Canning O’Neill were appointed by Madhouse to advise them on their options, with a break option approaching on their exising offices – where they had been based for 11 years.
Conrad O’Neill, Director at Canning O’Neill, advised Madhouse and comments “Madhouse were spread over 3 floors at their existing building, which was highly inefficient. In addition, whereas the office space itself had lots of character and was in a great location, the common areas of the building were in need of improvement and the running costs had been allowed to spiral out of control.”
Canning O’Neill undertook a comprehensive search of the market and 4 potential alternative options were identified. At the same time, Canning O’Neill engaged with Madhouse’s existing landlord to establish what could be done to improve the common areas and discuss the terms of a lease re-gear.
After much negotiation, very attractive terms were finally agreed on 196 Deansgate, where Madhouse were able to get the right quality and specification of accommodation on a single floor, meaning they could fit into a suite of c. 5,000 sq ft, which is c.1,000 sq ft less than they occupied at the existing premises, yet still alllowing room for expansion and delivering a cost saving compared to their existing premises of c. £200,000 over 5 years.
As part of the process, Cannning O’Neill brought in Flexible Business Interiors & Space Invaders to carry out the space planning and fit-out of 196 Deansgate and building surveyors Bailey Wilson Partnership to advise on dilapidations.
Comments O’Neill, “Madhouse are absolutely thrilled to bits with their new offices and the stylish working environment they have created is fantastic – not only delivering cost savings and space efficiency but also enabling much greater business productivity. The design of their fit-out is innovative and truly striking and all involved should be rightly proud of the result. To cap it all, Madhouse have got the space on financially competitive “tenant-friendly” lease terms.”
Canning O’Neill offer a dedicated Office Search & Acquisition Service which takes away all the leg-work, cost and headache of looking for new offices, leaving clients free to concentrate on their core business activities. Our expert market knowledge means clients get the right premises on the most favourable market terms, future-proofed against any nasty shocks at a later date.
In addition to Madhouse Associates, other clients we have advised recently on acquisitions include DWF LLP, Communique, URS Scott Wilson, Carphone Warehouse, Horwich Farrelly Solicitors, British Red Cross and Martin Dawes.
If you are looking for office premises in Manchester or the North West, please call us for a free, no obligation fee quotation.