How this average looking property sparked bidding war and sold for four times its value
The Chinese takeaway in Caerphilly was once two shops now one and has an owner's flat above and a maisonette to the rear. It attracted a flurry of bids at an online auction.
Next time you pop into the chippy around the corner or phone the local Chinese takeaway to place an order to pick up maybe appreciate how special they are because, if a recent property auction is anything to go by, they could well be a little pot of property gold.
Most of the time it's the derelict homes or weird and wonderful properties listed within an auction house's online catalogue that grab the most attention, but sometimes the buildings that look the most mundane are the ones that cause an unexpected frenzy of online bids on auction day.
This Chinese takeaway in Caerphilly that was once two retail units and is now one single commercial premises became the subject of a recent online auction that saw a frenzy resulting in 157 bids being placed to snap up the well-placed property, reports Wales Online.
At the time of the online sale with Paul Fosh Auctions the retail unit was let to a Chinese takeaway at £650 a month. The property is also hiding an owner's flat above the takeaway and a maisonette at the rear of the property which, at the time of the auction, was being let at £216.67 a month.
The property was once split into two retail units rather than the single space seen at auction, and at the time of the online sale, the auction company suggested that it may be suitable for conversion back into two units, subject to the relevant planning consents.
Listed with a guide price of just £60,000 a new owner eventually had their order accepted and took away the property after bidding almost four times the list price.
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 principle 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 most interest, which was certainly the case with this property."
The property occupies a prime location on Pontygwindy Road, Caerphilly - a main thoroughfare through the town and so enjoys plenty of footfall from passing traffic as well as being within close proximity to Caerphilly Castle and the town centre.
So, when thinking of the building as a money-making business, the location certainly contributed to its popularity. However, the extra tasty aspect of the sale that made it more popular than most people would expect is its rarity.
Commenting on the price achieved and popularity of the property Debra, added: "At the moment properties with A3 / A5 licences (takeaways) are hard to come by, therefore there are high levels of demand for them when they do become available."