What it is: A distinguished former farm building and associated steading that are now in an advanced state of collapse. The main building is of stone, and the original roof was probably slate but almost nothing of it remains. With its double-bayed front wall, however, it is clear that this was a pretty special place in its day. It could become one again, as it is being sold with full planning permission for conversion into five units. They will include a one-bedroom bungalow, two semi-detached villas, a three-bedroom villa and a four-bedroom villa, fashioned from the original farmhouse.

The problems: This is a big project, with an asking price to match. Added to that, a building that has been allowed to deteriorate to this extent can be quite a challenge to bring back from the dead. Once wallheads become exposed and start to let in water, the structure of the walls themselves can become completely undermined, with the result that they need rebuilding from the bottom up. Because the building is listed, there will be higher quality thresholds to reach than would otherwise be the case.

The advantages: There is a case to be made that, whatever the travails of the current market, Ayrshire is still on the up. Improved accessibility and the gradual fading of the physical scars of its industrial past make it an inexpensive place to enjoy accessible, open rolling countryside. A few months ago, there would have been a stampede of developers heading for an opportunity like this. Today, a private buyer might have an easier time. It would be an ideal place to create a home and a few letting units to provide income for the future. Indeed, someone with building experience could do the work as they went along. It will take deep pockets, but the end result could be stunning.

Howat Associates, 01290 553 055 www.howats.co.uk

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