The self storage specialist has received approval to develop a 176,000 sq ft scheme in Kensington Olympia, due to open in 2027.

Approval has also been granted for a 131,00 sq ft replacement of Big Yellow’s existing leasehold store at Staples Corner.

The latter will be completed in 2026, whereupon customers will be transferred to the new site. The existing site will be closed, meaning Big Yellow will no longer have to pay £800m in rent a year for the property.

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Jim Gibson, CEO at Big Yellow, said both sites were key to the firm’s long-term goals.

The Kensington Olympia site will help Big Yellow be well positioned to target highly affluent and populous areas in London, with the new Staples Corner site reducing the group’s annual rent liability.

“We now have planning permission on all but one of our London site which has substantially derisked our pipeline of new stores and opened the pathway to unlocking significant revenue growth,” added Jim.