[Applause] the urban market can be the most lucrative and the toughest for any property developer I personally think it'd be off your rocker sweetness until when measured flat tonight two pairs of novice developers are launching themselves into this highly competitive market but will they get it right it might need underpinning this one does look particularly bad [Music] a return to inner city urban living is one of the biggest lifestyle trends over the last two decades centrally located properties now commands huge prices but they also command big investment get this market wrong and it could cost you serious cash nowhere is this more true than in trendy Islington central London and it's here that both sets of developers are hoping to hit gold on the one hand Katie Makram and Sarah Garrett are trying their luck in quietly funeral square while a quarter-mile away fashion designer marigold Charles and her fiance web designer Joel Peters have chosen bustling fashionable Upper Street we know what sort of young professionals like we know that their taste and their standards and what they expect so understanding what what young mods and professionals are about and what they want will will help us succeed in this market there can be serious money to be made but here more than ever you've really got to buy the right property in the right location but that's not as easy as it sounds so it's just here the flattest it's just above the green and the deli so it's above a bar and sitting next to a bar yeah both directions as well and since we brought in the license has been extended to a2 which is which is not great from your point not only retractable and did you know that that was going to happen no we we took a risk no it happened you just have to bear in mind it always is going to affect its value and its sail ability and that's something that if you take your eye off that for a few minutes yeah you can end up with a really big problem on your hands this properties vibrant location is both its strength and its weakness get to spite the neighbors Joel and marigold still think this is a great place for a stunning luxurious home oh what an amazing space so this whiny boss's fella number this thing absolutely which for this area is quite quite a big space [Music] at 11,000 square feet it is indeed an incredibly generous size for a one-bedroom flat it currently has a master bedroom with an l-shaped lounge at the front while at the back there's a bathroom and a good-sized kitchen diner leading onto a fantastic large roof terrace which is a huge bonus for central London and will really add value John and marigold want to totally rearrange the layout to create the ideal dream of modern living a huge open plan reception room across the whole front of the flat this means moving the bedroom to the middle of the flat and adding two new bathrooms one of which will be an ensuite but there are problems with this idea press Start the bedroom will only have one tiny window which is inadequate for a luxury master suite but more than that they're just not capitalizing on a huge space they have here so it's going to end up as a big 1-bedroom executive pad really yeah I mean you've got a lot of square footage here for one way to flats I think if we close to shopping for to me that second bedroom and it in a hallway it would start to feel very small very quickly and the wow factor is the size so that's why we want to keep that space is very expensive around here and yes it's lovely but it's a major luxury having this amount of living space for one bedroom in Islington the square footage is like gold dust and extra bedrooms will add tens of thousands of pounds to your sale price but overlooking this isn't their only old decision to have a roof terrace for the flats in this kind of area and that's the really major selling features this is actually we want to turn it into a conservatory and extend the kitchen out here and make it into a kitchen dining area so we're going to actually have that much removed Terrace available as outdoor space do you not think the kitchens big enough as it is yes we do but we wanted to utilize this space to the maximum how much have you got to spend on the conservatory because I have a decent conservatory out here to warrant yeah this flat in this location is going to cost you the best part of fifty thousand but we have a budget of that I'm good about 10 to 15% it's crazy to reduce this potentially profitable outdoor space quite apart from the fact that they haven't even thought about how to afford it [Music] in fact I'm a little worried that they haven't put that much thought into the budget at all Joe lemarchal purchased the flat for a hefty three hundred and twenty thousand pounds they have an unrealistic budget of just sixty thousand pounds for the whole renovation if they were lucky enough to self their asking price of four hundred and twenty thousand pounds they'd make a profit of forty thousand pounds I think this is an optimistic figure in fact I worry that they might not break even with this strategy but looked at a different way I think these two could have accidentally stumbled across a goldmine without even realizing it I personally think you'd be off your rockers to make this into a one-bedroom flats and to make the most money on this there is another option and that's that you split it up into separate flats create two studio flats at