Source - LSE Regulatory
RNS Number : 5459Q
Big Yellow Group PLC
29 June 2022
 

 

                                                                                                                                     

29 June 2022

 

 

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

 

Freehold Acquisition

 

Big Yellow announces that it has exchanged contracts to acquire a prime site on Farnham Road in Slough from SEGRO plc.  The site falls within the Slough Trading Estate Simplified Planning Zone ("SPZ") Scheme.  The SPZ sets out a series of conditions and provided that a development fully complies with these conditions then we do not need to secure a full planning permission to develop our proposed 62,000 sq ft store on the site.

 

As part of this transaction, the Group has also agreed to the surrender of the lease on its existing Slough store on Whitby Road, which is leased from SEGRO plc.  The lease surrender will take effect six months after the completion of the construction of our new store, which is anticipated to open in Summer 2024.  The total development cost of the new store is approximately £19 million.

 

Jim Gibson, Chief Executive Officer, commented:

 

"This is a high-quality addition to the Group's pipeline.  The acquisition allows us to extinguish a rental liability and provides the Group with a more prominent location to operate from in Slough."

 

 

Enquiries:

 

Big Yellow:

 

Nicholas Vetch, Executive Chairman                                                              01276 477811

James Gibson, Chief Executive Officer                                                          

John Trotman, Chief Financial Officer                                                           

 

Teneo:

                                                                                                                       

Ben Foster                                                                                                       020 7260 2700

 

 

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