While many of us have a vision of our ideal property , few of these will be unmodernised wrecks. However, with some (sometimes considerable) vision, these wrecks can be transformed into your dream property. In fact, the benefits of doing so can be very rewarding. Not only do you have the chance to work from a blank canvas and adapt the floor plan to your exact needs, you can save a fortune on the total cost and even sell for a healthy profit.

With that in mind, here are five of the best properties with the most potential;

1. Studio flat, Primrose Mansions, Prince of Wales, SW11

£550,000 – 956 year lease

With views of Battersea park and a good sized balcony, this property could be transformed into a stunning pied-a-terre and is excellent value when compared to the Nine Elms properties round the corner.

John D Wood, Battersea for more details – +44 (0)20 3151 0372

John D Wood – Link

2. Mews house, Clapham, SW4

£3,500,000 – freehold

Potential to create a 9 bedroom mews house, if your family is large enough. Looking at the layout, we would love to turn this into two large flats and then sell off one to make an instant return. Of course, you could always rent the other out and enjoy the capital increase over the years!

Foxtons, new homes South – 020 8772 8040

Foxtons – Mews house link

3. St Andrews Sq, Notting Hill, W11

£730,000 – 999 year lease

This ex local has a great opportunity to be turned into a desirable 3 bedroom maisonette. By converting the loft space, it would add around 300 sq ft and the third bedroom. The next door property that has been done is now on the market for £920,000. Even if you sold immediately, there appears to be a healthy profit!

Winkworth, North Kensington – 0207 792 5000

Winkworth – Link

4. Eaton Square, Belgravia, SW1 W

£30,000,000 – 63 year lease

Do you have £30 million burning a hole in your back pocket? In which case this could be the flat for you. A sound investment on Eaton Square and with potential to turn into something truly spectacular. However, it only has 63 years left on the lease which will get very expensive. Can you really put a price on perfection?

Ask Savills if you think not – +44 (0) 20 7730 0822

5. Blenkarne Road, Battersea, SW11

£675,000 – Freehold

Vison, vision, vision! You are literally buying an empty plot. With property prices where they are though, this could be an excellent purchase and gives you the opportunity to create a complete ‘self-build’ home. With planning permission already granted, this is suddenly not such a mad buy when you will end up with a 950 sq ft, 2 bedroom house.

Unmod London – 020 7223 3338

Unmod London – Link

Twitter @mypropertyeye for information on new development opportunities as and when they come to market.