the front over the bar and one one-bedroom flat at the back here which means you'd get five hundred and fifty thousand pounds resale on this as opposed to probably three 8390 doing that what you reckon our main reason for doing this is we are actually quite passionate about not splitting up properties into tiny pokey flats there's no reason why with a very very small space you can't have a beautifully designed really really cool studio flats it doesn't have to be horrible we don't have masses of time now to rethink our plans but um you are above a bar and smaller units that are cheaper units people are kind of more prepared to just deal with the fact that they're above a bar they're paying less that's the deal this is a business and it's not a business if there's no profits at the end of the year but literally I think time is of the essence here we've got two mortgages to pay and maybe unfortunately we haven't really given ourselves enough time now to backtrack and rethink our plan when there's this much profit at stake and 150,000 pounds is a lot then it really isn't too late to change your mind I think Jarl and marigold could make too compact but very smart studios at the front each with floor-to-ceiling windows overlooking the greenery and a stylish one-bedroom flat with a roof terrace at the back joel and marigold have a fantastic opportunity to make an unbelievable profit but they're just not working to the strengths of their location above a bar is not the best place for high-end luxury a quarter of a mile away in the more residential surroundings of arendelle's square interior designer casey Makram and publisher sarah garrett are also targeting the stylish urban professional with their plans to create a desirable pad out of this two-story x squadmates net but as yet they don't have the first idea how much work is needed because they bought it in auction and didn't even view the property first this is the one night so you bought this in in auction on the spur of the moment yes yeah I think we did everything wrong everything you're not supposed to do in the book I think you should err on the side of caution in auctions because whilst it's possible to pick up a bargain it's really unusual and if it's cheap it there's very often a good reason why it's cheap well let's go have a look inside and this was cheap for the area Katie and Sarah paid just 250,000 pounds for this maisonette and have a budget of 75,000 pounds to do it out they hope to sell for three hundred and fifty thousand pounds making them a gross profit of twenty five thousand pounds but they actually have no idea if these figures are realistic as they've never been inside the place and it certainly looks like it's suffering from its years of neglect it was squatted before is it yeah apparently they didn't treat the place very well it wasn't after at all rights and then downstairs basement a bit of dry rot and it's wet rot not only is the inside of palling lead damp but outside I may have found the reason why this flat was put up for auction in the first place it's been moving around all over the shop [Music] in arendelle Square Islington Katie Makram and Sarah Garrett had wanted to turn this to bed ex squat into a Desiree's for the urban professional but buying blind at auction means they're only now discovering the whole back of the house has slipped dangerously with ties all over the place you can see all the lines the brickwork has slipped their header on the window slips they've tied it in all the way down the party wall they're on this side they've tied it in there's another brace in the middle but down here that looks like it's been repointed again more recently so it's obviously still shiftings this one does look particularly bad it might need underpinning it's a question of whether it's still moving is that something that can be quite costly or yeah yeah I mean it's it's not hundreds of thousands I think due to the amount of movement that clearly has happens you need to have a structural engineer so you can get the only solution to the way it looks cosmetically is to rebuild the back of the house but that's going to cost you this is a total nightmare if they don't deal with it they might never be able to sell the property but putting it right could cost thousands just down the road on Upper Street Joel Peters and Marigold Charles could also be left severely out of pocket they're developing above a bar but have determinedly decided to keep this as a luxury one-bedroom flat throwing away the chance to make a massive 150 thousand pound potential profit to turn the property into three small flats goes against everything that we we've actually felt strongly about on this project for us retaining as much of the feel of openness and space in this apartment is what I think will set it apart which is all well and good and in another location I might agree but this flat is on a busy road above a bar with a late license more worryingly Joel and marigold still haven't even looked into how much their plans are going to cost they only have 60,000 pounds in their budget and when their quotations start arriving it's a very rude awakening we've just got the first quake 3 it's four hundred and sixty thousand pounds it totally exceeds what what we've got budget wise to spend I mean just phenomenally so there's absolutely no way we can even entertain that at all [Music] 160,000 pounds is two