Former Stardust site up for sale

BUTTERLY Business Park in Artane, Dublin 5, has been put on the market with a guide price of

?¬7 million.

Property consultants Savills, who are handling the sale, say the former Stardust site that’s now anchored by Lidl is producing a total gross rent of around e930,000 per annum.

Lidl are paying an annual rent of e330,000 while the development also includes a Maxol petrol station that produces a rent of e125,000, with a term certain of just over 11 years.

The funds generated from retail tenants accounts for 75 per cent of the total income with industrial and office tenants contributing 14 per cent and nine per cent respectively.

Rental income from a telecommunications mast makes up the balance of the income stream.

Other tenants at the business park include Dolmen Insurance and Bambury Bookmakers.

Savills guide price of e7 million equates to a gross yield of almost 13.3 per cent representing a strong return for a mixed use portfolio in a prime Dublin location.

There’s also significant potential to increase the current rent roll as there’s vacant industrial and office space available within the park including a 2,787 sq mt (30,000 sq ft) industrial facility that was previously in use as a market.

The total floor space is approx. 14,250 sq mt (153,408 sq ft) and the site area is around three hectares (eight acres).

Butterly Business Park is located on Beaumont Road less than 500 metres from the junction with the Malahide Road and five kilometres north of Dublin City Centre.

The park is opposite Artane Shopping Centre, which is anchored by Tesco and includes tenants such as McDonald’s, Lifestyle Sports and Unicare Pharmacy.

The location enjoys easy access to the M1 motorway (J2) and to the M50/M1 motorway junction. Beaumont Hospital and Northside Shopping Centre are within a kilometre of Butterly Business Park and there’s a large residential catchment in the immediate vicinity.

The development has the benefit of a 10 year planning permission for a mixed use development comprising of around 23,705 sq mt of non-residential floor space and 178 dwelling units.

The entire site is zoned under objective Z6 in the Dublin City Development Plan 2011-2017, which provides for the creation and protection of enterprise and facilitates opportunities for employment creation.

Gavin Butler of Savills said:

“The sale represents a rare opportunity to acquire a mixed use commercial property portfolio with significant potential to increase the current rental income.

“The development will be of interest to developers and investors looking for an investment opportunity with extensive asset management and redevelopment potential.

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