15th Feb 2006 07:01
Big Yellow Group PLC15 February 2006 15 February 2006 Big Yellow Group PLC ("Big Yellow", "the Group" or "the Company") Resolution to grant planning permission in Fulham and acquisition in central Manchester Big Yellow Group PLC, the self-storage company, today announces that it hassecured a resolution to grant Planning Permission on its site in Townmead Road,Fulham, London. The project will comprise 139,000 square feet net of self-storage accommodationwhen complete. Construction is due to commence this Spring and it is hoped thestore will open in Autumn 2007, with a total capital expenditure of £16.8million. This will be Big Yellow's and London's biggest store and is located in a primepitch in central London, adjacent to the Chelsea Harbour Club and a Sainsbury'ssuperstore. Further, Big Yellow also announces that it has acquired a 115 year lease (at apeppercorn rent) on a 4.5 acre property in Water Street/Dawson Street, centralManchester, with frontage to the inner ring road, from Barlows Plc. A mixed use scheme is proposed, including a 75,000 square foot self-storagecentre. The property currently enjoys an income from existing industrial units,although it is intended, in due course, to dispose of the surplus 3.5 acres. The location is highly visible and situated in a prime pitch close to the CityCentre and opposite various hotel, retail and leisure complexes. James Gibson, Chief Executive, commented: "Fulham will be our biggest and most centrally located store in London and assuch has the potential for significant value creation. "It has taken some time, but the acquisition in Manchester is a strategic stepin our expansion into the North of England, and we doubt whether a betterquality location will become available in the foreseeable future." - Ends - For further information, please contact: Big Yellow Group PLC 01276 470190Nicholas Vetch, ChairmanJames Gibson, Chief Executive Weber Shandwick Square Mile 020 7067 0700Louise Robson or Yvonne Alexander Notes to Editors Big Yellow Group PLC is one of the leading and most dynamic self-storage groupsin the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and JamesGibson and listed on AIM in May 2000, moving to the Official List of the LondonStock Exchange in 2002. Big Yellow has expanded rapidly and now operates from 35 stores in London andthe South, and one in Leeds, with a further 17 stores in development and of the53, 42 are held freehold and two long leasehold. All the stores have thedistinct yellow branding, in accessible main road locations, with the majoritybeing within the M25 or in strong urban conurbations. When fully built out theportfolio will provide approximately 3.3 million sq ft of flexible storagespace. At the 31 December, Big Yellow had 27,300 storage customers. The Group has pioneered the development of the latest generation of self-storagefacilities, which utilise state of the art technology and are located in highprofile, main road locations. Its focus on the location and visibility of itsbuildings, coupled with excellent customer service, has created the mostrecognised brand name in the UK self-storage industry. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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