Butterly Park in Artane makes over €7m

A property investor has paid in excess of the asking price of €7 million for the eight-acre Butterly Business Park in Artane, Dublin 5.

It is producing a gross rental income of around €930,000 from retail, office and industrial tenants.

The Stardust nightclub where 48 people died and 214 were injured in a fire that broke out at a St Valentine’s Day disco in 1981 was located in the park

Gavin Butler of Savills handled the sale of the park, which is anchored by a Lidl supermarket 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 has over 10 years to run.

Rent roll

Retail tenants account for 75 per cent of the rent roll while industrial facilities produce 14 per cent of the income.

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.

Office tenants include Dolmen Insurance and Bambury Bookmakers.

The new owners should be able to increase the rental income by letting 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 Butterly Park is a 10-year planning permission from July, 2012, for a mixed-use development, including 23,705sq m (255,158sq ft) of commercial buildings and 178 residential units.

Zoning

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.

It is also close to the M1 motorway and the M50/M1 motorway junction.