Phase 1 of Snow Hill office development for sale to raise funds for project completion
According to the Birmingham Post, the first completed phase of a new office property at Snow Hill in Birmingham is to be sold in order to raise funds to complete the rest of the development, which has been set back by the recession.
The property is expected to go on the market this week, and the sale is likely to be handled by Jones Lang LaSalle. The property totals 250,000 sq ft of office space, and is currently almost fully let on long-term lease agreements to Barclays and KPMG.
Speaking to the Birmingham Post, a spokesman for Ballymore said:
“Ballymore confirms that 1 Snowhill will be going on the market next week. Snowhill is a development we are very proud of, and we want to keep the momentum going and work through various scenarios that will see this development built out.”
A new agreement has reportedly been made with law firm Wragge & Co, which has taken 250,000 sq ft of office space in the Snow Hill property. It is now expected to be completed in 2012.
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