A capital buy: Olympus House bought for £10.18 million

Olympus House, the Leamington Spa HQ of solicitors firm Wright Hassall, has been sold in a £10,180,000 deal.

[A special purpose vehicle of] The Capital Trust Group acquired the 44,411 sq ft office building and 264 parking spaces on a 5.2acre site, from Henderson UK Property.

Built in 1988, the three-storey Olympus House is on Tachbrook Park, a mixed-use development of more than 1million sq ft fronting Europa Way.

Wright Hassall has occupied the building – which was designed to be sympathetic to nearby Warwick Castle – since 2006, extending its original lease to 2032. The annual rent is £676,000/£15.22 per sq ft and the lease includes five-yearly rent reviews.

The Birmingham office of Knight Frank advised the purchaser.

Ashley Hudson, who heads the firm’s capital markets team, said: “Tachbrook Park is one of the out-of-town office market’s flagship developments. Just a few months ago pension fund USS acquired Tata Technologies’ new 64,000 sq ft European headquarters, currently under development right next to Olympus House, for £19.25m. With its long lease and excellent covenant strength, Olympus House was a real catch for Capital Trust.”

A yield of 6.22 per cent was achieved.

CBRE advised Henderson on the sale.