Big Yellow Group plc (LON:BYG) has announced that it has conditionally sold its industrial warehouse scheme at Harrow, London for gross sales proceeds of £61 million.
Completion of the sale is conditional, inter alia, on practical completion of the development, and is expected to occur in August of this year.
The Company has deployed approximately £27 million of capital expenditure to date with a cost to complete of approximately £4.5 million, totalling approximately £31.5 million including the cost of the land.
Reflective of the anticipated tenant demand no rental or void guarantees have been given.
Big Yellow Group is left with an acre of land on which it is building a new 82,000 sq ft store which is scheduled to open later this summer.
