Homes Under The Hammer's Martin Roberts 'cries' after £1million property 'destroyed'
A £1million London property on Homes Under The Hammer was redeveloped into flats by the buyer and viewers were not amused.
Homes Under the Hammer: Martin Roberts 'cries' over homeowner's decision
A Homes Under the Hammer buyer's plans for a stunning £1million property in Clapham drove host Martin Roberts to "tears" and caused viewers of the BBC show to rage as they planned to convert the luxury home into flats. Many of the buildings in the area, which is just five minutes from Clapham Junction station, are already split into flats and Martin was impressed to find one that was still a home.
Viewing it in September 2019, it boasted many original features and wooden flooring throughout. The 2,000-square-foot property had a guide price of £1,150,000 and Martin was seriously impressed by it.
He did realise the potential for conversion though and commented on it before the auction. "This unfortunately will probably fall into the category of a property that someone will want to convert into flats. It's a shame really but probably financially it is the thing that makes the most sense."
His fears were proved correct when a PhD finance student purchased it for £1.2 million. He had appeared on the show before with a house in Fulham which he hoped to convert into flats but he was foiled by the council who wouldn't grant permission for a change of use. He was far more confident about this property and intended to create three flats - a one, two, and three-bedroom.
"So that's the plan, is it? To convert it into flats?" Martin enquired as he feigned crying. "It is so nice to find a house that is still a house. It's quite unusual," Martin lamented.
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This delay had also caused the budget to creep up and at that stage, the project had cost half a million on top of the purchase price. It also affected the ability to sell the completed flats because of the disruptive excavation works which meant an essential certificate couldn't be granted.
The show returned a second time 14 months later and learned that the two-bedroom had sold for £750,000 while one-bedroom went for half a million. The conversion had cost £600,000 bringing the total spend to £1.8milion. When an expert was asked to value the three-bed flat they put it at £975,000 to achieve £950,000
This was unacceptable to the buyer though who indicated that they would be looking for above £1million for the flat.
Homes Under The Hammer is on BBC one daily at 11.15am.