Big Yellow given green light for new £56m Wapping store
Self-storage group Big Yellow has received planning permission for a new 132,000 square-foot centre in a "rare" strategic location in Wapping, East London.
Big Yellow Group
1,074.00p
15:45 22/11/24
FTSE 250
20,584.46
15:45 22/11/24
FTSE 350
4,551.10
15:45 22/11/24
FTSE All-Share
4,506.61
15:45 22/11/24
Real Estate Investment Trusts
2,136.31
15:44 22/11/24
The company announced on Monday it has obtained planning consent to build the self-storage centre, along with 114 flats, with demolition of the site's existing buildings to "commence shortly".
It is spending £56m on the new project, including £36m to be spent on construction. Big Yellow reckons the new store will deliver 9% net operating income return.
The site is currently home to a temporary 31,000 sq ft store, which will be closed when construction is completed.
"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," said company chief executive Jim Gibson.