City council acquires store site for sports attraction
THE former Toys R Us store in Cardiff Bay has been acquired by Cardiff council as part of its plans to kickstart the next phase of development at the city’s International Sports Village.
Following the collapse of the retailer earlier this year, the council has acquired the leasehold interest in the 40,000sq ft building in a £3.9m deal with asset and property management firm FI Real Estate Management.
The firm was appointed to handle the UK assets of Toys R Us after it went into administration in February.
Cardiff council will invest in refurbishing the exterior of the building, opposite the Cardiff International Pool, in keeping with the look and feel of the wider Sports Village development.
It will be turned into a new adventure sports led attraction.
Options on the precise form of attraction will be considered over the coming months.
Once agreed the council will look for a private operator to run it.
The building occupies a 4.3-acre site with 300 car parking spaces.
Huge crowds at Toys R Us closing down sale
As well as the Cardiff International Pool, the sports village also includes the Cardiff International White Water Rafting Centre and Ice Arena Wales.
It comes as FI Real Estate Management has confirmed the sale of six former Toys R Us stores across the UK, including the Cardiff Bay outlet, for a combined value of £30.5m.
Cushman & Wakefield and Morgan Williams acted as sales agents.
Cardiff-based property advisory firm EJ Hales acted for Cardiff council on the deal.
In an another deal, the historic Market Buildings at the entrance to Cardiff Market have been sold to London-based investor The Thackeray Estate.
Cardiff-based property advisory firm Cooke & Arkwright sold the Victorian built building on behalf of the Sellar Property Group for an undisclosed sum, having been marketed for £1.75m.
Market Buildings is a Grade II-listed building over six floors.
It forms the main entrance to Cardiff Market and provides about 21,000sq ft of mixed accommodation, including office, retail and leisure use.
Tenants include Paddy Power, Welsh Language Commissioner and Future Generations Commissioner for Wales.
There is 4,523sq ft of vacant accommodation available.
Caryl Howell, investment surveyor at Cooke & Arkwright, said: “We are very happy to have completed on this deal.
“The property was built in 1886 and has been in Sellar’s ownership since 1997.
“Now under new ownership, the property is entering a new phase of its life cycle with The Thackeray Estate showing great enthusiasm to utilise the building, taking advantage of the opportunities available in the fast-moving Cardiff property market. We look forward to seeing its journey unfold.”