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LONDON-Developer and investor CLS has leased another 18,00-sf of offices at its Spring Gardens Business Park in Vauxhall, London SE11 to the UK Government. The Home Office has taken a new lease on the whole of an existing 17,919-sq building on the park at an initial rent of £586,183 ($890,000) per annum reflecting £32.71 ($50) per sf.

The lease expires in 2025, with upward only reviews in 2005 and then every five years. There are tenant’s break options in 2017 and 2020. The new rent on the building shows an uplift of £126,558 ($193,000) per annum on the previous lease. To create the deal, CLS accepted a surrender for nil premium on part of the ground and first floors of the building from the previous tenant, E Satisfy, which took 2,200 sq ft (204 sq m) of space at Ingram House, another CLS building at £89,100 ($135,000) per annum.

At the same time, CLS is building an additional 10,800 sf of offices linking two of the other buildings at Spring Gardens which are already let to the Home Office. This has been pre-let to the department at £345,600 ($525,000) per annum or £32 ($49) per sf with completion due in Autumn 2002.

By January 2003 the Home Office will occupy 114,179 sf at Spring Gardens representing 71% of the net lettable space of the estate, paying an aggregate annual rent of £3,737,776 ($5.7 million) under leases expiring between 2010 and 2025.

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