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Big Yellow acquires half-acre property in East London
(Sharecast News) - Self-storage firm Big Yellow 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
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