This Norrebo storage bench from Ikea does the job wonderfully. What I really like about it is the fact that, unlike conventional toy chests that have a flip-up top, it works as a huge drawer. Because of that, the top stays closed and can be used as a bench for sitting, or to display more toys on top. In our case it houses my daughter’s kitchen!
It’s solid birch wood, and having said that I think the price is very reasonable. The simple design of it makes it easy to blend into any interior.