Cairn lines up Butterly Business Park sell-off
Cairn is seeking a buyer for the seven-and-a-half acre Butterly Business Park in Artane, Dublin 5, where the anchor tenants are Lidl, Mr Price, and Maxol/Centra.
The industrial and commercial park was the site of the former Stardust nightclub where 48 people were killed and 214 injured during a tragic St Valentine's Day disco in 1981.
Agents Quinn Agnew are understood to be guiding €16.5m for the scheme.
Butterly Business Park is currently producing a gross rent of approximately €1.4m a year from a mix of retail, leisure, office and storage.
The site includes development assets as well as vacant units that extend to around 70,000 sq ft.
The overall property extends to approximately 160,000 sq ft (14,865 sq m) on a site of approximately 7.4 acres.
Retail tenants pay 63pc of total rents, led by Lidl's €500,000 a year, and followed by Mr Price on €185,000 and Centra/Musgrave on €165,000.
The balance of rents are a mix of warehousing, storage and leisure and offices.
Rental income from a telecommunications mast adds €20,000 a year. The park is on Beaumont Road, opposite Artaine Castle Shopping Centre and close to the M1 motorway and the M50/M1 motorway junction.