The historic city of Gloucester is the administrative capital
of Gloucestershire and is considered one of the principal
commercial centres of the South West of England. The city
serves a large and educated catchment of 402,000 persons
(2000 estimate) within a 20 km radius of the city centre,
which itself has an urban population of 136,000 (2011 census).
Its economy is well balanced and largely influenced by the distribution, service and manufacturing sectors, with the largest private sector employers being Downton Logistics, Lloyds Banking group and Ecclesiastical Insurance group. Large public sector employers include Gloucestershire Royal NHS Trust, HM Customs & Excise and the County and City councils.
Gloucester benefits from excellent road connections with junctions 11a and 12 of the M5 motorway running directly to the east of the city. The M5 provides further links to the national motorway network including the M4, M50 and M42.
Gloucester is also at the intersection of the A38 and A40, the principal route from the Midlands to the rest of the South West. The city is located 91 miles (147 km) west of London, 54 miles (87 km) south west of Birmingham, 32 miles (51 km) north east of Bristol and 10 miles (16 km) south west of Cheltenham.
Gloucester Train Station runs regular mainline services to London Paddington with journey times of approximately 1 hour 45 minutes. Other direct services include Bristol (54 minutes), Birmingham (55 minutes) and Cardiff (1 hour).
Gloucester Airport (formerly Staverton) is located 5 miles (8 km) to the north and provides domestic flights around the UK, whilst Bristol International Airport is located 50 miles (80 km) south and offers direct flights to over 125 destinations throughout the UK, all of the major European economies and also the USA.
The property was completed in 2015 and comprises a high specification warehouse extending to around 43,629 sq ft (4,053.24 sq m).
The building includes the following specifications:
The property is held long leasehold for 250 years from 30th December 2015 under title number GR400674 at a peppercorn rent.
Upon completion of the sale, the property will be let to ProCook Limited for 20 years without break on full repairing and insuring terms.
The initial rent will be £303,220 per annum, equating to £6.95 per sq ft. The rent will be reviewed 5 yearly on an upwards only basis to the greater of the passing rent or open market rent.
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 cookware company with 50 stores nationwide.
Sales are broadly split 60% retail; 40% e-commerce with sales to mainland Europe amounting to c.7%. Originally, ProCook provided essential cookware which has grown into extensive ranges of cookware, kitchen knives, bakeware, kitchen accessories/appliances and tableware.
The philosophy is to supply top quality cookware/kitchenware at competitive prices. This is achieved by buying the products direct from the manufacturers; these savings are passed directly onto the customer. ProCook currently has some 1200 product lines, the majority of which are sourced from the Far East.
In 2018, ProCook completed the purchase of Steamer Trading which provided access to a number of strategic High Street locations. Unprofitable locations were closed in the course of early 2019, with the remaining stores re-opened under the ProCook brand selling ProCook products alongside complementary branded ones.
ProCook Limited (Company No: 06639057) has a Dun and Bradstreet rating of 2A2 which represents a minimum risk of business failure.
For further information: www.procook.com
The property is elected for VAT, however the transaction cannot be treated as TOGC for VAT purposes and therefore purchaser's costs are estimated to be around 7.60%.
We are instructed to seek offers in excess of £5,350,000 (Five Million, Three Hundred and Fifty Thousand Pounds) for our client's interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a net initial yield of 5.27%, assuming purchaser's costs of 7.60%, and a capital value of £123 per sq ft.