Bray industrial facility sold for €645,000

The strength of the Butler's Pantry brand has helped to drive the sale of two units let to the well-known corporate caterer at Southern Cross Business Park in Bray, Co Wicklow.

While Stephen Conway of agent Colliers International had been guiding a price of €550,000 for units 16 and 17 when he brought them to the market last September, strong bidding from a broad pool of investors saw the property secure in excess of €645,000, equating to a net initial yield of 6.77 per cent, and a capital value of €107 per sq ft.

Rent review

Located in block D at Southern Cross, units 16 and 17 are let to The Butler’s Pantry Holdings Limited t/a The Butler’s Pantry by way of a 10-year full repairing and insuring lease from May 2018, at a rent of €48,000 per annum. The lease provides for an open-market rent review at year five and the benefit of a break option at the end of year five.

The Butler’s Pantry operates its kitchen facility from the premises, supplying its network of Dublin stores. The first Butler’s Pantry opened on Mount Merrion Avenue, Blackrock in November 1987 and they now have nine outlets across the capital.