Planning Update

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 £28 million, resulting in a total development cost of £52 million.  The £4.5 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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