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.
• Sub letting achieved within 5 months of instruction
• Overall outcome: a saving to the client worth £150,000