Big Yellow Expands With New Acquistion 56,000 Square Feet Store

23rd Mar 2018 08:19

LONDON (Alliance News) - Big Yellow Group PLC announced on Friday the acquisition of a site in Hove to build a new 56,000 square feet store to the west of Brighton.

The FTSE-250 self-storage company said that the new store, which is subject to planning permission, will complement its existing store in east Brighton.

Big Yellow said the new acquisition, with the recent acquisitions in Slough and Bracknell, takes its development pipeline to approximately 620,000 square feet across 10 projects, with a total development cost of GBP173 million, of which GBP84 million has been spent to date, including site acquisition costs.

The company opened a 55,000 square feet store in central Guildford this week, while an extension of its Wandsworth, south London store is due to open in May.

Big Yellow also said it has started construction of its central Manchester store, and it intends to start fitting out its Wapping, east London store in the spring, with an initial footprint of 20,000 square feet of net lettable area, to open in early autumn.

"Securing sites and procuring planning permissions remains challenging and complex, and there will be setbacks. Notwithstanding this, we are confident of making progress and we have therefore decided to update the market more regularly with newsworthy events," Chief Executive Officer James Gibson said.

The shares were up 0.1% at 854.00 pence early Friday.

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