[Applause] property development is a risky business and it's difficult to make a profit but whether you've been doing it for years or I've only just started it's always worth considering the odd suggestion it's getting knocked down Thanks see won't they please my advice now and even slightly I would be tempted to think about taking this wall down and making it really cool living space I just cannot see it working great greed can be done [Music] buying a big building and converting it into flats can be higher risk and therefore is generally a higher gain but when you take on a big building you need to make sure you have three essential ingredients type management type budgeting and a little bit of good luck tonight two sets of small-time developers are taking on their biggest projects yet in the hope of making huge profits I cannot see how this cannot give us a return of 100,000 pounds earning that sort of money means getting everything absolutely right but tonight's two properties are not going to make life easy both the huge sprawling and complicated [Music] in Clevedon near bristol friends Simon Reid and Dave Richards have bought a former doctor surgery to convert into three luxury apartments they also want a big return I think at the end of the day the be-all and end-all is to make an amount of money out of it otherwise we if we were going to break even on projects we wouldn't bother doing it Simon and Dave have experience of smaller projects but nothing on this scale still they're confident they can stomach any problems this place throws at them but its sheer size could cause them headaches 80 miles away in Northampton mark bedrick and kate mara whiskey are also making the leap up and taking on their biggest challenge to date for the last two and a half years they've been renovating two and three bed Victorian terraces and now they're aiming higher and how they fought a former massage parlor and want to convert it into four luxury flats we've not done a big project like this before so you know we're excited about it be fun huh the property would be a challenge even to a really experienced developer it's actually two buildings joined together stuck on a sharp corner and with a complicated layout but mark and Kate have a secret weapon their friend richard dawson is backing their limited knowledge with his wallet so this is it it's a big old pile of masonry isn't it all yourselves there and how's it working with the three of you how does it all retain 50% of the profits and these two to share their 50% right and you're putting all the funding in I fund the whole project because it's new firm to knock buildings down and build new and I have a little bit of experience in doing those sort of things so you've got zero investments but 25% of the profit each yeah so no beers for a while so how much profit do you reckon away from it roughly 100,000 100,000 pounds seems a great profit from this project what if it makes a loss releases if it makes a loss they work for nothing can a love lost my investment it won't make a losses the figures that we've done it that it will not make a loss they bought the property for two hundred and twenty five thousand pounds they have a budget of 192 thousand pounds and they want to sell for five hundred and ten thousand pounds this works out at a ninety two thousand pound profit but they won't see a penny until it's sold and that's supposed to be in just six months time but that will be a real push rich is leaving them to it and Mark and Kate have a massive amount of work to do first oh my goodness there's some there's a jacuzzi and a rabbit and the rabbit and and a no diving sign but it's all going so if you've won any of it do you know I'm fine gosh so the Masters tables are going presumably feature it's all going yeah it'll be knocked down yeah it's amazing isn't it it's like a garden it's really convincing very convincing yeah mark and Kate want to target the luxury flat market and reckon the best way to do it is to knock down one of these two buildings and in its place build a three-story extension inside they'll create four upmarket flats a luxury to bed penthouse with a Terrace on the top floor a studio flats and a one bed on the first floor whilst the falls flat will be spread over the ground floor and basement [Music] it all sounds extraordinarily complicated and I wonder if knocking down a whole building and embarking on a huge new build extension is the best approach are you demolishing this because what this wall is barren so it's just not safe to build on top of the Foundation's if it's got any foundations I'm gonna miss it and no substantial enough to build her three stories on it you couldn't build above it but but why not use the building as it is there was a structure on Sam so it's got to be knocked down okay so basically it's it's not structurally sound enough to build on top of it's the proper loser it may need a bit of work to shore up this old building but that's going to be a lot easier than knocking down the whole thing just so you can gain an extra floor I think there's a simpler option looking at the whole development I wonder whether you're not trying to force too much into two smaller square footage so you don't do the new build it's what I'm suggesting that you use leave the unit on the rights as a unit in itself when you turn it into a two-bedroom news cottage I totally disagree really but it's not a lot of work and money I'd have to spend so to convert that at our house into something