What it is:Five Grade II-listed stone barns set around two courtyards in the grounds of Knorren Lodge, a Victorian country house. There is planning permission for their conversion into five live/work units, each with a private garden and parking for residential and business use. They lie on the outskirts of Kirkcambeck, a small village 10 miles from Carlisle.

The problems:It’s a big job for an individual. “You’d need to have the know-how to do it properly,” says Audrey Paterson, a senior sales negotiator in Smiths Gore’s Carlisle office. The barns are dilapidated, and turning them into habitable properties could take up to a year. You wouldneed a hefty amount of capital: Paterson estimates that it would cost £525,000 to develop the properties. Moreover, because they are listed, planning permission is strict and the external structure must be retained. Would-be purchasers would have to connect the barns to mains services, install a waste-treatment plant and create four bat roosts.

If at any time the new owner should gain full residential planning permission, they would have to be prepared to share the proceeds. The vendors have included a clawback clause, valid for 30 years, entitling them to 50% of any uplift in profit achieved by gaining more lucrative planning consent.

The advantages:The numbers add up. According to Paterson, the overall sale value of all five properties would stand at about £1.05m (four at £225,000 and one at £150,000), which leaves the wannabe developer with a clear profit of £130,000. “This part of Cumbria, with its beautiful scenery and easy access to Carlisle, is an increasingly popular place for homeworkers,” says Paterson, who believes that selling the properties shouldn’t be too difficult – depending on market conditions, of course.

Smiths Gore; 01228 546400, www.smithsgore.co.uk

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