Big Yellow acquires half-acre property in East London
Self-storage firm Big Yellow Group Plc has exchanged contracts to acquire a half-acre freehold property in Bethnal Green, East London, for £10.8m.
Big Yellow said on Monday that completion of the purchase was unconditional and will take place in 18 months, allowing time for it to secure planning consent to develop a 68,000 square foot self-storage centre on the site, which it expects to yield approximately 8% net operating income on the capital deployed at stabilisation.
Chief executive Jim Gibson said: "This is a high-quality zone two London addition to the group's pipeline; opportunities to acquire sites in this location are rare, and there is very little existing self-storage supply in the local area."
Reporting by Iain Gilbert at Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
