Birmingham’s Snowhill scheme attracts interest
The multi-million pound Snowhill development in Birmingham is set to recommence after being put on ice during the recession.
RT Group Development (RTGD) is understood to be looking at bids from several construction companies for a £45m office development at Birmingham Snow Hill rail station.
The office block, to be known as Two Snowhill, is the second of four phases in the development of the site, where RTGD owns 1.86 hectares of land. One Snowhill (pictured), a 12 floor office block is complete and is already occupied. Construction work on the second phase was suspended during the recession after Anglo Irish Bank, the original financier, pulled out. It left the office partially built, with two concrete cores sticking up into the skyline. The 14-floor office development, which will include basement car parking for over 140 cars is expected to be completed in late 2012.
The Snowhill development (the name is a deliberate concatenation of Snow Hill) is a mixed-use scheme offering premium office floorplates, residential housing and public spaces. The development is located in Birmingham’s business district and offers easy access to both rail and road networks.
One Snowhill is a £66m office block providing Grade A rated floorplates over 11 floors – the ground floor is used for retail outlets. Office tenants include KPMG who pre-let 118,403 sq ft back in 2006 – the deal at the time being the largest pre-let in Birmingham since 2002 and the largest outside of London since 2003. The other significant tenant is Barclays Bank, who let 98,000 sq ft of floor space and moved into the building in January this year.
When complete Two Snowhill will be the larger of the the two office blocks with an extra three floors of office space and offering 310,867 sq ft of floor space in total. Law firm Wragge & Co has agreed a pre-let deal for 60% of the building.
Joint marketing agents are Jones Lang LaSalle and CB Richard Ellis.
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