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
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