livable they'd never lend up you know look I'm pretty certain your words I'm really doubting you mark and Kate would do well to simplify their expensive and complicated plans I think they should keep the rear building and create a Cool News style townhouse the rest of the building would then be renovated to make a one bed ground floor flat bust upstairs would be a good size to bed maisonette doing it this way they could make a similar profit for a lot less work and it would be done more quickly so they could sell and move on Kate seem sold but Mark's not buying I can hear the objections now only come to sell out but someone is looking for a property up that will want a garden they want some sort of outdoor living with there's a different market which this is a penthouse apartment that's a quaint little news cottage or potentially it would be and I can hear the objections but you'd also have objections to a tiny studio flat it's very clear what we're doing here we've got full lifestyle luxury apartment there plants then suddenly the other option is you've got two apartments just going to cost more money to renovate rather have more money because you're not having to well in my experience I would have thought that it's gonna be easier to clear the land and rebuild it's gonna be quicker to so actually not the whole guts out of this and start again and so I have a new build there they would be trying to faff around making this into two apartments and a quaint little news cottage [Music] eighty miles away in Clevedon on the bristol channel developers Simon Reid and Dave Richards are also confident they can make a good profit converting this former NHS surgery they bought the building for four hundred thousand pounds they intend to spend two hundred and sixty five thousand pounds on the renovation they hope to sell for seven hundred and sixty thousand pounds that means they could make a ninety five thousand pound profit I think we both really got our head screwed on when it comes to the financial side of the project and I don't think we would be taking a flyer on a project like this and that no developer would and therefore we've taken a calculated risk that we believe will come off Simon and Dave have had some success on small developments and are so confident in their plans they're starting work without waiting to hear whether they've got all their planning permissions agreed but this is a far greater challenge than anything they've done before if they're to make the profit they want this build needs to run a clockwork within a day of getting the keys they have a team of laborers on site to start ripping out the guts of the old surgery Simon and Dave know that good project management is key to the success of this development and with all the space the site affords they've hired a portable office to keep them on-site about the way it's been a good first day yeah just crack on tomorrow now one day down in Paul wants to go yeah that's fantastic in Northampton getting started is proving rather more complicated than mark imagined this is the party wall and the problem is is that some the next-door neighbor our next-door neighbor owns half and we only other half I just got a kitchen built onto one side of it so by knocking this down it's going to affect her kitchen but by having to go through the formalities of employing them possible surveyors this is where the delays are party wall agreements can take months to sort out and until that time the rear building stays where it is there six months schedule is already looking shaky mark bed rich and Kate more of esky have a plan to make nearly a hundred thousand pounds in just six months but as time ticks by waiting for a party wall agreement this is looking increasingly unlikely they're not keen on my suggestion to simplify their plans and are convinced that converting their former massage parlor to four luxury flats is the way forward I've got absolutely no concerns about the end result that's all and I know I shift them you know I'm absolutely confident less and less to hold we know they stick interest up to eight percent and then their whole country goes bankrupt then we've got a problem but don't you know that making it of course to sell them they need to finish them but mark and Kate's are already halfway through their six-month schedule and they've only just got the go-ahead to start demolishing the rear of the building at least they could if they had a demolition approval just I don't make a phone call to the demolition people I was expecting them on site half a it's now half 9:00 and it's only the guy's basically forgot their own health and safety courses this morning for three hours which mean they're not gonna be here until after lunch now both some they've finished it's gonna be off eleven twelve o'clock so they can have lunch has to be one o'clock that's he's just reassured me it's gonna be down ground level next Friday mark is going to be project managing this build himself and he really can't afford any more delays in their budget to cover all the demolition build labor and material costs there's just 86,000 pounds on top of that there's the electrics and plumbing which has been allotted 25,000 pounds on the kitchens and bathrooms for all four units there's 15,000 pounds to decorate the entire development there's 6,000 pounds to cover the cost of all their legal and sale fees they've allowed 41,000 pounds as a contingency for unforeseen problems there's 17,000 pounds and this gives