Olympus House

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A landmark headquarters office building located on Leamington Spa’s premier office location, Tachbrook Park, 2 miles south of Leamington Spa town center and 3 miles north of Junctions 13 and 14 of the M40. The property occupies an extremely prominent position fronting the A452 Europa Way, which links Leamington Spa to the M40. The property is let to Wright Hassall LLP, a full-service legal firm, with a maximum Experian Rating of 100. Wright Hassall LLP have been in Leamington Spa for almost 175 years and in occupation of the property since 2006. The tenant entered into a reversionary lease in 2013, which expires on 24th December 2032. In addition, the landlord has an option to extend the lease by a further 12 months, therefore providing an unexpired term of approximately 12.5 years. The lease includes 5 yearly RPI linked rent reviews, annually compounded, subject to a cap and collar of 3% and 1%. The next rent review is in December 2022.



The Base Case business plan is to acquire the asset, hold the asset for 6.5 years, enjoy RPI linked rental uplifts and secure rental income. Sell with 6 years unexpired.
The forecast returns are 8.77% p.a. average cash-on-cash, 8.62% p.a. IRR. The project equity requirement is £6.19m. The acquisition will be part financed with a 55% LTV investment facility. The lease includes 5 yearly RPI linked rent reviews, annually compounded, subject to a cap and collar of 3% and 1%. The next rent review is in December 2022. Our client will top up the rent to the 2022 review based on a conservative 2.0% per annum to £831,038 per annum (£18.71 per sq ft)

Forecast Returns
LVT Investment Facility