Wed, 30 Sep 2020 | COMMERCIAL PROPERTY
Dining and kitchenware supplier ProCook has agreed a £5.15 million sale and leaseback of its Gloucester headquarters to commercial property firm Leftfield. The lease for the 43,629 sq ft building is for 20 years.
The warehouse becomes part of Leftfield’s logistics portfolio, with the purchase price reflecting a net initial yield of 5.47 per cent.
The building, completed in 2015, is located on St Mowden’s Gateway 12 Business Park, with access to the A38 and the M5’s Junction 12. ProCook has invested significantly in the property, which features a subsidised staff canteen, gym, prototype shop and photography studio.
Leftfield Advisors Chief Executive Nico Fourie said: “Leftfield continues to grow its Logistics portfolio around well located warehouses with tenants that successfully navigate the online-to-offline space.”
Nick Allan, International Partner at Cushman & Wakefield, who acted on behalf of Leftfield, said: “We are delighted to have advised ProCook on the disposal and the outcome reflects the appetite for both well-located logistic assets and exciting growth businesses operating in the e-commerce environment.”
ProCook was the first company in the UK to sell cookware via direct mail. Over the course of more than 20 years it has grown into a multi-channel kitchenware supplier with 50 stores across the UK.
This year, the company has trialled a ProCook High Street model in several locations. However, one such store in Chester closed in April as sales were not high enough to sustain the model. This was reported as being unrelated to the impact of COVID-19.
In its most recent report, to the year ended March 31 2019, ProCook reported group turnover of £27.8 million, up from £21 million in 2018. Gross profit was £18.7 million, up from £13.7 million the year prior, with total income of £1.1 million.
At the time, the company’s fixed assets were valued at £7.1 million, with current assets of £7.2 million and net assets standing at £3.8 million.
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