a grand total of a hundred and ninety thousand pounds [Music] it looks good on paper but they're already three months into their six month schedule of works mark is beginning to appreciate that the jump into new bill development is a far more complicated process than he'd imagined there's a lot of minefields there's a lot of paperwork a lot of legislation and which which you don't really we don't get to sort of have to deal with in in sort of two beds rebirth Victorian reverbs and so it's a lot more stressful but it's um it's as far as I'm concerned we've only got a sort of go through it and learn about it once and second time around you'll be up to speed and all the things sort of back to work and legislation so pretty gnarly it's just mark is right to think that second time around it will be easier but they need to make a profit now I have suggestion which may prevent more delays do you have quite a tight schedule for the building works here got a very unbiblical at the moment you've got a woolly list we've got sound we've got say we have a schedule which was scheduled release because some is slightly out of date now I don't think that you're building schedulers details enough problems going to happen anyway and if you have a detailed schedule then you're a much more control of where things going wrong I think the best thing for you to do at this stage simply because you just don't have the experience yet to run a site like this would be to get a project manager in just for a month who would pop in every week they will help you write a detailed specification detail cheddar love works and make sure that everything is on track so that you know exactly where you are after the first month if you've got everything organized nothing running after that it's plain sailing but there is enough Khan effect if you have problems when you start you'll really pay for it in the end yeah I've got no real believe or not I don't disagree on that one we're fantastic this is a good step in the right direction mark immediately get some experienced project managers onto the site so they can quote for being involved in the early stages of construction in this corner so you've got the services at the moment over in this project managers will take care of the paperwork and manage the schedule of works just go through here mark you were suggesting to us you already have a formal schedule of works prepared for you but there might be certain ambiguity in that yeah because of the delays needs to be relooked them right okay and is those chanson that might be helped you involve you in rescheduling that so does it bring it up today there's a bit of charge depending on us Leon cost yes indeed project managers normally charge from 10% of the construction cost and for that they'll oversee every aspect of the build if Mark took them on for just one month long enough to get him back on the rails it would cost him a mere three thousand pounds I can't justify on this side you know the end of days only for flats it's only part new-build is part reefer you know the service air offering is two sites that I build called a build cost of let's say one and a half a million or 1.1 million or something anything under that I really think that the service of guys Farsi I'm really not necessary I think that's crazy to turn this down it's a tiny amount of the overall budget and could easily be saved if the project manager spots other potential problems in advance and enables them to come in on target on a complicated build like this there's an awful lot that could go wrong in Clevedon Simon Reid and Dave Richards are making good headway converting this form of surgery into three apartments there are only three weeks into their four-month settle and already the two downstairs units are taking shape we're ahead of plan we've got a schedule of works up in their water cabinet today it's working out was very very well babe on site we probably speak about 40 times a day on the phone but no it's working out well the way is the plan is to create three luxury flats on the ground floor that confusing mix of treatment rooms will be lost and the space divided into two three beds garden flats [Music] upstairs will be stripped out to create a three-bedroom maisonette the kitchen will open out onto a large roof terrace and by developing into the loft space they will create an impressive master bedroom suite with no garden a roof terrace will be a real selling feature for the maisonette but it does depend on them getting planning permission which is by no means guaranteed hello John you space the planners really know that's a bit disappointing we're expecting that do it all go through it's the news they've been dreading the roof tests on the back of the building as he has been turned down I've got a feeling that the people around and about have an input into it which you know in the days their gardens it would be able looking at their play they made the decision that they didn't want the terrace up there and the planner was obviously sticking to his guns on it this is bad news Simon and Dave had been hoping to sell to the town's wealthy retirement market who flocked to Clevedon for the fresh sea air without the roof terrace fresh sea air will be in short supply when you have a major planning setback it's often worth reassessing your market with no outside space Simon and Dave now ought to aim for a younger buyer they could make the maisonette more appealing by giving it a more contemporary lay house this