£40m of sales for Duke Portfolio

Chorley-based asset and property management company FI Real Estate Management has reported continued confidence and interest in the Toys ‘R’ Us estate, with six assets currently under offer to a value of just over £40m and an additional £111.5m of sales in the pipeline.

As part of its business plan implementation, six properties, located in Cardiff, Liverpool, Plymouth, Shrewsbury, Woking and York, were sold last month for £30.5m.

Of the remaining 25 assets now available, nine are earmarked for redevelopment, 13 for retail lettings and three for sale.

A spokesperson for FI Real Estate Management, said: “We have had strong interest in the portfolio since we took over its management, having implemented a successful business plan to help unlock its potential value.

“This has been demonstrated through the first phase of strategic sales to a range of local authorities and retailers.

“We currently have a number of properties under offer, heads of terms issued for pre-lets, and planning applications being developed for the remaining assets.”

He added: “The market is still buoyant and we are wholly confident that we will achieve a healthy return for the residual assets.”

FI Real Estate Management was appointed in March to provide full asset and property management services to the 31 assets, which comprised the freehold and long leasehold portfolio of the former Toys ‘R’ Us estate.

Cushman & Wakefield and Morgan Williams are the acting sales agents for the portfolio.