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IN BRIEF: Big Yellow wins planning appeal for site in east London

29th Aug 2023 09:07

Big Yellow Group PLC - Surrey, England-based self-storage facilities operator - Wins planning consent on appeal for a mixed-use site in Wapping, east London. The approval allows the development of a 132,000 square foot self-storage centre and 114 residential flats. Big Yellow says demolition of existing buildings on the site will start "shortly". It will spend GBP36 million on construction costs, and it expects a 9% net operating income on total capital deployed of GBP56 million. "This is an important planning consent that has been secured in a strategic and rare central London location that we are confident will deliver a meaningful contribution to our revenue and earnings in due course," comments Chief Executive Officer Jim Gibson.

Current stock price: 1,065.08 pence, up 2.1% in London early Tuesday

12-month change: down 20%

By Tom Waite, Alliance News editor

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