Lincoln-based packaging business Poly Postal Packaging has acquired the freehold of warehouse premises on the city’s Cardinal Close in an off-market deal negotiated by Edison’s incorporating Banks Long.
Acting on behalf of the vendor, who was also the owner occupier, Eddisons secured the sale of Unit 11 Newporte Business Park. It’s a detached warehouse premises of 15,490 sq ft, plus an additional 8,698 sq ft mezzanine, on a 0.78 acre site just off the Outer Circle Road to the north east of the city.
Previously in leased premises on Freeman Road, in the North Hykeham district for almost 16 years, Paddy Micklefield, founder & Md of the packaging business, said he had been seeking new freehold premises for around seven years before being approached by Eddisons.
He said: “The business has expanded and diversified so much since I started in 2005 as a sole trader on the e-bay platform. Our previous location had become restrictive. We now have plans to expand including a new packaging shop which includes our existing counter click & collect services.”
William Wall of Eddisons incorporating Banks Long & Co led the agency’s negotiations on behalf of the vendor following its leasing of new, larger premises through Eddisons at Swinderby Industrial Park, Lincoln.
He said: “Lincoln’s growing profile as an increasingly viable logistics hub is seeing strong demand for freehold opportunities by investors & owner occupiers, alike – but availability remains squeezed.
“Knowledge of active players in the local market certainly helped us achieve best value for our client in this deal.
“While the value of the freehold sold remains commercially confidential, the off-market sale of Unit 11 reflects the nature and the strength of the local industrial market.”
