Cartwright Bros site sold for seven figure sum

The 78,733sq ft unit including a four-bay warehouse and an external yard on Freeman Road in North Hykeham, Lincoln was sold to a local occupier.

Ben Holyhead at Watling Real Estate, said: “Given the critical shortage of standing freehold industrial stock within Lincolnshire and the wider East Midlands, and with the cost of developing new accommodation exceeding £100 per sq ft, we anticipated strong interest in this unit.

“We were pleased to achieve the asking price of £3.3m following a competitive bidding process and to conclude the sale in a timely fashion.

“It’s great to see this unit acquired by a local occupier, providing them with much needed space to expand their business, as well as providing valuable employment opportunities for the local economy.”

Cartwright Bros (Haulage) entered administration in June, blaming a number of brutal challenges, including a rise in diesel prices, the impact of Covid-19, HGV driver shortages created by Brexit, government red tape and the war in Ukraine, which hit supply chains and saw parts prices leap.

The haulier started in 1944 with just one lorry and at its height it was operating more than 60 wagons on the roads.

It was also a member of Fortec and offered storage solutions across Lincolnshire, with over 200,000sq ft of warehousing space spread across three sites.