Freehold Acquisition
Exchanged contracts to acquire 0.5 acre freehold property in Bethnal Green, London for £10.8 million.
- Acquisition price £10.8 million
- Site size 0.5 acre
- Planned self storage centre 68,000 sq ft
- Expected NOI yield at stabilisation approximately 8%
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Big Yellow announces that it has exchanged contracts to acquire a 0.5 acre freehold property in Bethnal Green, London for £10.8 million. Completion of the purchase is unconditional and will take place in 18 months, allowing time for the Group to seek planning consent to develop a 68,000 sq ft self storage centre on the site, which is expected to yield approximately 8% NOI on the capital deployed at stabilisation.
Jim Gibson, Chief Executive Officer, commented:
"This is a high-quality zone 2 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."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.