Offers in the region of €7 million are being sought for the eight-acre Butterly Business Park in Artane, Dublin 5, which is producing a gross rental income of €930,000 from retail, office and industrial tenants, and has planning permission for further commercial buildings and a substantial housing development.
Gavin Butler of Savills is handling the sale.
The well-located park is anchored by the Lidl discounter, which is paying an annual rent of €330,000 under a lease that has a break option in 2023.
A petrol filling station is rented by Maxol at €125,000 and in this case the lease has just over 11 years to run. Retail tenants account for 75 per cent of the rent roll, while industrial facilities produce 14 per cent of the income and office buildings yield a further 9 per cent of the revenue.
Rental income from a telecommunications mast makes up the balance of the income stream.
Dolmen Insurance and Bambury Bookmakers figure among the tenants.
The €7 million guide price equates to a gross yield of almost 13.3 per cent – a strong return in a market where yields are steadily falling. There is obvious potential to increase the rent roll through the letting of vacant industrial and office buildings, most notably a 2,787sq m (30,000sq ft) industrial plant.
The overall floor space in the park extends to 14,250sq m (153,408sq ft).
One of the attractions of the Artane park is a 10-year planning permission from July, 2012, for a mixed-use development, including 23,705sq m of commercial buildings and 178 residential units.
The entire site is zoned under the Dublin City Development Plan 2011-2017 “to provide for the creation and protection of enterprise and facilitate opportunities for employment creation”.
The park is located on Beaumont Road opposite Artane Shopping Centre, which is anchored by Tesco. It is also close to the M1 motorway and the M50/M1 motorway junction. Beaumont Hospital and Northside Shopping Centre are also close by.
The Stardust nightclub in Artane, where 48 died and 214 were injured in a fire that broke out at a St Valentine’s day disco in 1981 ,was located in the Butterly Business Park.
