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Big Yellow secures resolution for planning consent at Kings Cross site
5th Oct 2020 08:46
(Sharecast News) - Self-storage company Big Yellow Group has secured a resolution to grant planning consent for a roughly 106,000 square foot store at its site in Kings Cross, London.
Big Yellow said on Monday that demolition would commence in January, with the store, which contains a double basement, expected to open in Spring 2023.
The FTSE 250-listed firm highlighted that the store would be "significantly larger" than a standard Big Yellow site, reflecting its "highly prominent and strategic location".
Chief executive James Gibson said: "The land assembly and the planning process for this flagship project has been long and complicated, and we are currently estimating further costs to complete of approximately £28.0m, resulting in a total development cost of £52.0m.
"The £4.5m of net operating income that we are projecting the store will generate at stabilisation will be highly accretive to earnings."
As of 0845 BST, Big Yellow shares were down 0.19% at 1,033.0p.
Big Yellow said on Monday that demolition would commence in January, with the store, which contains a double basement, expected to open in Spring 2023.
The FTSE 250-listed firm highlighted that the store would be "significantly larger" than a standard Big Yellow site, reflecting its "highly prominent and strategic location".
Chief executive James Gibson said: "The land assembly and the planning process for this flagship project has been long and complicated, and we are currently estimating further costs to complete of approximately £28.0m, resulting in a total development cost of £52.0m.
"The £4.5m of net operating income that we are projecting the store will generate at stabilisation will be highly accretive to earnings."
As of 0845 BST, Big Yellow shares were down 0.19% at 1,033.0p.