Big Yellow Group PLC Planning Update (0221B)
05 October 2020 - 5:00PM
UK Regulatory
TIDMBYG
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 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."
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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END
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