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Big Yellow PLC on Monday said it has conditionally sold its industrial warehouse scheme in Harrow, London.
The self-storage facilities operator has conditionally agreed to sell the industrial warehouse for gross proceeds of £61 million.
Big Yellow said that completion of the sale was dependent on practical completion of the development, and is expected to occur in August.
The company added it has deployed about £27 million of capital expenditure to date with a cost to complete of about £4.5 million, totalling £31.5 million including the cost of the land.
‘Big Yellow is left with an acre of land on which it is building a new 82,000 square foot store which is scheduled to open later this summer,’ it added.
Shares in Big Yellow were 2.0% higher at 1,267.00 pence in London on Monday morning.
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