Volunteer fire crews from across the district were called to Hadstock Farm on Corbetts Rd, Springston, at 3am.
Rolleston chief fire officer Cam Kenyon said the shed was fully alight when crews arrived.
“The fire was probably about 20m by 30m. It was well ablaze,” he said.
The Rolleston brigade was backed up by crews from Burnham, Lincoln, Dunsandel, Leeston, and Wigram, which remained on the scene until about 7.30am.
Kenyon said they focused on stopping the fire from spreading to other nearby structures.
Owners John and Cynthia Chamberlain said, despite the fire, the farm is still operating as normal.
John said the shed contained a range of items, including a large number of daffodil bulbs, farm vehicles, and classic cars – all of which were destroyed in the fire.
John thanked the fire crews who responded to the call.
Specialist fire investigator Jonathan Ditmer said the damage was too bad to narrow down the exact cause but it was likely caused by an electrical failure.