Freehold Acquisition

RNS Number : 5459Q

Big Yellow Group PLC

29 June 2022

 

29 June 2022

Big Yellow Group PLC

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

Freehold Acquisition

Big Yellow announces that it has exchanged contracts to acquire a prime site on Farnham Road in Slough from SEGRO plc.  The site falls within the Slough Trading Estate Simplified Planning Zone ("SPZ") Scheme.  The SPZ sets out a series of conditions and provided that a development fully complies with these conditions then we do not need to secure a full planning permission to develop our proposed 62,000 sq ft store on the site.

As part of this transaction, the Group has also agreed to the surrender of the lease on its existing Slough store on Whitby Road, which is leased from SEGRO plc.  The lease surrender will take effect six months after the completion of the construction of our new store, which is anticipated to open in Summer 2024.  The total development cost of the new store is approximately £19 million.

Jim Gibson, Chief Executive Officer, commented:

"This is a high-quality addition to the Group's pipeline.  The acquisition allows us to extinguish a rental liability and provides the Group with a more prominent location to operate from in Slough."

Enquiries:

Big Yellow:

Nicholas Vetch, Executive Chairman  01276 477811

James Gibson, Chief Executive Officer 

John Trotman, Chief Financial Officer  

Teneo:

Ben Foster    020 7260 2700

 

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