UL, a global compliance, auditing and verification business, have agreed a new lease at Unit 1 & 2 on the Horizon development at Kingsland Business Park in northeast Basingstoke.

As part of a tripartite transaction, Capricorn Automotive Ltd – the previous occupier of the entire property – have taken a short lease back on half of the unit,  to allow UL’s immediate occupancy and to enable their own operations to be downsized before migrating to a new facility later in the year.

UL have committed to a new 10 year lease at 1 & 2 Horizon (38,000 sq ft) and have simultaneously agreed a reversionary lease on the same term arrangement at their existing 11,000 sq ft facility (Unit 3), the adjoining premises. Rental levels remain undisclosed.

For the landlord, Legal & General Investment Management, this is an excellent result following on very quickly from their investment purchase of the entire Kingsland Business Park. The transaction also allows UL to meet their own expansion requirements, whilst Capricorn (advised by bdt) can now concentrate on reducing some overheads and moving into premises of approximately half the size.