Self-storage facilities operator Big Yellow has exchanged contracts to acquire a prime site on Farnham Road in Slough from Segro.
Big Yellow said on Wednesday that the site falls within the Slough Trading Estate Simplified Planning Zone scheme, which sets out a series of conditions and, provided that a development fully complies with said conditions, it does not need to secure full planning permission to develop a proposed 62,000 square foot store on the site.
The FTSE 250-listed group stated that as part of the transaction, it has also agreed to surrender the lease on its existing Slough store on Whitby Road, which is leased from Segro.
The lease surrender will take effect six months after the completion of the construction of its new store, which was anticipated to open in Summer 2024. The total development cost of the new store was pegged to be roughly £19.0m.
Chief executive Jim Gibson said: “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.“
