The Old Exchange, Broadwindsor, Dorset, £97,500

What it is: The Old Exchange, as its name suggests, was originally built to repeat the telephone signals coming down the line and send the messages on around west Dorset. Sold off years ago, the building was used as a furniture-repair workshop before being sold at auction three years ago for £61,000. The owner has gained planning permission to convert the ground floor for business use together with a cloakroom, and to create a one-bed flat on the first floor.

In an area of outstanding natural beauty, a 20-minute drive to the Dorset coast, Broadwindsor is three miles west of Beaminster, seven miles north of Bridport and 13 from Lyme Regis.

The problems: As a former furniture workshop, the brick-built property is a dusty shell, more of a glorified garage than a possible home. The new owner will need to spend about £30,000 raising the roof, to gain the necessary ceiling height, install stairs, roof lights and windows, and put in a kitchen and bathroom. All mains services are connected, apart from gas.

With its planning restrictions, the ground floor could be turned into a studio or a home office.

The advantages: It’s not a weekend cottage or bolt hole but, says the selling agent, it is perfect for anyone who wants to get away from the city and set up in business.

Once converted, the Old Exchange could sell on for about £150,000 but, if the live/work restriction was lifted, it could go for upwards of £200,000. Prices in the area have been “going up like mad” according to the agent, who predicts another good year with growth of between 5% and 10%.

Symonds and Sampson, 01308 863 100, www.symondsandsampson.co.uk; West Dorset district council, 01305 251 010, www.dorsetforyou.com

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