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Butterly Business Park for sale for E7m

Thursday, August 28 13:01:06

Butterly Business Park, a mixed use commercial investment portfolio with development potential in Artane, Dublin 5, is for sale by private treaty at a guide price of E7 million.

Property consultants Savills are handling the sale.

The development is producing a total gross rent of approx. E930,000 per annum and is anchored by Lidl who are paying an annual rent of E330,000 with just under 10 years until the next break option in 2023. The development also includes a petrol filling station trading as Maxol which produces a rent of E125,000 with a term certain of just over 11 years.

The income generated from retail tenants accounts for 75pc of the total income whilst the income from industrial and office tenants is 14pc and 9pc respectively. Rental income from a telecommunications mast makes up the balance of the income stream. Other tenants at Butterly Business Park include Dolmen Insurance and Bambury Bookmakers amongst others.

The guide price of E7 million equates to a gross yield of almost 13.3pc representing a strong return for a mixed use portfolio in a prime Dublin location. There is significant potential to increase the current rent roll as there is vacant industrial and office space available within the park including a 2,787 sq.m. (30,000 sq.ft.) industrial facility which was previously in use as a market. The total floor space is approx. 14,250 sq.m. (153,408 sq.ft.) and the total site area is approx. 3 hectares (8 acres), the sellers say.

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