is the kitchen isn't it yes and next door sitting right yeah I think that with the views and it's such a nice space that I would be tempted to think about taking this wall down and making it a really cool open plan modern living space with with kitchen at one end and and then a table and then the sitting area at the other end and including us a beautiful area to live we've got views out over the sea if you make this in a really contemporary flat for for a young professional market who are not here all the time I think you're more likely to hit the mark by moving the kitchen units to the rear wall of the property and removing the internal wall Simon and Dave could create a spectacular open-plan living space which will make the most of the sea view more importantly this will open up the market to a wider range of buyers [Music] yeah but it wasn't actually oh please obviously haven't looked into but I can see your chain of 4 yeah I see probably an opening there would work well because you then you would get the sea views and obviously lacking the French doors we wanted here it could be a good focal point to have although Dave seems sold on the idea he can't make the structural changes until his partner Simon has had a chance to think about the layout I think it's a really nice idea but I just cannot see it working it's not as if they can be thrown parties every weekend here yeah and a bomb hole in the day yeah yeah so agreed agreed yeah and we done personally I think this is a mistake open plan living could add real value it's a really good selling point for the younger market because it fits better into their lifestyle giving them the flexibility to decide where the focus of a room should be the buyer will also decide how he wants to use the room the use of furniture means that any space can easily be changed it's a major change of plan but it's Simon and Ava to hit the huge profit margins they're aiming for they've got to keep all their options open in Northampton Mark and Kate's profit is looking a bit of a pipe dream they're four months through their six-month schedule and demolition has only just begun when the roof came off that was a massive milestone that was a that was the finally thank God it started because before that they were just ripping out bits and pieces from inside it just even though they'd be on site for a couple days it still felt like nothing was happening so yeah last set I think it was Monday and part of Saturday no came off because I thought God has happened [Music] but marks optimism is short-lived as the work demolishing the rear building comes to a halt even though it's only two walls and it's only theoretically two days work for demolition we can't do anything because there's a mains primary gas line here which we considered it was secondary our engineers come down it's a primary one it goes up there through there and there's a meter in there that no one's claiming and it's live so nothing else can happen until that's been resolved so could take forever a live gas pipe on site is a nightmare and trying to get the gas board to cap it in double-quick time is putting mark skills as a project manager to the test that's engaged I've got the whole day and when he does finally get through it's not good news it'll be another four weeks until the pipe can be capped it's yet another big blow to his already stretched schedule it started to feel like this development could take a very very long time [Music] eighty miles away in Clevedon and Simon and Dave are still racing along [Music] but I wonder if their desire for speed might come at a cost the new dormer window they fitted is bigger than the one they originally submitted planning and now you've you've made the dormer slightly bigger haven't you yes then you've got permission for yeah so have you put in retrospective time yeah we have it's just quite a dangerous it is unfortunately we've had to make the thermal wider because of the staircase coming up into this space and simple factors we've got some of unit rates falling behind we can't afford to sort of stand sit and wait for the plan to make a certain decision give us a yes or no they might think they can't afford to wait now but it could cost more in the long run if they have to change it back unfortunately two weeks later and that's exactly what they're told to do when planning permission is again refused [Music] undoing all their hard work will cost a lot of time and money Simon has no choice but to try and change the planners minds I just wondered whether now it's built whether there is anything that we could physically work together on and just kind of find a way forward if the dormer has to come down the entire build sheds all will be thrown out of sync and this will severely dent that all-important profit margin in Cleveland on the Bristol Channel developers Simon Reid and Dave Richards transformation of their three luxury flats has hit a snag they've built a dormer window that's bigger than the one in their plans and they've been told to take it down literally 400ml and that is there everything else stays the same using all the charm he can muster Simon needs to change the planners minds okay thanks then why ultimately he's turned round and agreed that it would be stupid to start tearing down something and it's already there and so therefore we just got to send it through some amended plans and I'll sign it off as an amendment but it's really good so they're not all horrible powers they got away with it this