Big Yellow Group PLC Planning Update (5301K)

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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 GBP56 million, including the estimated GBP36 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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August 29, 2023 02:00 ET (06:00 GMT)