(Alliance News) - Big Yellow Group PLC on Monday said it has secured a planning consent for a 106,000 square feet store in the Kings Cross area of London.
The Bagshot, England-based self-storage company highlighted that the store will be significantly larger than a standard Big Yellow site, reflective of its highly prominent location in a rapidly evolving area of London.
Big Yellow said demolition will commence in January, adding that the new store is expected to open in spring 2023.
"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," said Chief Executive James Gibson.
Big Yellow shares were trading 0.4% lower at 1,031.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Big Yellow (BYG)