Help: Baking multiple textures to a new texture in Cycles


After two days of trying every combination I can think of I’ve decided to ask here before I drive myself mad…

In my simple example I have made a shed, which is one object, with a material for the felt roof and a material for wooden sides. I’m using UV mapped tiled textures in each material.

I would like to consolidate all this to one new 1024x1024 texture with the wood and felt texture on.

If that does’t make sense, EXACTLY as is done in this video using Blender Render baking:

I have done it as per the video in Blender Render but no matter what I tried the quality wasn’t good. And all my work is in cycles and I’d like to keep it that way.

Any help would be hugely appreciated because I feel I’m wasting too much time on this.