1 Grants Row, Dublin
A fully let office investment in the heart of Dublin’s central business district has come to the market and agents Savills are guiding €9,200,000 for it.
Located just off Lower Mount Street, at 1 Grants Row, the modern building extends to approximately 15,125 sqft, over four storeys and a basement.
It is fully let to commercial law firm Flynn O’Driscoll at a passing rent of €739,035 per annum which suggests that the guide price would generate a net initial yield of 7.31pc.
Originally a multi-tenanted building, it is now fully occupied by Flynn O’Driscoll Management Services Limited which expanded into the ground floor in December 2024. Consequently, its weighted unexpired lease term (WAULT) averages just under six years. Flynn O’Driscoll’s expansion followed the availability of the ground floor and Savills say that their expansion “underlines the tenant’s long-term commitment to the building and satisfaction with its quality and location”.
It also comes with 10 secure underground car-parking spaces – a valuable city centre advantage.
In 2015, The Irish Times reported that Aviva Life & Pensions Irish property fund bought it for €8.3m.
Subsequently, the financial institution undertook steps towards enhancing its energy efficiency and occupier experience. It currently holds a BER rating of B3, with a pathway to achieve an A3 rating, an increasingly important factor for ESG-conscious investors.
It is located within walking distance of Merrion Square, Grand Canal Dock and Grafton Street in an area which accommodates several global and national office occupiers. It is within 300m of Google’s latest Dublin office campus at Boland’s Bakery on Grand Canal Street.
Fergus O’Farrell, director at Savills Ireland, said they expect strong investor interest in this office investment due to its central location, length of income, building quality and the rarity of this type of office investment.
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