A broad range of domestic and international investors are expected to express their interest in the sale of a fully-occupied office block that has come to the market in Dublin’s south docklands at a guide price of €9.25 million.
Located at the corner of Prince's Street and Gloucester Street South, "The Grain Store", as it is known, is let in its entirety to Digit Games Studios and is currently generating annual rental income of €600,140. The sale offers the prospective purchaser the opportunity to secure a net initial yield of 5.9 per cent after standard purchaser's costs of 9.96 per cent.
The subject property comprises a striking cut-stone former grain store that has been redeveloped over recent years into a contemporary six-storey office building of 1,098sq m (11,822sq ft). The building provides bright, open-plan accommodation finished to modern specification with raised-access floors with floor boxes, CAT 6 data cabling, low-energy LED lighting, air conditioning and carpet flooring throughout.
The Grain Store is located at the western end of Dublin's south docklands, a vibrant working and living district populated by a mix of offices, apartments, bars, restaurants and hotels. The area is home to numerous of the world's biggest tech employers including Google, Facebook and TikTok.
Fully let
The Grain Store, for its part, is fully let to Digit Games Studios which occupies the building on three separate leases with a co-terminus tenant break option in November 2024. The current passing rent is €600,140 per annum. It has been occupiers in the building since 2012 and subsequently acquired additional accommodation over time.
Established in 2012, Digit Games Studios is Ireland’s largest games developer and the creator of free-to-play mobile strategy games. The company was acquired by US game developer Scopely in 2019. Scopely is a leading interactive entertainment and mobile games company that employs more than 1,200 people worldwide. The company is headquartered in Culver City, California, and has offices in Spain, England, Korea, China and Japan. In October 2020, Scopely announced $340 million (€301 million) in Series E financing. As of October 2021, the company was valued at $5.4 billion (€4.8 billion).
Commenting on the sale of The Grain Store, Brian Gaffney, director at selling agent, Murphy Mulhall, said: “This opportunity will give purchasers a rare chance to acquire a south docklands office building with a very strong tenant in situ. Office investments of this lot size, in this central location, are extremely rare in the Dublin market. We expect extensive interest from a variety of investor groups and individuals.”
