ProCook, a leading supplier of Dining & Kitchenware, has agreed a 20-year sale and leaseback on its Gloucester headquarters.
Leftfield has acquired the 43,629 sq ft modern warehouse facility into its Leftfield Logistics portfolio for £5.15 million, reflecting a net initial yield of 5.47%.
Cushman & Wakefield’s Capital Markets team acted on behalf of ProCook.
The modern logistics building was completed in 2015 is part of St Modwen’s, Gateway 12 Business Park. It has access onto the A38 and junction 12 of the M5 motorway and nearby occupiers include Parcelforce, DPD and Amazon.
ProCook has invested heavily in fitting out the property including, a high quality office fit out, subsidised staff canteen, a fitted gym with shower facilities and a prototype shop fit out and photography studio.
ProCook Limited was established over 20 years ago and was the first company to sell cookware sets by direct mail in the UK. It is now a multi-channel specialist kitchenware company with 50 stores nationwide.
Nico Fourie, CEO of Leftfield Advisors, said: “Leftfield continues to grow its Logistics portfolio around well located warehouses with tenants that successfully navigate the O2O (online-to-offline) space.”
Nick Allan, International Partner in Cushman & Wakefield’s Capital Markets team, added: “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.”