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.
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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.
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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.
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