Bonds previously employed 77 people at the Dawes Lane site, which was well known for manufacturing high-integrity steel and high-chrome iron castings.
The sale represents the largest single transaction completed in North Linconshire this year.
Duncan Willey, Divisional Director, PPH Commercial confirms that there was significant interest expressed in the property from a number of parties nationally resulting in the agents having to conclude the transaction by way of ‘Best & Final Offers. IA price in excess of the £1.25m guide price was realised..
Mr Willey said: “I am delighted that we have completed the disposal which represents the largest industrial sale achieved locally this year. It goes to show that despite the concerns earlier in the year regarding British Steel and more recently COVID 19 that there is good demand for large freehold industrial premises.
“The site area is 20.62 acres with built accommodation of over 186,000 sqft approx. so there is scope for further development and for outside storage capacity.
The property benefits from large-scale electricity and gas supplies, together with a range of cranes and a 50-tonne weighbridge, which make it a very attractive proposition and hence the good response received to the marketing efforts.“
The Dawes Lane site, which dates back more than 100 years, was originally built as a munition factory.
PPH Commercial were instructed with Avison Young to market the property on behalf of the Administrators of Bonds, Deloitte LLP