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News - 01/05/2016

Project Briefing Cardiff Bay

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.

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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


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