Big Yellow has expansion plans in store
Big Yellow has proven that, no matter how bleak the economic picture, people still have more stuff than they can fit in their homes and offices.
The self storage firm said total revenue for its third quarter, to the end of December, has risen by 6% to £48.1m, with total revenue for the year to date up 12% to £142m.
Closing occupancy for all stores was 80.4%, a decrease of 5.1 percentage points from 85.5% last year. This was partly due to the added capacity from the five stores opened over the year. Like-for-like closing occupancy was 83.6%, a decrease of 2.4 percentage points from the same time last year.
Big Yellow has proven that, no matter how bleak the economic picture, people still have more stuff than they can fit in their homes and offices.
The self storage firm said total revenue for its third quarter, to the end of December, has risen by 6% to £48.1m, with total revenue for the year to date up 12% to £142m.
Closing occupancy for all stores was 80.4%, a decrease of 5.1 percentage points from 85.5% last year. This was partly due to the added capacity from the five stores opened over the year. Like-for-like closing occupancy was 83.6%, a decrease of 2.4 percentage points from the same time last year.
Rent across all stores averaged £32.31 per sq ft, an increase of 10% from the same time last year.
Chief executive Jim Gibson said: “Overall prior year comparators year to date have been strong. Although it is early in the current fourth quarter, we are seeing a return to growth in net reservations and occupancy.”
Big Yellow recently bought a 2.1-acre freehold site in Staples Corner, NW2, for £13.25m. The site, currently let on a short-term basis to Renault, is located close to its existing 112,000 sq ft leasehold store.
Big Yellow said it would seek planning consent for a 130,000 sq ft facility on the new site.
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