LONDON, UK: Big Yellow announced that it has conditionally sold its industrial warehouse scheme at Harrow, London for gross sales proceeds of £61 million.
Completion of the sale is conditional, inter alia, on practical completion of the development, and is expected to occur in August of this year.
The Company has deployed approximately £27 million of capital expenditure to date with a cost to complete of approximately £4.5 million, totalling approximately £31.5 million including the cost of the land.
Reflective of the anticipated tenant demand no rental or void guarantees have been given.
Big Yellow is left with an acre of land on which it is building a new 82,000 sq ft store which is scheduled to open later this summer.
The Big Yellow Group is a self-storage company based in Bagshot, England. The company is ranked the largest self-storage company in United Kingdom and is a constituent of the FTSE 250 Index and listed on the London Stock Exchange. Big Yellow has the highest brand awareness in the sector.