Big Yellow buys south London property for £28m

13th Dec 2018 08:28

(Sharecast News) - Storage and office space provider Big Yellow said it has exchanged contracts to buy the Wyvern Industrial Estate in New Malden, London for £28m.The company occupies about half of the estate, with an 81,000 sq ft net lettable area store, on an occupational lease which expires in 2026.Big Yellow said the deal removed two material risks; there was no certainty that the lease would have been renewed at its expiry, and the liability of future rent increases on the property could have been significant given its prime location in London.The purchase would be earnings enhancing, it added.