Hines place Birmingham office scheme under offer

US investor to pay £13m plus £116m development costs for 2 Snow Hill

Article posted: 16 Jan 2011

After months of speculation developer Ballymore has finally secured a buyer for its 2 Snow Hill development in Birmingham. US investment company Hines will pay £13m for the scheme as well as the remaining £116m of development costs.

Union Investment Group was also in the running to make the £129m investment in the 14-storey tower which on completion in late 2012 will provide 310,867 sq ft of grade A office space in Birmingham.

Ballymore will continue in the role of development manager with construction company Balfour Beatty recently named preferred contractor for the project.

2 Snow Hill has pre-let around 60% of the building, a minimum of 183,600 sq ft to law firm Wragge & Co who will pay £33 per sq ft on a 20 year lease. The remaining 118,000 sq ft is being developed speculatively.

For breaking office space news relating to office space in the West Midlands & UK-wide, follow us on twitter:

twitter.com/officespacenews

Posted by Josh