Big Yellow is buying a site in Slough, Berkshire, from SEGRO to build a £19m self-storage facility.
The storage group has exchanged contracts for the prime site on Farnham Road, which falls within the Slough Trading Estate simplified planning zone.
Under the rules of the SPZ, as long as a series of conditions are met, a full planning permission will not be required. Big Yellow plans to develop a 62,000 sq ft facility on the site.
As part of the transaction, Big Yellow will surrender the lease on its existing Slough store on Whitby Road, which is leased from SEGRO.
The lease surrender will take effect six months after the completion of the construction of the new store, which is anticipated to open in summer 2024.
Chief executive Jim Gibson said: “This is a high-quality addition to the group’s pipeline. The acquisition allows us to extinguish a rental liability and provides the group with a more prominent location to operate from in Slough.”
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