Receivers were toasting a good price for a former pub in Camborne when it smashed its guide price at auction.

The former Regal Hotel, also known as the Lounge Bar, in Church Lane was among the West Country lots listed for sale by the regional land and property auctioneers Clive Emson Auctioneers. Auctioned on the instructions of the joint receivers, it sold for £150,000 freehold.

It includes bar areas, a servery, kitchen, stores and toilets on the ground floor as well as a total of nine bedrooms, five ensuite, on the first floor plus a self-contained flat on the second.

Auctioneer Graham Barton said: “A bidding war broke out for this property. It was good to see bidders recognise the vast potential of the site with extensive accommodation on the first floor and a manager/owner’s flat on the floor above. The new owner may wish to restore it to its former glory or follow some redevelopment scheme subject to the necessary consents.”

The buyer was a local investor with existing business interests in the region although he didn’t disclose his plans for the property.

Also at the action, a spacious three-bedroom house at Roskear Road in Camborne sold for £105,000, close to the top of its freehold guide. It has been previously let at £9,000 per year which if re-let at the same figure will give the purchaser a gross yield of just over 8.5 per cent.

A former coffee shop in Redruth town centre trebled the lower estimate of its guide price. The Carpenters Coffee House in Knights Arcade fetched £40,000 in a bidding war, well above its freehold guide of £10,000 to £20,000.

Mr Barton said: " The premises are well located in a peaceful setting just off Redruth’s principal shopping street. The strong competition for this property shows that confidence is continuing to return to the high street. The new owner has the opportunity to breathe new life into it as a café or for an alternative commercial use or even residential redevelopment perhaps upwards subject to the necessary consents.”

A local buyer acquired the property and has plans for a commercial venture, for which he hasn’t yet revealed details. Also in the Redruth area, a block of amenity land in Treleigh sold for nearly six times the lower estimate of its guide.

The plot, known as Land Wheal Prussia, fetched £29,000. Measuring an acre and a third, including a sizeable parking and turning space, it was placed at auction by Cornwall Council with a freehold guide of £5,000 to £10,000.

A detached house with two bedrooms in West End, St Day, beat its guide price by £52,000, selling for £117,000 after a fierce bidding war.