12 Dec 2023 07:00
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
Big Yellow (BYG)