REG - Big Yellow Group PLC - Planning Update

Big YellowAnnouncement

29/08/2023 07:00

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RNS Number : 5301K  Big Yellow Group PLC  29 August 2023

 

29 August 2023

 

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

 

Planning Update

 

Big Yellow announces that it has obtained planning consent for a 132,000 sq ft
self storage centre and 114 flats at appeal on its site in Wapping, London.

We expect that this new store will deliver an approximately 9% net operating
income return on the total capital deployed of £56 million, including the
estimated £36 million to be spent on construction.

Demolition of the existing buildings on the self storage site will commence
shortly, and when construction of the new store is completed the existing
temporary store (31,000 sq ft) will be closed and the customers transferred.

 

Jim Gibson CEO, commented:

"This is an important planning consent that has been secured in a strategic
and rare central London location that we are confident will deliver a
meaningful contribution to our revenue and earnings in due course."

 

Enquiries:

 

 Nicholas Vetch CBE, Executive Chairman  01276 477811
 Jim Gibson, Chief Executive Officer     01276 477811
 John Trotman, Chief Financial Officer   01276 477811

 Teneo                                   020 7260 2700
 Charlie Armitstead

 

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