Hines confirmed as backer for Two Snowhill

WORK will restart next month on the stalled Two Snow Hill development in Birmingham after Hines was confirmed as financial backer for the scheme.

Today’s announcement brings to an end months of rumours about the American firm’s involvement in the project.

The unfinished cores of the two remaining SnowHill towers have sat idle in Birmingham’s business district for two years after Anglo Irish pulled its funding from the project, leaving developer Ballymore Group to appoint Savills to help in its search for new investment.

Hines’ ‘European Development Fund II’ has acquired the first phase of the project, a 14-storey, 314,000 sq ft tower which was designed by London-based architects Sidell Gibson.

Two Snowhill will contain 305,000 sq ft of office and 9,000 sq ft of retail space with law firm Wragge and Co taking a pre-let on 185,000 sq ft.

Balfour Beatty has been hired as general contractor and construction work is due to be completed in 2013 – a condition of the pre-let is that the tower must be completed by the end of 2013.

It is the latest stage of Hines’ involvement in the second city after it bought out a large portion of the mixed-use Brindleyplace scheme last summer.

Hines UK director Anthony Leonard said: “We are looking forward to working with Ballymore as joint developers to complete Two Snowhill.

“We are optimistic about additional leasing prospects, as Two Snowhill will be of the highest quality and will be the first new office building to be delivered in central Birmingham for more than three years.”

Ballymore’s Snowhill project director Richard Probert said: “Ballymore Group is delighted to have been able to reach an agreement with a partner that will enable us to deliver on our commitments.

“This is a great building, and the re-start on site next month will hopefully be a springboard both for the rest of the scheme and for a renaissance in the wider Birmingham office market.”