Latest commercial property news from Lambert Smith Hampton

Project Briefing Cardiff Bay

01/05/2016

Rapid business growth is a sure sign of success - but it can create problems too, especially when it forces a company to relocate before its current lease expires. Kate Simpson, LSH Associate Director in Cardiff, looks at how LSH worked with one client to reduce liability and achieve significant savings.

When a company needed new office space for a much larger workforce, it was left with double overheads from the costs of the new and existing office.

The Client’s Challenge

• LSH client ActiveQuote had expanded at a rate that exceeded the company's initial expectations - and the size of their existing office.  The growing business was forced to relocate into much larger accommodation. 

• As a result, ActiveQuote was left with double overheads from both the costs associated with their new office and their existing office, a 4,534 sq ft suite within a Grade II Listed Office Building.

LSH was tasked with reducing their liability as quickly as possible.

The LSH Solution

• LSH offered this office space to the market on a sub lease from our client, to attract a suitable sub-tenant or assignee within as short a time frame as possible.

• LSH identified a suitable sub-tenant within 9 weeks of instruction who is now occupying the space for the residue of the term thus removing any overheads/ liability of their lease.

Results Achieved

• Sub letting achieved  within 5 months of instruction

• Overall outcome: a saving to the client worth £150,000

For further information relating to this news article contact 

Contact us now

Lee Mogridge
Regional Director - Wales

029 2052 3012

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