An ‘unremarkable’ Chinese takeaway stunned auctioneers after it sold for an astonishing four times its asking price.
The Caerphilly-based takeaway, previously called Kwong Ming, sparked an intense bidding war during online auctions.
The modest store, previously two retail spaces combined into one, was left in a dingy state – with a disused microwave and mop bucket lining the outdoor area and the kitchen piled high with crockery, bin bags and Tupperware.
But the double-fronted property attracted the attention of numerous bidders – although the possibility of the store being split back into two spaces wasn’t the main reason people were keen to buy it.
The property, located on Pontygwindy Road, saw a real online activity, resulting in 157 bids from five determined participants.
A Chinese takeaway in Wales has sold for an astonishing four times its asking price – demonstrating the hidden value of seemingly mundane properties
The Caerphilly-based takeaway, previously called Kwong Ming, looked average and had rubbish in it
The kitchen in the takeaway was full of crockery, bin bags, cutlery and Tupperware
At the time of the sale, the retail space was let to a Chinese takeaway restaurant for £650 per month. Wales Online.
The property also included an owner’s flat above the takeaway and a maisonette at the rear, rented for €216.67 per month.
Auctioneers suggested the property could be suitable for conversion back into two separate units, subject to obtaining the necessary planning permission.
Despite being listed with a guide price of just £60,000, the property eventually sold for an impressive £221,000 after the new owner finally accepted the order.
Debra Bisley of Paul Fosh Auctions said: ‘It’s fair to say there has been a real battle between the various bidders to secure this property, located on the main route through the historic town of Caerphilly.
‘A total of five bidders got their act together and submitted a whopping 157 bids, with the final successful bid coming in at £221,000.
‘Sometimes it is the relatively inconspicuous lots that generate the most interest, which was certainly the case with this property.’
The property’s prime location, close to Caerphilly Castle and the city centre, has contributed significantly to its popularity.
The takeaway was left with a disused microwave and piled-up furniture in the overgrown backyard
A mop bucket, empty plant pots and plastic boxes line the side entrance to the car park behind the takeaway
The modest business premises, previously two retail spaces combined into one, was left in a dingy state
The unit was let to a Chinese Takeaway and was rented for £650 per month, including the owner’s living space on the first floor
In addition, the property included an owner’s flat above the takeaway and a maisonette at the rear, rented for €216.67 per month
Despite being listed with a guide price of just £60,000, the property eventually sold for an impressive £221,000
The property, located on Pontygwindy Road, saw a flurry of online activity, resulting in 157 bids from five determined participants
High footfall from passing traffic also contributed to its appeal as a profitable business venture.
However, Debra revealed that it is the rarity of properties with A3/A5 licenses (takeaways) in the current market that increases their desirability.
She explained: ‘At the moment, properties with A3/A5 licenses are difficult to obtain, therefore there is a high demand for properties when they become available.’
It comes after a derelict house overgrown with ivy sold for £150,000 above asking price, despite neighbors revealing it is a ‘nightmare’ living next to the derelict property.
The three-bedroom house in King’s Norton, Birmingham, was dubbed the ‘unofficial safari park’, with one neighbor saying he would never buy it in a million years – but one buyer paid seven times the £25,000 guide price.