Big Yellow will spend GBP 36 million on construction costs, and it expects a 9% Net Operating Income on total capital deployed of GBP 56 million.”
Big Yellow Group PLC – Surrey, England-based self-storage facilities operator – Wins planning consent on appeal for a mixed-use site in Wapping, east London.
The approval allows the development of a 132,000-square-foot self-storage center and 114 residential flats.
Big Yellow says demolition of existing buildings on the site will start “shortly”. It will spend GBP 36 million on construction costs, and it expects a 9% Net Operating Income on total capital deployed of GBP 56 million.
“This is an important planning consent that has been secured in a strategic and rare central London location that we are confident will deliver a meaningful contribution to our revenue and earnings in due course,” comments Chief Executive Officer Jim Gibson.
