Self-storage facilities operator Big Yellow Group has conditionally agreed to dispose of its industrial warehouse scheme at Harrow, London for gross proceeds of £61.0m.
Big Yellow said on Monday that completion of the sale was conditional on practical completion of the development, which was expected to occur in August 2022.
The FTSE 250-listed firm has deployed approximately £27.0m of capital expenditure into the project to date, with a cost to complete of approximately £4.5m, totalling approximately £31.5m including the cost of the land.
Big Yellow, which noted no rental or void guarantees were given due to anticipated tenant demand, added that it was now left with just an acre of land on the site, which it will use to build a new 82,000 square foot store that it expects to see open later in the summer.
Reporting by Iain Gilbert at Sharecast.com
