Former York Toys R Us store sold in £30m estate deal
The former York Toys ‘R’ Us store has been sold as part of a deal to dispose of six of the collapsed retailer’s properties.
The store, located at Clifton Moor Centre, formed part of the Duke Portfolio. The series of deals are worth £30.5m in total. Asset and property management company, FI Real Estate Management, announced the sale along with properties located in Cardiff, Liverpool, Plymouth, Shrewsbury and Woking totalling 222,319 sq ft of retail space.
Toys R Us went into administration in February and is one of several high street retail casualties this year, including Maplin and Poundworld.
The former Toys R Us stores have been sold to a variety of buyers. An undisclosed retailer has purchased three prime properties in Liverpool, Shrewsbury and York; adding an additional 91,188 sq. ft to its portfolio of stores.
Cardiff Council has completed the purchase of a 40,000 sq ft unit, located opposite Cardiff International Pool. The 41,360 sq. ft property located in Woking has been sold to a private buyer and an undisclosed buyer has transacted a 49,771 sq. ft unit on Western Approach, in Plymouth city centre.
A spokesperson for FI Real Estate Management, said: “We recognised the appeal of a selection of properties within the Duke portfolio to successful out of town retail operators and as prime development opportunities. 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 many of the units to let to strong retail brands.”
FI Real Estate Management has worked in conjunction with integrated loan servicing and advisory firm, Solutus and was appointed in March to provide full asset, property and facilities 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.
