Bidding battle on the menu as south Wales town centre restaurant property sells at auction

A bidding frenzy was the order of the day when a tasty South Wales high street takeaway in a plum south Wales town centre location was on the menu at auction.

Bidders with an appetite for the ideally located restaurant, owners flat and maisonette, went head to head to secure the lot at the online sale.

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 Newport-based 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, at 21- 23 Pontygwindy Road, Caerphilly, has two street level retail units which have been converted into a single large unit and which  is currently let to a Chinese takeaway. The units including owner’s accommodation on the first floor, is let at £650 a month.

” Subject to the relevant consents the property may be suitable for conversion back into two units.

“Accessed via the rear of the property there is also a maisonette, this property is let at £216.67 a month. Subject to the relevant consents the maisonette may be suitable for further development.

“Situated on the main thoroughfare through the town of Caerphilly the restaurant has plenty of footfall from passing traffic. It’s located in a prime location within close proximity of world famous Caerphilly Castle and Caerphilly the town centre.”

The next Paul Fosh Auctions online sale starts at 12 noon on Tuesday, June 18 and ends from 5pm on the first day of summer, Thursday, June 20.