ProCook sells Gloucester HQ for £5.15 million
By Matt Hall | 29th September 2020
Kitchenware retailer ProCook has agreed a 20-year sale and leaseback deal on its Gloucester headquarters at Gateway 12 Business Park.
Commercial property firm Leftfield has acquired the 43,629 sq ft warehouse facility for its Leftfield Logistics portfolio for £5.15m, reflecting a net initial yield of 5.47 per cent.
Constructed in 2015 as part of St Modwen's Gateway 12 Business Park, the site has access onto the A38 and junction 12 of the M5 and nearby occupiers include Parcelforce, DPD and Amazon.
ProCook has invested heavily in fitting out the property since initial purchase, which has a subsidised staff canteen, a gym with shower facilities, a prototype shop and photography studio.
Nico Fourie, chief executive of Leftfield Advisors, said: "Leftfield continues to grow its Logistics portfolio around well located warehouses with tenants that successfully navigate the online-to-offline space."
Property advisors Cushman & Wakefield's capital markets team acted on behalf of ProCook.
Nick Allan, international partner in Cushman & Wakefield's capital markets team, 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."
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