graham penny

A FORMER Derby restaurant that closed earlier this year has been sold double its guide price.  Hong Shing closed its doors shortly after receiving one out of five in a food hygiene inspection.

The building, at 128 London Road, is in a prominent part of the city and had been expected to sell for around £70,000 but, at a Graham Penny property auction at the iPro Stadium, the building sold for £140,000.

It was among several Derby properties that sold for a higher price than expected. A former NHS care in the community premises at 63-63a Duffield Road sold for £613,000, more than double its guide price and a building plot at 9 Somme Road, in Allestree, which has planning consent for a four-bedroomed chalet bungalow and garage, also sold well at £181,000 from a guide price of £160,000.

Auctioneer Graham Penny said competitive bidding in the auction room, which included telephone bidders and online buyers, meant the auction raised £4 million in sales for vendors.

He said: “Our catalogue proved very popular this month, particularly the first and last lots, which both achieved sale prices much higher than the vendors expected, thanks to multiple bidders on the day.  All types of lots sold well, not just residential properties. Mixed use, commercial and land lots all achieved good sale prices, highlighting the growing popularity for property auctions, not only in Derby but with buyers across the UK.”