's plans for downstairs come to fruition?

0:53:43 > 0:53:46The fittings have been stripped and while some fantastic tiles

0:53:46 > 0:53:50have been revealed underneath, there's no sign of a pizza place

0:53:50 > 0:53:51or a one-bed flat.

0:53:52 > 0:53:56Perhaps Chris and his contractor, Demis, can shed some light.

0:53:56 > 0:54:02Our original plan was to make another one-bedroom flat downstairs

0:54:02 > 0:54:06and then the company who want to take it from us,

0:54:06 > 0:54:08they preferred to take the whole thing.

0:54:10 > 0:54:13Then that's fallen through.

0:54:13 > 0:54:15Then what are we going to do then?

0:54:15 > 0:54:18We decided who will come in, they need the whole space.

0:54:18 > 0:54:22That's why in the end we decided not to do another one-bedroom apartment.

0:54:23 > 0:54:25Unfortunately, the pizza place that was due to move in

0:54:25 > 0:54:31couldn't get change of use to the A5 hot food takeaway classification,

0:54:31 > 0:54:33so the agreement fell through,

0:54:33 > 0:54:37but the planning process lost Chris the best part of a year.

0:54:37 > 0:54:40So the space will now be a convenience store.

0:54:40 > 0:54:43And the tenant? Well, it's Chris himself.

0:54:43 > 0:54:46Originally, we wanted to rent it,

0:54:46 > 0:54:49now we thought our company is going...

0:54:49 > 0:54:51It's a new experience for me,

0:54:51 > 0:54:54we've been mostly into business associations

0:54:54 > 0:54:57and commercial buildings and properties.

0:54:57 > 0:55:00This is a new challenge, as a shop, we're going to run it.

0:55:01 > 0:55:07My manager, Dave, is quite keen to get up and running in the place.

0:55:07 > 0:55:10Another side-line for the business savvy Chris,

0:55:10 > 0:55:13who also has a tenant moving in upstairs.

0:55:13 > 0:55:15But, no, it's not him.

0:55:15 > 0:55:18And that space at the back of the property is going to good use too,

0:55:18 > 0:55:22with part of it being rented as storage to a local business.

0:55:22 > 0:55:26Though Chris and contractor Demis do still have their long-term goal

0:55:26 > 0:55:29of a flat conversion in the outbuilding.

0:55:29 > 0:55:31Probably in the future, if you get planning permission,

0:55:31 > 0:55:36just put another couple of flats at the back

0:55:36 > 0:55:40and use the other site for a shop.

0:55:41 > 0:55:42So, plenty to do,

0:55:42 > 0:55:47but for now, how did they get on with that £35,000 to £40,000 budget?

0:55:47 > 0:55:50The original budget was £40,000.

0:55:50 > 0:55:55The whole project, because we done pretty much half of the project,

0:55:55 > 0:55:58that's probably cost us £20,000 now.

0:56:00 > 0:56:02It worked out we stick with our budget,

0:56:02 > 0:56:04we didn't go up in the budget at all.

0:56:05 > 0:56:07Half the budget!

0:56:07 > 0:56:08That ain't half bad,

0:56:08 > 0:56:12but there's only one flat rather than two as originally planned

0:56:12 > 0:56:15and that could affect the profit margin

0:56:15 > 0:56:18on Chris' £179,000 investment.

0:56:18 > 0:56:20But before we get the figures,

0:56:20 > 0:56:23let's see what two local estate agents make of the changes.

0:56:25 > 0:56:27Well, first impression of the property is obviously

0:56:27 > 0:56:31it's been transformed to what we see today.

0:56:31 > 0:56:32They've gone right through it,

0:56:32 > 0:56:35refitted it and kitted it completely so it is now as a flat up here

0:56:35 > 0:56:39ready to go. The shop downstairs really hasn't changed,

0:56:39 > 0:56:42but then a tenant will come and fit that out.

0:56:42 > 0:56:45My first impressions of the first floor flat in particular

0:56:45 > 0:56:48are very good. It's clean, it's tidy, it's ready to move into.

0:56:48 > 0:56:49They've done a really good job.

0:56:49 > 0:56:51Downstairs, obviously, there's less work to do

0:56:51 > 0:56:53with it being a commercial premise, which is fantastic.

0:56:53 > 0:56:55It's ready to go as it stands.

0:56:55 > 0:56:58In this case, it will be Chris' franchise convenience store

0:56:58 > 0:57:01that will be moving in downstairs,

0:57:01 > 0:57:03but what kind of price will he be getting

0:57:03 > 0:57:05for the two-bed flat upstairs?

0:57:06 > 0:57:10I would expect the two-bedroom flat to rent in the region of £495 per

0:57:10 > 0:57:11calendar month.

0:57:11 > 0:57:14If the flat was offered on the open market for rental,

0:57:14 > 0:57:18£500 a calendar month would certainly be achievable.

0:57:18 > 0:57:21The agents also thought the shop could achieve

0:57:21 > 0:57:26between £830 and £1,000 per calendar month on the rental market which,

0:57:26 > 0:57:30in addition to the higher value of £500 for the flat,

0:57:30 > 0:57:33could take this building's potential yield to over 10%.

0:57:33 > 0:57:35Impressive stuff.

0:57:35 > 0:57:36So, is Chris happy with that?

0:57:37 > 0:57:42- Wow! Brilliant. Very good. - Yeah, that's good news.

0:57:42 > 0:57:43Yeah.

0:57:43 > 0:57:46The agent also put a total value on the whole building

0:57:46 > 0:57:50of between £195,000 and £225,000,

0:57:50 > 0:57:54which could give Chris a potential profit of £46,000 minus taxes

0:57:54 > 0:57:57and fees, but he'll be holding on to it for now.

0:57:57 > 0:58:00So I'll mark this one down to a success.

0:58:00 > 0:58:03Does that mean this partnership will continue?

0:58:05 > 0:58:09Yeah. Yeah, Chris is definitely great to work with.

0:58:09 > 0:58:13He's a really good boss and we work great and nicely around and stuff.

0:58:13 > 0:58:16So, yeah, we will be definitely looking to the future.

0:58:20 > 0:58:23Well, that's it for today's show and I can't help but feel inspired

0:58:23 > 0:58:25by all the hard work I've seen.

0:58:25 > 0:58:26Yeah, I feel the same.

0:58:26 > 0:58:28Let's hope the people at home have been inspired, too.

0:58:28 > 0:58:31Yes. Join us next time for more Homes Under The Hammer.

0:58:31 > 0:58:33- Bye-bye.- Goodbye.- Bye-bye.