Snowhill Office Development in Birmingham Seeks Backer to Finish Project
Developer Ballymore is seeking a financial backer for a half-finished office property in Snowhill, Birmingham, which has been left unfinished for two years since original backer Anglo Irish pulled out.
The remaining development is expected to cost around ┬ú110m to complete, and Ballymore has now appointed commercial property agent Savills to find a new financier. When completed, Two Snowhill can accommodate 310,867 sq ft of office space over 14 floors.
Law firm Wragge & Co have reportedly already agreed a pre-let deal for 184,000 sq ft of office space at the property, totalling 60% of the new property, which would accommodate up to 1,800 staff.
“Snowhill has already proved itself as providing the highest quality buildings in the city as well as attracting the major occupiers,” said Ballymore’s project director Richard Probert, according to TheBusinessDesk.
“To be able to develop such a scheme at this time in the market, with the benefit of a pre-let on over 60%, is unique.”
Following eventual completion of the office complex as part of phase 2, a third development phase will bring apartments and a hotel to the scheme.