'Unexceptional' Chinese takeaway sold for FOUR TIMES its asking price

'Unexceptional' Chinese takeaway sold for FOUR TIMES its asking price

• The double-fronted Chinese takeaway, based in Caerphilly, was listed for £60K
• The potential of two spaces wasn't the main reason people were so keen to buy it
• READ MORE: Properties selling for less than expected as number of sales fall

An 'unexceptional' Chinese takeaway stunned auctioneers after it sold for an astonishing four times its asking price.

The Caerphilly-based takeaway, formerly named Kwong Ming sparked an intense bidding war during an online auctions.

The modest shop, formerly two retail spaces combined into one, was left in a grubby state - with a disused microwave and mop bucket lining the outdoor space and the kitchen piled high with crockery, bin bags and Tupperware.

But the double-fronted property's captured the interest of numerous bidders - although the potential for the shop to be split back into two spaces wasn't the main reason people were keen to purchase it.

Located on Pontygwindy Road, the property saw a frenzy of online activity, resulting in 157 bids from five determined participants.

At the time of the sale, the retail unit was leased to a Chinese takeaway for £650 per month, according to Wales Online.

Additionally, the property included an owner's flat above the takeaway and a maisonette at the rear, rented out for £216.67 per month.

Auctioneers suggested that the property might be suitable for conversion back into two separate units, subject to obtaining the necessary planning consents.

However, despite being listed with a guide price of just £60,000, the property was ultimately sold for an impressive £221,000 after its new owner eventually had their order accepted.

Debra Bisley, of Paul Fosh Auctions, said: 'It's fair to say that there was a real battle among the various bidders to win this property, which is located on the principal route through the historic town of Caerphilly.

'In all, a total of five bidders got the bit between their teeth and cast a phenomenal 157 bids with the final successful bid being £221,000.

'It's sometimes the relatively unexceptional lots that create the most interest, which was certainly the case with this property."

The prime location of the property, near Caerphilly Castle and the town centre, contributed significantly to its popularity.

The high footfall from passing traffic also added to its appeal as a money-making business venture.

However, Debra revealed that it's the rarity of properties with A3/A5 licenses (takeaways) in the current market that elevated its desirability.

She explained: 'At the moment, properties with A3/A5 licenses are hard to come by, therefore there are high levels of demand for them when they do become available.'

It comes after a dilapidated home overrun by ivy has been sold for £150,000 above its asking price, despite neighbours revealing it is a 'nightmare' to live next door to the run-down property.

The three-bedroom house in King's Norton, in Birmingham, had been dubbed the 'unofficial safari park' with one neighbour saying they wouldn't buy it in a million years - but one buyer paid seven times over its £25,000 guide price.