Acquisition, plan permission
Big Yellow Group PLC
15 February 2006
15 February 2006
Big Yellow Group PLC
("Big Yellow", "the Group" or "the Company")
Resolution to grant planning permission in Fulham
and acquisition in central Manchester
Big Yellow Group PLC, the self-storage company, today announces that it has
secured a resolution to grant Planning Permission on its site in Townmead Road,
Fulham, London.
The project will comprise 139,000 square feet net of self-storage accommodation
when complete. Construction is due to commence this Spring and it is hoped the
store will open in Autumn 2007, with a total capital expenditure of £16.8
million.
This will be Big Yellow's and London's biggest store and is located in a prime
pitch in central London, adjacent to the Chelsea Harbour Club and a Sainsbury's
superstore.
Further, Big Yellow also announces that it has acquired a 115 year lease (at a
peppercorn rent) on a 4.5 acre property in Water Street/Dawson Street, central
Manchester, with frontage to the inner ring road, from Barlows Plc.
A mixed use scheme is proposed, including a 75,000 square foot self-storage
centre. The property currently enjoys an income from existing industrial units,
although it is intended, in due course, to dispose of the surplus 3.5 acres.
The location is highly visible and situated in a prime pitch close to the City
Centre and opposite various hotel, retail and leisure complexes.
James Gibson, Chief Executive, commented:
"Fulham will be our biggest and most centrally located store in London and as
such has the potential for significant value creation.
"It has taken some time, but the acquisition in Manchester is a strategic step
in our expansion into the North of England, and we doubt whether a better
quality location will become available in the foreseeable future."
- Ends -
For further information, please contact:
Big Yellow Group PLC 01276 470190
Nicholas Vetch, Chairman
James Gibson, Chief Executive
Weber Shandwick Square Mile 020 7067 0700
Louise Robson or Yvonne Alexander
Notes to Editors
Big Yellow Group PLC is one of the leading and most dynamic self-storage groups
in the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and James
Gibson and listed on AIM in May 2000, moving to the Official List of the London
Stock Exchange in 2002.
Big Yellow has expanded rapidly and now operates from 35 stores in London and
the South, and one in Leeds, with a further 17 stores in development and of the
53, 42 are held freehold and two long leasehold. All the stores have the
distinct yellow branding, in accessible main road locations, with the majority
being within the M25 or in strong urban conurbations. When fully built out the
portfolio will provide approximately 3.3 million sq ft of flexible storage
space. At the 31 December, Big Yellow had 27,300 storage customers.
The Group has pioneered the development of the latest generation of self-storage
facilities, which utilise state of the art technology and are located in high
profile, main road locations. Its focus on the location and visibility of its
buildings, coupled with excellent customer service, has created the most
recognised brand name in the UK self-storage industry.
This information is provided by RNS
The company news service from the London Stock Exchange
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