REG - Big Yellow Group PLC - Planning Update

Big YellowAnnouncement

12/12/2023 07:00

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RNS Number : 3919W  Big Yellow Group PLC  12 December 2023

 

12 December 2023

 

Big Yellow Group PLC

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

 

Planning Update

 

Big Yellow announces that it has obtained planning consent at appeal for a
58,000 sq ft storage centre on its site in Epsom, London.

We expect that this new store will deliver an approximately 8.5% net operating
income return at stabilisation on the total capital deployed of £20 million.

 

Jim Gibson CEO, commented:

"As we have previously identified, conditions in the construction market have
ameliorated significantly and we are therefore motivated to build out these
stores which will generate high cash returns on the incremental construction
spend; in this case 13%.

We have planning or resolutions to grant on eight pipeline stores, with a
further three of the remaining five sites in the planning system.  We are
currently on site at Slough Farnham Road and have committed to build out
Wapping.  We will decide the timing of building out the other stores early in
the New Year."

 

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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