time but carrying out building work without planning permission is a risky strategy and not one that you'd recommend work is back on schedule and water settle there three months in and in budget and on time in mark and Kate's Northampton massage parlor it's a different story four months into their schedule and they ought to be fitting out the interiors instead they've only just been able to cap off the gas pipe and there's a long way to go yet to get less of the building down was a relief and because of the delay isn't awesome and that we could start with the grounds work and everything else that seemed to be going on forever and yes it was a relief to get out then finally get the you know some of the fifties in and start seeing some sort of progress but this is still one slow development the problem is the longer it goes on the longer mark and Kate are not earning a single penny from the projects so when they are finally finished they need to sell and sell quickly which means keeping a very careful eye on the property market Northampton has seen an explosion in the number of flats being constructed [Music] three years ago they were selling like hotcakes now the market has slowed and the studios and one beds are particularly difficult to sell I'm not convinced putting a studio in a one bed on the first floor is that good idea so I want to show them a to bed flat nearby yeah I mean the interiors of fat is lovely but I didn't really bring you here to talk about how the interiors the flat looks I mean the thing about it is it's actually it's actually not that much bigger than the space that you're hoping to fit your one bedroom and studio flat and with the amount of space you've got I think it would be worth thinking perhaps about changing that your one bed and your studio flat into a two-bedroom flats possible the idea was it was it that the two smaller the flats the studio and the woman bed was that there you'll get a really nice trendy flat for one first-time buyer who can afford under a hundred grand but I would have thought it would be easy to sell two properties at cheapest tip spices but getting a nice a nice trendy little property I think you'd be right if they were really cheap but I don't think that eighty thousand pounds it was really cheap for a studio flat in that area in in this location I think if it was really cheap and it was fifty sixty thousand and you were churning out Studio flats there'd be a big market for it but you're asking quite a lot of money for for a studio flat it doesn't take them long before mark and Kate come to a decision I think because mark is at the moment and also the delays I've had I think it's probably even more important I've got too much two units on as opposed to putting all my eggs in one basket with one you know and having something that we said for the money there's a lot more out there doing the same just trying to shift their properties whereas if we offer something that a first-time buyer can afford it's you know almost making them alright so you know I mean it might come back and haunt us but I think the best tactic is to leave exactly is so no change here and I also hope this decision doesn't come back and home in Clevedon Simon and Dave have been watching the market closely and know the value of outside space with some lateral thinking they've come up with a way of adding considerable value where this office and container actually stands is quite a good-sized carpark area so what we're proposing to do is landscape part of the carpark to create a garden for the top floor flat most of the apartments in Clevedon are managed units which have communal gardens or no garden at all so turning part of the carpark into a garden will go some way to compensating for losing the roof terrace outdoor space is always going to be a huge bonus and even though you may think there's nowhere to put it there's often a solution if your space is really limited with a bit of imagination even the smallest of courtyards can become a sheet a tall room if the only way is up a flat roof can be turned into a luscious this development in North London had no outdoor space whatsoever but the architect came up with the sensational idea of having a retractable glass roof creating a wonderful sanctuary come rain or shine the property was snapped up as soon as it came onto the market a small garden in the carpark clevedon is a good solution we could have taken the view let's not give them any garden but at least we're creating a space that's going to be relatively private for them out the front all fully enclosed which to my mind is the best alternative really that we can offer there close monitoring of the market has other benefits they've built up an excellent relationship with the local agents who were already managed to generate a lot of interest in the property they're going to try to sell the flats off plan allowing viewers to see an unfinished building can be a risky strategy many won't be able to see beyond the dust and debris of a building site but Simon and dayz think it's worth the gap if they can sell before it's even finished they'll have fewer mortgage repayments and could increase their profits I think you can start to get a feel just my taste this is exactly what I would have chosen myself within a week they've struck gold and sold the two downstairs apartments for a total of 55 thousand pounds more than they'd originally hoped I think we were quite fortunate with the first two apartments that went because