Watling Real Estate has completed on the sale of a substantial industrial unit in Lincolnshire for £3.3m.
Ben Holyhead and Chris Davies in the Birmingham office of Watling Real Estate were instructed by Elizabeth Welch and Matthew Ingram of Kroll, who were appointed joint administrators of Cartwright Bros (Haulage) Ltd in June this year.
A sale of the 78,733 sq ft unit on Freeman Road, North Hykeham, Lincoln was secured to a local occupier.
Ben 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 were supported by law firm Shoosmiths, with plant and machinery advice provided by Gordon Brothers.
