The former Tulip factory near Boston is being sold at a public auction.
The factory, in West End Road, Frampton, was once used to produce food for Marks & Spencer but was closed last year.
Tulip formerly employed 6,000 people across the UK and also had factories in Ruskington and Spalding. The company was sold for £290m last August to Pilgrim’s Pride Corporation.
The estimated price of the factory is between £475,000 and £500,000.
Peter Mayo of Acuitus, the company in charge of the auction, said: “The Tulip Factory building is an encompassing site positioned within a largely residential area.
“Subject to consents, it has the potential to be redeveloped into new homes under a new buyer.”
The site comprises approximately 1.8 acres of space, with a 40,000 sq ft industrial building and car park.
The auction will take place on July 9 at 2pm and will be broadcast via livestream on the Acuitus website and is open to remote bidding.