and a half times their entire budget they haven't thought this through at all and their budget is as unrealistic as any I've seen for all the building work including the conservatory they've allocated a desperately inadequate twenty four thousand seven hundred pounds to replumb the entire flat 7,000 pounds for the electrics eight thousand eight hundred pounds for a top spec kitchen just five thousand pounds to buy two top-of-the-line bathrooms another five thousand pounds for painting and decorating 1,500 pounds to the roof terrace a tiny 750 pounds and for all their fees and costs just seven thousand two hundred and fifty pounds with just sixty thousand pounds in total they've completely underestimated the amount of work involved here but we can reduce that so while they're forced back to the drawing board all the building work has grand to a halt [Music] after three long painful months of redrawing plans and shuffling budgets Jolla Marigold have finally found a way to push this development forward we decided to rethink the fact that it was a one-bedroom apartment and maybe we should add in a second bedroom and I'll say we've decided not to get ahead of the conservatory excellent what a wise decision that's brilliant and so how's your budget the original costs in total was 60,000 where are they now do you think 110 so now you're hoping I'll make some profit but may well only just break even I'm saying yeah that's kind of come down isn't it if we say this is this is our first one this is this is this is a learning curve by next one when I got all of our piece of the jigsaw right but I love somebody to come up and sort of giving us a reality check right off I thought a reality check was exactly what I had given them but now to cover their mushrooming costs they've had to put their own home on the market I really wish they'd think again about the massive profit they could make if they split the flat into three smaller units this is such a great location because it's so central and it's really fashionable this area so you've got everything going for it whereas at the moment it's going to be touch and go whether there's any profit at all I do it completely agree with you just not doing it but this is supposed to be a business Jala marigold could still make a massive one hundred and fifty thousand pound profit instead of just breaking even and it wouldn't have to mean throwing style out of the window in this area studio flats sale out the door if they're well-designed chic and reasonably priced they certainly don't need to be pokey or look cheap small spaces can be just as fashionable as larger units and there's still a premium to be had for good design in arendelle square Katie and Sara have agreed to call in an engineer to look at the worrying signs of structural damage to their two-bedroom maze net if he finds the house is still moving then it will have to be underpinned costing Sara and Katie's thousands of pounds verdict it looks like that it's had some bomb damage is that you've had some not recent no world war two probably and you probably had a bit of shrapnel or a bomb take out that side of the house if your neighbor's house and that house holds up this house the good news is is that you haven't had any movement in the past 20 years or so it's highly unlikely that the movement will occur again [Music] I think we've been really lucky and I wouldn't do the same thing again I think you know it's really collaborative they just have a calm my nerves actually so I'm relieved at this stage that we're where we're at and and it's all okay right now on Upper Street the good news is that the builders are back and work creating the second bedroom finally begins the bad news is that they need to save money the budget has already nearly doubled to 110 thousand pounds and at this rate Joel and marigold will be lucky to break even but this flat needs to look fantastic to stand a chance of reaching their target sales price the biggest challenge is really to get something very high specification without overspending and that's going to be hard the Islington market expects the best so they mustn't compromise on quality but once again they're unrealistic budget has let them down they've only set aside five thousand pounds but what they want is a top-of-the-range kitchen the price is extraordinary that 47 grams actually what we intended to spend on the whole project at one point if you workout this is our ultimate kitchen and then we find the look and feel that we like from here and then try and improvise when you look at the quality and the finish of what you're doing something like this you can replicate our 5000 pounds marigolds right it is hard to do top-spec cheaply so they're going to have to be very clever about where they spend what little money they've got left the question really for us is do we put in a very very low end kitchen in order to keep ourselves at that 5,000 pound budget which isn't the market that we're aiming for this flats got to be really spectacular to get someone to pay top whack for it I don't think you can afford to go for a really cheap kitchen no that's the only way of doing it is to find end-of-line one-off absolute bargains X display and you need to go with your sizes that's the key is to go with the size of what you want you go in if you see something you know you have to buy it there and then because there's no there's no lactose