James, who works out of Caxtons' Canterbury office, specialises in commercial property and was pleased when this popular daytime programme, known primarily for featuring residential properties sold at auction, asked for his input.
The property under the hammer on this occasion was a former travel agency in a conservation area in the centre of Ashford.
Located over four floors, this prime property was sold at auction in March 2013 for £114,000. Having applied for and been granted change of use the new owner set about extensive refurbishment, dividing the property into a retail unit on the ground floor with a staff area in the basement, creating a new access to the two floors above, which were then converted into a two-bedroom maisonette. The entire refurbishment cost in the region of £43,000 making a total investment for the purchaser of £157,000.
A year on, James was asked to value the property both for resale and letting purposes.
He was spot on with the rental value of the shop premises – which are now let as a delicatessen – at £14,000 per annum and gave an estimated rental value of £650 a month for the two-bedroom maisonette. He recommended that if the entire property were sold with sitting tenants in both the shop and maisonette that it would achieve between £200,000 and £225,000.
James said: "It is extremely interesting to observe what buyers can do with a property bought at auction. On this occasion the sale price exceeded the guide of between £100,000 and £105,000. However, following a full refurbishment the new valuation on this property has proved it is a good investment."
Homes Under The Hammer series 18, episode 19 was screened on 1st July and is available via BBC iPlayer at www.bbc.co.uk/iplayer/episode/b048s27r/homes-under-the-hammer-series-18-episode-19.