Retailer swoops for space left by collapsed Toys R Us chain

B&M Retail has signed up for a 24,225 sq ft retail space in Hull which was occupied by Toys R Us, receiving a 12-month rent free incentive.

Ediston Property Investment Company has agreed the lease at Kingston Retail Park, Hull. B&M has agreed terms to increase their occupation on the retail park by upsizing from a unit of 10,271 sq ft to the 24,225 sq ft unit once occupied by the popular toy store before it entered administration earlier this year.

B&M has agreed to sign a 10 year lease at an annual rent of £302,813 and will receive an incentive of 12 months’ rent free.  The retailer will surrender the lease on their existing unit, which expires in 2021.

Calum Bruce, director of investment at Ediston Properties, the company’s investment manager, said: “Identifying a tenant so soon after the demise of Toys R Us is positive, not just for the asset but for the out of town retail market as a whole.  It proves that there is good tenant demand for well-located retail parks.

“Agreeing this letting secures a good covenant on a long lease, factors which improve the quality of the Company’s income stream.  We are already looking for a new tenant to take the smaller unit and are working on a few leads.”