Collapsed haulage firm’s property sold for over £3m

A 78,000 sq ft industrial property in Lincolnshire, previously home to the family-run haulage company Cartwright Bros, has been sold for £3.3m.

Ben Holyhead and Chris Davies from Watling Real Estate’s Birmingham office were instructed by Elizabeth Welch and Matthew Ingram of Kroll, who were appointed as joint administrators of Cartwright Bros (Haulage) in June of this year.

The unit, located on Freeman Road in North Hykeham, Lincoln, was sold to an unnamed local business.

Holyhead 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 £3.3 million 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.”

The administrators received legal support from Shoosmiths, while Gordon Brothers provided advice on plant and machinery.