we control it but it means that every weekend in every evening is going to have to be spent hunting down products at less price but I don't think you've got an option at this stage [Music] but bargain-hunting takes a lot of time and energy and with the project already running behind the strain is starting to town it's really hard it's hard making time and boy your weekends and all your evenings to spend researching and going around the shops and things so it's it's it's a full time it's very demanding we don't socialize anymore their social life may be suffering but I hate to think what their bank balance will look like if they don't get this project finished soon but over Anne Arundel square work on Katie and Sarah's two-bedroom flat is making good progress Sara's leaving Katy in charge of overseeing the plans and build but although she's an interior designer she's used to working with bigger budgets of other people's money usually go for the top-end of things and that that's why so this is going to be a different experience to me in terms of scheme to really and low budget so that's my challenge there first decision towards keeping the costs down is to work as much as possible with the existing layout of their to floor maze and act with this property this is absolutely the right thing to do upstairs there's a kitchen large living room and tiny second toilet which they want to knock out to create a useful study area this is perfect for the urban market as is the plan to turn the shabby kitchen and living area into a contemporary open plan kitchen diner and living room downstairs there's a small bathroom and two good-sized bedrooms they're sensibly adding an ensuite bathroom to the front bedroom at the back of the house they're extending the master bathroom under the stairs this will give it vital extra floor space but Katie's decided that just isn't enough Headroom how could you take this floor down you know like 20 centimeters 30 centimeters into the ground I think one of the main things I hadn't considered was that if some was sort of six foot three or four coming into this bathroom space it's gonna be quite a father so I mean I'm considering maybe chopping the floor down I'm making a step into this room which is something that at this stage is a bit of a pain yeah this is this is the Concord yes so he's you know he's if you go over they can pick it up yeah yeah it's a big job isn't it yeah I know is huge digging down would be time-consuming and expensive and it's not something they've budgeted for but Katie's instincts are right a cramped bathroom could mean a difficult sale so she needs to see for herself what a difference lowering the floor would make and what these people have done is that they've dug down and created a bathroom in what was once a coal hole you still got the arched ceiling and actually this is quite luxurious space and I think with this kind of flat and with your kind of flat it's really worth spending the extra thousands of pounds it does cost to dig down and I know you're a bit worried about costs but I think you'd agree this is worth spending I'm worrying about basic materials I was well aware of like price for kitchens but not how much plasterboard costs right so that's kind of where I slipped up which is why digging down even though I know it's the right thing is quite frightening budget wise with the sort of development that you're doing which is okay urban chic cool you you can't really cut corners and you need to spend what you need to spend yeah I think you're right I definitely think that is the right thing to do and having seen this in my small space it will make a huge difference as well decision made and one week later the floor has been dropped it might have cost 2,000 pounds but it means this bathroom will have plenty of headroom and won't put anyone off I've dropped the floor 35 centimeters and I think it makes a huge difference and it the whole room now looks a lot more spacious I was very concerned it was gonna hold up the sale of this house actually because obviously is only gonna be able to be a house for small people so I'm really actually pleased with that decision [Music] to get the best sale price sometimes it can be worth spending a little bit extra [Music] and that's exactly what they've had to do in Upper Street with Joel and Mara girls newly-installed top spec kitchen there was a lot of shopping around and we did agonize over every single aspect and though it might look like a very simple kitchen to get that look was actually quite a lot of work we've spent about 15,000 pounds on the kitchen and so going over by 10,000 pounds it was a shock but that's how much kitchens cost it would have been nice to put an amazing kitchen in for five thousand pounds but it's in there isn't one out there five months into their development Joel Peters and marigold Charles are way over budget on their luxury flat in Islington and they've now discovered that their decision to move the master bedroom to the middle of the flat could be a big mistake we thought we would be able to drop the window and have a much bigger window in that bedroom and we've now been told that we can't that the window has to stay the same so we're stuck with a small window Joel and marigold have only just realized that they can't enlarge the window as it overlooks a neighboring roof terrace it's all part of the challenge of urban development