Big Yellow Group (LON:BYG) has announced that it has obtained planning consent for a 132,000 sq ft self storage centre and 114 flats at appeal on its site in Wapping, London.
We expect that this new store will deliver an approximately 9% net operating income return on the total capital deployed of £56 million, including the estimated £36 million to be spent on construction.
Demolition of the existing buildings on the self storage site will commence shortly, and when construction of the new store is completed the existing temporary store (31,000 sq ft) will be closed and the customers transferred.
Big Yellow Group CEO Jim Gibson, commented:
“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.”
