2 September 2024
Big Yellow Group PLC
("Big Yellow", "the Group" or "the
Company")
Planning Update
Big Yellow announces that it has been
granted planning for a total of 307,000 sq ft at two of
its London sites.
At Kensington Olympia planning
consent has been granted at appeal for a 176,000 sq ft scheme
adjacent to the £1.3 billion events centre currently under
redevelopment and what will be the largest theatre built in London
since the 1970s, both due to open next year. We expect
the new store will open in 2027.
At Staples Corner a resolution to
grant planning has been secured for a 131,000 sq ft
replacement of our existing leasehold store. When
complete, expected to be in 2026, customers will be transferred to
the new store and the existing closed with the current rent
liability of £0.8 million per annum being
extinguished.
Jim
Gibson, CEO, commented:
"The planning permission at
Kensington Olympia is the largest and most important consent
secured by Big Yellow to date. It continues our focus on opening
stores in central London in highly affluent and populous areas
where land availability is low and planning permission is
formidably difficult to secure.
The new store at Staples Corner will
be located at the highly visible and accessible intersection of a
number of main arterial roads. The relocation continues our
long run strategy of reducing the group's annual rent liability to
approximately £1 million.
We now have planning permission on
all but one of our London sites which has substantially derisked
our pipeline of new stores and opened the pathway to unlocking
significant revenue growth."
Enquiries:
Nicholas Vetch CBE, Executive
Chairman
01276 477811
Jim Gibson, Chief Executive Officer
01276 477811
John Trotman, Chief Financial Officer
01276 477811
Sodali & Co
0207 100 6451
Ben Foster