not only is the flat surrounded by buildings their roof terraces overlooked by ugly noisy extraction fans and airports and builders installing yet another we were license now just like into our plan like a note box I'd have to go make it so yeah okay getting all the surrounding fans removed is totally unrealistic but this doesn't have to be a disaster they could still turn this into a fantastic space without having to spend too much money now I wanted to bring you here for inspiration for your roof terrace so I mean what's great about this is that they've managed to really dramatically screen the outside world that does feel like on a really secret place here you don't actually notice it from here but actually that bamboo is screening out an awful lot there's some pretty kind of unattractive lumps of backs of building which you don't see because the screening so that would be perfectly achievable in your roof terrace do you think a lot of features worth considering I think so yes because it is quite noisy at the back there and and it's something to distract the ear from the other noises as much as the plants are there to distract the eye from from the other buildings clever planting means you can create a wonderful sense of privacy but it also means that you can choose which views you want to keep and which you want to lose in a little square it's three months into the renovation of this to bed design amazin s but while they've managed to keep to schedule they've been less successful keeping to budget Katie's had to hit the discount shops for end-of-line designer fittings after grossly under estimating the cost of their building materials I think we're looking at probably quadruple what we originally thought was she's been pretty frightening and it just means other things will suffer and I better not let them look like it suffered but their latest cost-saving idea is a step too far I don't think it's worth putting a fireplace in just for its look and I'm we're not really quiet I pay a fortune to get it fixed up so that's automatically a lot of money off for us off the budget close it and forget it even existed and do some something either science it doesn't look like is a fireplace Katie and Sarah are anxious to save money and keep the bill moving on quickly but losing the fireplace is a really bad idea there's nothing for it but to take matters my own hi I brought a present do you know what I can want to do this can you get I do I do I don't know if you can this room without a fireplace doesn't do it justice and you can't afford to not have a really quite impressive and grand focal feature in this room because otherwise it's a bit like a kitchen breakfast room roast you put a fireplace and this is very clearly the living room and that area is the kitchen breakfast room I think it doesn't matter how much of course you have to get one in there well I'm a little bit nervous about that it was [Music] it's the right decision the right decision to make in Upper Street Joel America's grand plans and unrealistic budget means their financial situation has finally hit rock bottom at the moment we're staying on one of America's friends floors basically living out a suitcase we desperately need to sell our place to release the funds to actually continue with this with the situation so desperate they really ought to be watching every penny but they've become so personally involved with this project that they've lost all sense of reality and are now rewiring the whole flat with an expensive home entertainment system people when they're coming home from their stressful jobs can potentially just stroll into any room and put their favorite track on now I feel that it's a real added selling feature and in the right place it might be their 50,000 pounds over budget and this is yet another mad decision so this is the remote controls is it okay it's just basically relations seem to come out of America in terms of cost this must be costing a fortune a the extra time to the electrician extra cabling and the unit itself what what are we talking about in total for a home for a complete home cinema system with the speakers in every room you're looking at around ten thousand pounds so you're spending ten thousand hands on a home entertainment system in your flat above the bar yes yeah we did we just wanted to make sure that there was no excuse for people not to find the flat in a million pound penthouse they would expect features like these but I'm just not sure that your flat being above bar the market will expect this and and it's a lot of money to spend on the off-chance it's going to be it's not the penthouse is what you're saying no that's very upsetting [Music] we already 50,000 over what you originally planning on spending it's just such a bizarre kind of leap to go from to go from where you are with your development to spending ten thousand pounds on a home entertainment system and we at least consider I'll put it in its own order we don't want to be stuck with a property with a big mortgage you want shift it and this I think is a way of doing that well let's hope so this is one of the worst decisions I've heard spending money they don't have on expensive boys toys won't add any extra value to this development over an and L square Katie and Sarah are aiming to get the best finish they can without overspending but Katie's made another cost-cutting decision too far