it's not very often that people can really get a good idea of it and really have the confidence to buy off the plan Simon and Dave were lucky to find people who are able to imagine their finish development most people went buying off-the-plan need a helping hand and here are a few tricks of the trade that will up your budget but will also give you the best possible chance of seeing an early return on your investment making a miniature of the finished development is an old-fashioned but effective way to help the viewer make the leap between building site and finished product depending on its size a model will cost between a thousand and three thousand pounds but if you want to go more high-tech for the same kind of money you can take your development into a virtual world a more modern approach is to let the computer do the work for you this is the very latest in digital modeling and a very exciting way to see your end results [Music] but there's no substitute for the real thing it's really worth busting a gut to get one property up and running as a show flat but make sure it's the one with the best light noise and views this penthouse show flat in London is as spectacular as it could be it's aspirational stylish and contemporary and you couldn't fail to be sold by it and finally remember to point out to your buyers that in a rising market they're likely to have pocketed a tidy profit by the time they move in in Clevedon the off plan sale of Simon and Dave's two grand Fleur flats is a fantastic result but they still have amazing ette to sell and until they do a profit is still not guaranteed in Northampton any profit is a long way off mark and Kate should just be a month away from finishing but they haven't even finished the extension the tricky site is causing problems there's nowhere to park so receiving deliveries and just getting materials on enough site takes forever mark and Kate have always been determined to stick with their four flats plan shoehorning so many units into this building means that they're going to have to be very clever with a little space they have [Music] the interior design is Kate's job so I want to show her some clever ideas that will make the flats feel bigger what's here they've got these cupboards which are built within the stud work that is really clever actually that's the big tick I shall pinch that and this is really really Trevor they've got these drawers in the stairs they've got the little door for the little shoes a bit bigger drawer and then the biggest of all for the really big sort of awesome really really like that this is another careful idea they've put the radiator behind the door now wherever the door folds back you can't use that space anyway so by pushing the radiator there it means that it folds back against the radiators and it's hidden away it's good idea these ideas could make a real difference the problem is the development is still a building site and all the delays have soaked up so much of the budget Kate's job is practically impossible the holdups are on the flats and obviously eaten into my budget a little bit so I'm having to work harder I looked at a flat with Sarah which had top two floor storage which was very narrow and I really liked sand that was really clever they would love to use that throughout but it just wasn't you know within budget it was it was too much to actually do the harsh truth is Kate can do very little until she has a completed flat to work with and a year and a half after they set out she still hasn't got one the schedule has so far tripled in length and Kate and Mark still haven't earned one penny from the project and they're forced back into the world of small-scale Terrace developments to bring in the readies meanwhile the Northampton site is left on the back burner and I'm really beginning to wonder if it will ever be finished over in Clevedon Simon and Dave are riding high on the sale of their two grand floor flats but have they made the most of their major net by not going open plan and it's such a spectacular view it is a shame that you can't see it and you looked at how it was tangibly going to work on a day to day basis and we opted not to do it you can't be bothered in Northampton Mark and Kate's development has hit setback after setback and 20 months in I still can't see this project being completed any time in the near future I just hope their luck picks up soon over in Clevedon four months after they started simon and de fer finished their former doctor surgery has had its facelift simon and dave have transformed the higgledy-piggledy treatment rooms into three luxury apartments downstairs the two spacious three better part manzara perfect for both Cleveland's wealthy retirement market and young professionals and so were able to be sold off plan [Music] despite not going open-plan and not being allowed the roof terrace the top floor maisonette does look great [Music] all the rooms are perfectly finished and beautifully dressed and what's more they've pulled it all off within schedule [Music] a glass wall at the top of the stairs means the master bedroom gets the full benefit of the light flooding in for the new dormer although the kitchen is a good size and the sitting room has a sea view I can't help thinking that apron plan would have been better suited to a broader market and it's such a spectacular view it is a shame that you can't see it it's darkening beautiful view the way I mean when developing we not only look at the development of the