An “unexceptional” Chinese takeaway stunned auctioneers after it sold for a staggering four times its asking price.
The Caerphilly-based takeaway, formerly called Kwong Ming, sparked an intense bidding war during an online auction.
The modest shop, which was previously two commercial spaces combined into one, was left in a dirty state – with a disused microwave and a washing up bucket in the outside space and the kitchen cluttered with crockery, rubbish bags and Tupperware.
But the double-front property caught the interest of numerous bidders, although the ability to split the store into two spaces was not the main reason people were interested in buying it.
Located on Pontygwindy Road, the property saw a flurry of online activity, resulting in 157 bids from five determined bidders.
A Chinese takeaway in Wales sold for four times its asking price, demonstrating the hidden value of seemingly mundane properties.
The Caerphilly-based takeaway, formerly called Kwong Ming, looked ordinary and had rubbish piled up inside.
The kitchen of the takeaway restaurant was left full of dishes, garbage bags, utensils and Tupperware.
At the time of the sale, the business premises were rented to a Chinese takeaway restaurant for £650 a month, according to wales online.
In addition, the property included a landlord’s apartment above the takeaway and a maisonette to the rear, rented for £216.67 a month.
The auctioneers suggested the property could be suitable for conversion back into two separate units, subject to obtaining the necessary planning permission.
However, despite being listed with a guide price of just £60,000, the property ultimately sold for an impressive £221,000 after its new owner’s request was finally accepted.
Debra Bisley, of Paul Fosh Auctions, said: “It is fair to say there was a real battle between the various bidders to win this property, which is located on the main route through the historic town of Caerphilly.
‘In total, a total of five bidders got to work and submitted a phenomenal 157 bids, with the final winning bid being £221,000.
“Sometimes it is the relatively unexceptional lots that generate the most interest, as was certainly the case with this property.”
The property’s prime location, close to Caerphilly Castle and the town centre, contributed significantly to its popularity.
The takeaway was left with a disused microwave and furniture piled up in the overgrown backyard.
A mop bucket, empty flower pots and plastic boxes line the side entrance to the car park behind the takeaway restaurant.
The modest retail unit, previously two commercial spaces combined into one, was left in a dirty state.
The unit was let to a Chinese takeaway and was rented for £650 a month, including the owner’s accommodation on the first floor.
In addition, the property included a landlord’s apartment above the takeaway and a maisonette to the rear, rented for £216.67 a month.
Despite being listed with a guide price of just £60,000, the property ultimately sold for an impressive £221,000.
Located on Pontygwindy Road, the property saw a flurry of online activity, resulting in 157 bids from five determined bidders.
The large influx of traffic also contributed to its appeal as a profitable commercial enterprise.
However, Debra revealed that it is the rarity of properties with A3/A5 (takeaway) licenses in the current market that has elevated its appeal.
He explained: “At the moment, it is difficult to find properties with A3/A5 licences, so there is high levels of demand when they become available.”
It comes after a dilapidated house overrun by ivy sold for £150,000 above its asking price – despite neighbors revealing it is a “nightmare” to live next to the derelict property.
The three-bedroom house in King’s Norton, Birmingham, had been dubbed the “unofficial safari park” and one neighbor said they wouldn’t buy it in a million years, but one buyer paid seven times its guide price of £ 25,000.