she's chosen a cheap laminate worktop for her smart kitchen but as soon as it arrives she realizes it's a bad idea everything else been finished so beautifully and then they'd come in here and say Oh my is spending a lot of money on an urban apartment won't be happy with a cheap high street work top and this is an area where Katie should really make some impact I think you want something that's more natural products and a higher quality products really this is a reconstituted stones it it has the same effects as stone but because it's only 95 percent quartz and five percent resin it has much more consistency of color which I think looks more up-to-date really even for the sort of people you're appealing to they're expecting very cutting-edge new modern designs and this is cutting edge what in your opinion and for a property development would be the most appropriate kind of color yeah I think this is beautiful yes so I think that's a decision made it's the last of the big decisions they have to make on this development and once the worktops changed it takes one final push before 17 weeks of hard work comes to an end what was once a rundown ex squat has been transformed into a fabulous cutting-edge urban part [Music] they needed to achieve a high quality look and that they've certainly done and nowhere more so than the open-plan kitchen and living area this is spectacular what a great job you've done this brilliantly I think you put the fireplace in yeah so well it's very clearly a living room now which is what you needed yeah and the worktops great I think him was definitely the right decision to change your mind and go with this work top for the market that you're trying to appeal to to the urban cool young professionals this is absolutely spot-on what really sets this place apart is the attention to detail the walnut flooring vintage style radiators and great finish [Music] downstairs in the front bedroom the addition of a nun suite is a real bonus and the master bathroom feels much more spacious thanks to a lowered floor and a mirrored wall what's more they've done it all for just a thousand pounds more than they budgeted how much did you end up spending on the project about 76,000 so not very much over what you're expecting really that's um that's pretty impressive I think do you have any idea what the flat is now we're 350 360 if it's worth what they're hoping they'll make a profit of 34,000 pounds but will the agents agree very small body I guess there's been a the floor has been lowered slightly here then we've got the study area which is ideal for anyone that's working from home wow it's a great-sized room in here open plan living is very popular at the moment very high quality wooden flooring as well finishes it beautifully I would value this property at 380 thousand pounds I would recommend an asking price of 385 persons the valuations came in at 380 thousand and three hundred eighty-five thousand if you did sell at the average of those two values you would make a fifty six thousand pound profit we're gonna have to go out and celebrate the only way I could fold this entire development is the fact that you did bison auction blind and that was a massive massive you've never do this again no not like that I would buy an auction again but not just by lying through the window [Laughter] despite the nail-biting risk of buying at auction Katie and Sara have made a fantastic and well-deserved profit [Music] unfortunately in Upper Street it's a very different story there five months over schedule the money's run out and they've had to resort to their credit cards to finance the rest of the development I mean our goal at the moment is just to get it completely finished and we want to do that as quickly as possible now because the longer that it's taking to finish the more it's costing us and we just need to get it value them put on the market and make sure that we've we've made some money on it but what is now a massive 70,000 pounds over budget I think these two would be lucky to break even on Upper Street in Islington it's been a very long drawn-out eight months and Joel and marigold have spent every penny they have but their development is finally finished the place is unrecognizable [Music] a scruffy dilapidated old shell has made way for a luxurious to bed modern apartment [Music] they've created the huge open-plan living space they wanted stretching right across the front of the building and fully wired with the latest in high-tech sound systems everything looks great but unnecessarily extravagant as the entertainment hub of the flat then in here great this is lovely yes I really love the three mitts right really well with the view out to the green and the big windows and the lights yeah this is my favorite why is that just because it's a space that's of epitomizes what why we why we got this it's not your boys toys and at the back of the flat the kitchen diner is an equally light and generous space spending a bit more money in getting the high spec units was the right decision here as they give the clean modern feel the urban professional market demands and they've capitalized well and having the rare benefit of outdoor space I felt really strongly about the planting and Joe felt really stormy weather each it really works actually I think if you've managed to draw the eye back into the roof terrace yeah it's a real success [Music] another