Big Yellow sells unused space at New Malden site

Big Yellow Group announced on Wednesday that it has sold the part of the Wyvern Industrial Estate in New Malden, London, that it did not occupy for £11.8m.

The FTSE 250 self-storage company acquired the entire estate for £29m including costs in January, giving security of tenure over our 81,000 square feet in its New Malden store, and extinguishing its rental liability.

It said the current net operating income of the store was £1.7m, representing a 10% yield on the net investment of £17.2m.

“The proceeds will be used to repay part of the group's revolving bank facility and will be recycled in due course into growth capital expenditure,” the Big Yellow board said in its statement.