Big Yellow hits 90% occupancy target
Big Yellow has hit its long-term target of 90% occupancy despite a challenging year.
The self-storage specialist said that its 79 stores had increased occupancy over the quarter by 6.5 percentage points, or 289,000 sq ft, to reach a closing occupancy of 90.1%, while like-for-like occupancy was 92.9%.
Big Yellow added four new sites over the year, comprising nearly 300,000 sq ft. The firm is currently seeking planning permission for a 68,000 sq ft facility on a site in Kentish Town, NW5, and its largest ever store, a 175,000 sq ft space next to the Olympia conference centre in West Kensington, W14. It is also building new stores in Hayes, Hove, Harrow, King’s Cross and Kingston North.
Big Yellow has hit its long-term target of 90% occupancy despite a challenging year.
The self-storage specialist said that its 79 stores had increased occupancy over the quarter by 6.5 percentage points, or 289,000 sq ft, to reach a closing occupancy of 90.1%, while like-for-like occupancy was 92.9%.
Big Yellow added four new sites over the year, comprising nearly 300,000 sq ft. The firm is currently seeking planning permission for a 68,000 sq ft facility on a site in Kentish Town, NW5, and its largest ever store, a 175,000 sq ft space next to the Olympia conference centre in West Kensington, W14. It is also building new stores in Hayes, Hove, Harrow, King’s Cross and Kingston North.
Chief executive Jim Gibson said: “We have now achieved our long-held goal of like-for-like occupancy of 90%. However, we would caution that this is during our normally strong summer trading period, short-term uncertainties remain, and we do expect a return to more normal seasonal trading patterns over the remainder of the year.”
In June, Big Yellow raised £100m from shareholders, which it used to buy new sites. “These, along with our existing development pipeline, have the potential to generate in excess of £40m of net operating income over the short to medium term, and in so doing create significant value for our shareholders,” Gibson said.
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