good decision was to create a second bedroom which will add much-needed thousands to their asking price on the other hand the master bedroom is not quite so successful that tiny window makes it rather dark we like to think that if you want to put a light you've got the terrace you've got the lunch you've got the kitchen and you come in here to relax and the lighting can be a bit more Moody and low level it's seductive light is a seductive ring or just a duck but for any room to be less than perfect could compromise Joel and marigolds asking price and having spent so much they can't afford for that to happen now you paid 320,000 pounds for the flat new expecting to spend sixty thousand on it how much did you end up spending we ended up spending a hundred and fourteen gosh eighty thousand hands he over your initial sixty thousand hand budget how you found an extra eighty thousand pound it got an extra minute cards and lines so your hopped up to the eyeballs now absolutely they went over in almost every area labor materials went from twenty four thousand seven hundred pounds to a whopping forty six thousand five hundred and fifty pounds plumbing and electrics Rose over a thousand to sixteen thousand eight hundred and fifty pounds the kitchen and bathrooms came in at twenty thousand four hundred and thirty pounds painting and decorating increased to two thousand seven hundred and fifty pounds even though they did most of it themselves the roof terrace went from 750 to three thousand five hundred pounds which was money well spent but the entertainment system was a non-essential extravagance at ten thousand pounds their fees soared from six thousand pounds to thirty nine thousand seven hundred pounds taking their total spend from sixty thousand pounds to a hundred and thirty nine thousand seven hundred and eighty pounds more than twice their original budget with such a big overspend jolla Marigold are in real danger of making a loss just to break even the agents would need to value this place at four hundred and sixty thousand pounds forty thousand more than they'd originally hopeful great location slight negative just above a bar it's okay lacks a little bit of natural daylight perfect for is it to market hi spec fantastic for entertaining I barely this property at 400,000 pounds I tell you the property at 400,000 pounds would value the property at 400 expected my thousand pounds if you did sell for an average of those which should be four hundred and twelve thousand pounds it will be a forty-eight thousand pound loss how do you feel about those valuations I think it's I think that they're interesting I think they do reflect the fact that it's very difficult to value this property it's unique I think they are a little bit low we would definitely consider getting a few more valuations there is a buyer out there who will fall in love with this space and want to buy it I simply don't believe that we're going to lose money there still won't be over-optimistic but I don't think there's any way anyone's going to love it enough to pay 48,000 hands more than the valuations this is gorgeous no no they're nice and something outdoor spaces are yes natural like this like tall windows yeah this piece of gorgeous a lot of weight set out it's got a good space entertain people the bar probably done space might be a bit yeah it's funny he has this as well be handler that annoying if you were staying at yeah John Merrick old were determined to make this into a luxury top-end apartment but its position was always going to work against it ignoring this fact was a very high-risk strategy is there a better view that regrets not turning it into three flats and and making it great fat profit on it I mean we know that we've spent over but I do feel that we've achieved what we want to do which was create something absolutely beautiful I personally think we've done a fantastic job and I think the lesson to learn if you are planning on doing another development is that developing is about three things and that's three figures one is what you buy it for the other is what you spend on it and the other is what you're going to sell it for and I personally think you've got all three wrong with this development that you bought it for too much money you underestimated how much it was going to cost to do and you overestimated what you're going to be able to sell it for the important thing is not the way it looks because it looks great it's getting those three figures accurate John and marigold may not have got their figures right but over an and L square Katie and Sarah had a more realistic budget and are reaping the rewards three days after putting their place on the market they sold for a massive three hundred and ninety nine thousand pounds making a whopping seventy four thousand pounds gross profits marigold and Joel on the other hand have decided to move in and hold on to their place until a spring in the hope that they can raise the selling price successfully developing for the urban market is far from easy but if you get it right it really can pay the key as always is to buy at the right price and make sure your plans are right for the location next week - shoestring developers try to make a little money go a very long way do you have a sensor that works that's it oh well that's good 35 things to do don't think one a day five days [Music] [Applause] [Music] [Applause] [Music] you
