Big Yellow To Open Staples Cross Flagship Amid 1M SF Expansion
Self-storage REIT Big Yellow is to build a new 135K SF self-storage development at a site at Staples Corner, north-west London, as it pushes to expand its portfolio by 15%.
The project will be delivered by UK-based construction company Glencar, which has been appointed for the £18M design, construction and turnkey fit-out of the six-storey facility, which will include self-storage accommodation and office space.
The building is targeting BREEAM Excellent and energy performance certificate A rating, including with a 200-kilowatt-peak solar array with electric vehicle chargers and battery storage. Construction is expected to be completed by the start of June 2026.
A key feature of the design is circa 4K SF of flexible office space at the front of the building, overlooking the Edgware Road and Staples Corner West roundabout.
The project forms part of a major expansion push following a strong trading update. For the six months to 30 September, the company saw profit before tax rise by 22% to £146M, up from £120M in the same period last year.
Revenue rose to £103M from £99.6M, with like-for-like facility revenue up by 3%, principally through rental growth, the company said.
"We are fully committed to capturing the opportunity of the revenue and earnings growth from our store pipeline, most of which is now in the construction phase," Big Yellow Chairman Nick Vetch said in a statement. "In addition, we expect to see more opportunities to acquire land and replenish our development pipeline in our core areas of operation."
Big Yellow added to its portfolio during the period, opening a 65K SF facility in Slough, which was its first net-zero energy property. The company's pipeline consists of 13 projects in various stages of development, including 10 in London, that will add approximately 1M SF to its 6.4M SF portfolio. Of the total, 10 have received planning approval.
