From the "old bill" to the "old pill"…a former police station in Hyson Green is set to become a 100-hour pharmacy.

The former police station at 43A Gregory Boulevard in Hyson Green sold at an heb auction for a mighty £537,000 - more than twice the guide price of £225,000.

The buyer, Mohammed Shiekh, is to transform the 335 sq m property into a pharmacy. After extensive bidding between several keen buyers, the property belonging to Nottingham City Council, ended up in a bidding war between two parties.

Matt Hilton, partner at heb who conducted the auction at the Nottingham Belfry Hotel, said: "There was huge interest in this lot, and many people turned out to bid. All in all, bidding went on for a prolonged period of time and, at one point, several buyers were battling it out."

The two-storey building in the busy Hyson Green shopping area, will be a pharmacy, opening from 7am to 10.30pm every day, said Mr Shiekh.

"There is a medical centre just behind the building and so we felt it would be a good opportunity to turn it into a pharmacy. It is a busy route, from the city centre out to Mansfield, so it will attract passing trade.

"The building has a great deal of parking space which will be perfect for the business."

Mr Shiekh said he expected that work would start on the building this year, with the pharmacy opening early in 2010.

In heb's third auction, just under £1 million of commercial and residential sales were made on the day. Another £1 million in sales are expected to be secured following the auction.

"It was satisfying to dispose of lots over the guide prices, proving that auctions are proving to be a good way of selling unwanted property - or picking up a bargain," said Matt.

In its three auctions this year, has disposed of more than £5 million of property in 2009. Its next auction will be in October 2009 - and the company has already taken lots to be included in the sale.

Reports say that property being sold at auction has increased dramatically in the economic downturn. Matt agrees, saying that the trend is set to continue, and the company set up its own auctions division early in 2009 to meet growing demand.

The auctions division is doing well when the current property market is struggling, says Matt.

"Auctions are becoming more popular because properties are being repossessed, because people with cash to spend have a wider choice - and because there is a definitive time frame if you are selling," he said.

"There has definitely been an increase in auctions in Notts - in line with the trend for more auctions all over the UK. There has been a big increase in repossession and property agents are anticipating that this will continue to increase this year. Both commercial and residential agents have had a bad time in the last 18 months and auctions are a good way to generate sales - and confidence. It could be that the auctions success could have a knock-on affect on ordinary sales outside the auction room.

"Of course, another reason for the increase is that auctions are another outlet for clients to raise funds within a definitive time period. If you have something to sell, and your price is realistic, then you know that a sale can be made with the minimum of fuss, and time."

Buying a property at auction is fast emerging as a popular method of buying commercial property - and residential, with around 21,000 homes going under the hammer each year.

There has been a 60% increase in the number of properties being bought and sold at auction since 1998, according to a leading provider of auction information

Heb's next auction will be held on Tuesday 20 October at 2.30pm at the Nottingham Belfry Hotel, Mellors Way, Nottingham NG8 6PX. Deadline to submit lots will be on 15 September.