UL, the global compliance, auditing and verification business have agreed a new lease at the Horizon development at Kingsland Business Park as part of its continued expansion as a result of healthy client demand over all of its service offerings.
As part of the arrangement, Capricorn Automotive – the previous occupier of the entire property – have taken a short lease back of part of the unit, to allow UL’s immediate occupancy and to enable Capricorn to maintain operations before migrating to a new facility for themselves, which is planned later in the year.
UL have committed to a new 10 year lease at Units 1 and 2, Horizon (38,000 sq ft) and simultaneously agreed a reversionary lease on the same term arrangement at their existing 11,000 sq ft Unit (3) at Horizon.
The rent being paid is undisclosed.
LGIM Real Assets was advised by Hollis Hockley, UL was represented by CBRE.
LGIM Real Assets through their leasing agents, Hollis Hockley and London Clancy are now marketing the refurbished Unit C, Lutyens Industrial Centre extending to 21,000 sq ft within close proximity, which when let will bring the Kingsland Park up to 100% occupancy.