Upmarket baby store Mamas and Papas and Argos are poised to move into one of the region’s biggest retail parks which is on the market for £120 million.

News of the new big names came as it was announced that Gallagher Retail Park in Wednesbury, the home of Ikea and B&Q, was to go on sale next week.

Real estate brokers behind negotiations say a number of overseas investors have expressed an interest in taking on the 600,000 sq ft site near junction 9 of the M6, which they say is one of the best shopping parks in the country.

Patrick Knapman, head of out-of-town retail investment for Cushman & Wakefield, the company managing the sale, said bids are expected over the next two to three weeks.

“We are already starting to talk to investors about the retail park,” he said.

Gallagher Retail Park is already home to household names including a huge Curry’s, PC World and Next, with high street chemists Boots also set to move in. A Decathlon sports store will open later this year bringing 65 jobs.

Denise Bigwood, senior press officer at Argos added: “All we can confirm at the moment is that we do have an interest in the Wednesbury area.”

The Gallagher Retail site was purchased by Warwickshire-based Gallagher Development in 1988. No-one from the firm was available for comment today.

Elaine Costigan Wednesbury North has welcomed the news of the new investment. She said: “This will be great for the area.”