Big Yellow Group PLC Planning Update (0221B)

TIDMBYG

RNS Number : 0221B

Big Yellow Group PLC

05 October 2020

5 October 2020

Big Yellow Group PLC

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

Planning Update

Big Yellow announces that is has secured a resolution to grant planning consent for an approximately 106,000 sq ft store at its site in Kings Cross, London.

Demolition will commence in January 2021 and it is expected that the store, which contains a double basement, will open in Spring 2023.

The store will be significantly larger than a standard Big Yellow reflective of its highly prominent and strategic location in a rapidly evolving area of London which includes Google's London Headquarters located a short distance away.

James Gibson, Chief Executive Officer, commented:

"The land assembly and the planning process for this flagship project has been long and complicated, and we are currently estimating further costs to complete of approximately GBP28 million, resulting in a total development cost of GBP52 million. The GBP4.5 million of net operating income that we are projecting the store will generate at stabilisation will be highly accretive to earnings."

Enquiries:

 
 James Gibson, Chief Executive 
  Officer                         01276 477811 
 John Trotman, Chief Financial 
  Officer                         01276 477811 
 
 Teneo                            0203 603 5221 
 Ben Foster 
 Matt Denham 
 

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October 05, 2020 02:00 ET (06:00 GMT)