Ballymore seeks backer to finish Snow Hill scheme
A FUNDER with £110m to spare is now being sought to finish a commercial property development which has been sitting half-finished for two years.
Developer Ballymore has appointed commercial and residential real estate company Savills to find a financial backer for Two Snow Hill, in Birmingham, after the previous backer Anglo Irish pulled out.
The construction of the office complex is only partially completed with the costs to finish phase two of the project estimated at £110m.
Law firm Wragge & Co has already agreed a pre-let deal for approximately 60% of the new property, securing just under 184,000 sq ft on a 20-year lease with the flexibility to accommodate up to 1,800 people.
When finished, Two Snowhill will comprise 310,867 sq ft of office accommodation over 14 floors, with an average floor plate of 24,000 sq ft.
It is expected to be completed in late 2012 while a third development phase will house apartments and a hotel.
Ballymore’s project director Richard Probert said: “Snow Hill has already proved itself as providing the highest quality buildings in the city as well as attracting the major occupiers.
“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.”
One Snowhill is now occupied by KMPG and Barclays Wealth and it was sold early this year for £126m to Commerz.