property to sell it we also look at how a tangent tangent begin a work day of course but I mean you can still get from the kitchen through into here yeah absolutely you can the maquis is so for Abby here and it would be burning the arm of it on the fireplace is that we can't cure cooking smells coming through into melange oh yeah we waited we looked at how it was tangibly gonna work on a day to day basis and we opted not to do it one thing you can't criticize these developers for is their ability to control the costs I rarely get to say this but Simon and Dave came in under budget we saved a little money needing after starting the month during little exchange and completion process and in that month we really negotiated the price is down with a lot of the suppliers well I think the lesson to learn from from this development is that you had a very realistic budget in the first place and and whereas whereas many people think of all I'll try and do it for for a hundred thousand and when they're just simply not going to you thought well the realistic figure on this is is quarter million pounds and you came in just under which is actually just good budgeting really there's a real lesson here for first-time developers labor materials were right on the nail at 110,000 pounds electrics and plumbing also came in on budget at 39,000 pounds as their kitchens and bathrooms for all three apartments at 11,000 pounds decorating and landscaping costs came in bang-on at 12,000 pounds legal and sales fees stayed at 69 thousand pounds out of their twenty four thousand pound contingency they spent no more than the three thousand pounds it cost for the garden in the car park this fantastic money management meant they came in 21 thousand pounds under budget at two hundred and forty four thousand pounds this gave them the financial freedom to adapt their plans during the build one of my worries with with the central apartment was the fact that you were never going to get permission for the roof terrace at the back of the house and so it didn't have outside space but I think by creating this private garden with in the car park it's it's a really good compromise the back roof terrace it was maybe slightly ambitious but as you say I think it's a good compromise really for you know I think it's as good as it ever could be it's not absolutely ideal but but stepping down from ideal it's it's pretty close I think you've done well with two flats already sold Dave and Simon now need to sell amazing air for two hundred and twenty five thousand pounds to make their ninety five thousand pound target profit over the whole development it's not a huge lounge but nice and comfortable with a nice Victorian style fireplace this is lovely nice size nice type the windows in the bathroom this slightly tight into the eaves and it's not a huge room the developers have managed to create a section of private garden which I think will be a huge benefit to this slat definitely a bonus with the maisonette in Clevedon I would value this property in the region of two hundred and sixty five thousand pounds I think the value is in the region of two hundred and eighty thousand I would put on the market for two hundred and ninety thousand pounds the three valuations came in at 265 two hundred eighty thousand and two hundred and ninety thousand when all of those figures mean that you'd make a stupendously good profits very successful it's in less than a year basically some seventeen weeks or two days of site time Simon and Dave bought the whole property for four hundred thousand pounds they've spent two hundred and forty four thousand pounds on the conversion if they sell the Mazin end at the top valuation then all three units would have sold for eight hundred twenty-five thousand pounds giving them a total gross profit of a hundred eighty one thousand pounds but that depends on what the potential buyers think of the maisonette nice entrance wall nice-sized kitchen I'm good arrangement if it was my now I would probably knock through that wall this feels actually less crammed than the room upstairs never seen one like that before quite nice have a set at that extra bit of space outside well this is a lovely view wow this is them yesterday resistance I would say it was it's a it's a fair price for this part of Cleveland and with all the bedrooms and garden but it has it's looking good for Dave and Simon it shows a little bit of experience go a long way and would you do anything differently now if you took this house and again yeah what we put the door in about there we were very lucky with this particular development and we knew it was a one-in-a-million and as you can see from our figures it's has been a very profitable project but off the back of that you know they don't come along in Cleveland all the time they don't come along anywhere just two months later Dave and Simon sell amazing air for the top valuation of two hundred and ninety thousand pounds making this development a real success story but what of Northampton well sadly here progress has been slower than ever problem after problem has continued to stall the development and advocator mark i hope this project doesn't put them off developing for life [Music] David Simon's experience may make property development look easy but Northampton shows it can be far from it two years in and Mark and Kate still have no flats finished no flats to sell and profit seems like a distant dream [Music] [Applause] [Music] [Music] [Applause] [Music] you
