The story of the Old Kent Road Off-Licence is an excellent example of spotting opportunities when they arrive.

This unprepossessing property came up at an auction the directors were attending in order to bid on something else.

As soon as they spotted it they saw a favourable ratio between the purchase price, the cost of refurbishment and the property's future rental income. Indeed the potential income was so favourable they purchased the lot 'sight unseen'.

At first viewing, less seasoned buyers may have been brought up short. The roof was partly missing, dead pigeons littered the upper floors and the place was infested with fleas.

However, the roof was quickly replaced, the upper floors gutted and fumigated, and the three flats it contained were all refurbished to a good standard.

Within a few months the three flats were all ready to let, tenants were found and the combined rental income from the flats and the ground-floor shop gave a notional resale value to the property of approximately double the purchase and development costs.

But YDP chose not to sell immediately, and for some years enjoyed a stable income from what proved to be, in relative terms at least, one of its most profitable purchases.