A BUYER spent a jaw-dropping amount on a property and ended up making a significant amount of profit.
Last night's episode, saw host Martin Roberts travel to Clapham.
The first property that was shown was a four-storey, family home – and Martin was impressed.
“Oh my golly gosh. It’s immediately giving off a sense of old fashioned glorious London house, it is a property charm," Martin said.
The property was purchased at auction by PhD finance student Xiulin, who spent an eye-watering £1.2million to get the property.
However, when Martin visited with Xiulin, he was unhappy to learn that he had plans to transform the historic family home into three flats.
more on Homes Under The Hammer
HOME RUN
Martin Roberts teases 'incredible' Homes Under the Hammer milestone
HELL HOUSE
Homes Under The Hammer's Martin Roberts appalled as couple commit 'cardinal sin'
Xiulin had a budget of £300,000 to £400,000 and a one-year deadline to finish the work.
Homes Under the Hammer returned 21 months later to inspect the completed renovations.
The one-bedroom apartment was contemporary, with an open-plan kitchen and living area.
Elegant elements like as matte black taps and fittings and magnificent 20s-style wall lighting in the bedroom completed the property.
Most read in TV
RUNNING MAN
From the route to how to track him – the lowdown on Vernon Kay’s ultramarathon
BIG BID
WAG top of ITV wish list for Celeb Big Brother as bosses hope she’ll stir things up
NO SHOW
MAFS UK groom QUITS reunion as he snubs show following dramatic marriage split
BOO WHO?
Stacey Solomon fans panic after seeing ‘creepy detail’ in new family photo
Xiulin had managed to successfully create three flats over four floors.
He explained that he had overspent on the project, spending £500,000 to guarantee the units had a "premium finish."
This put Xiulin’s total spend at £1.7 million.
The three-bedroom flat was priced at £950,000, the two-bedroom flat at £750,000, and the one-bedroom unit at £550,000 – which equalled a total of £2.25 million.
Xiulin intended to sell all three flats, making a £500,000 pre-tax profit.
Source: Read Full Article
