Six of the former properties of Toys R Us, the bankrupted toys retailer, have been sold in a deal that is worth £30.5 million.
An unnamed retailer has acquired three of the properties, while Plymouth council, Cardiff council, and a property developer have acquired the other remaining sites of the toy store.
The properties, which form part of the Duke Portfolio, are also located in Liverpool, Cardiff, Woking, York, and Plymouth. They have a total 222,319 square feet of retail space and have been sold to various buyers.
An unnamed retailer has acquired three properties in Liverpool, York, and Shrewsbury, adding an additional 91,188 square feet to its portfolio of stores.
The said deals come after the UK arm of Toys R Us went into administration last February. Its US owner have filed for bankruptcy last September due to declining sales.
The chief executive of Shropshire Chamber of Commerce, Richard Sheehan, stated: “It is great news. The fact that it has been sold so quickly demonstrates how attractive the county is to businesses looking to come to the county.”
A real estate company that is named Solutus, is managing the portfolio of properties. A spokesperson of the firm, stated: “Although there is much talk of weakness in the retail market these transactions show that there is still a lot of interest in well-located larger sites that provide opportunities for retailers to expand or for alternate use.”
An FI Real Estate Management spokesperson stated: “The six properties sold to date reflect the healthy appetite for prime sites and demonstrates our ability to unlock asset value by ensuring we utilise an intelligent and appropriate commercial approach. We are also in the final stages of securing a further four sales and are in negotiations to split a number of the units to let to strong retail brands.”
FI Real Estate Management was appointed to manage the store that is located at Meole Brace Retail Park. It has been closed a couple of months after the retail giant went into administration.