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.
One of the best ways to find properties below market price is to look at recent administrations.
With a prominent shopfront, a yearly peppercorn rent of £650 and substantial weekly revenue. The business sells a full range of products as would be expected for a convenience store, including alcohol, tobacco including vapes, confectionery, and gene...
LEASEHOLD
The business was established in 2013 by the director and commenced trading in 2016. The business has grown rapidly since its establishment and moved to a larger premises in 2019 to cope with the high demand. Since its establishment, the business has...
LEASEHOLD
The business is a well-established firm of catering butchers, operating in the North West of England. This business was established 30 years ago and has been owned by the current owner for 12 years in which time it has thrived, retained and built on...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.