Work to commence on the third phase of Ballymore鈥檚 Snowhill
Property investor M&G Real Estate is to fund Ballymore鈥檚 拢200m Three Snowhill scheme in Birmingham, allowing Bam to kick on and build the project.
The 420,000 sq ft speculative office development in the city centre is the third and final phase of Ballymore鈥檚 96,000m2 development. It sits within Birmingham鈥檚 20-year Snowhill masterplan, which aims to create a Canary Wharf style commercial district.
Bam was appointed as preferred contractor on the project last summer. It had been expected to start on site last September and complete in the first quarter of 2018, but completion is now expected at the end of 2018.
The deal follows M&G Real Estate鈥檚 acquisition of Two Snowhill in 2014 and Bam鈥檚 appointment as preferred contractor on the project last summer.
The wider project team includes WSP Parsons Brinckerhoff as structural engineer, Arup as MEP consultant, Gleeds as project surveyor.
Chancellor of the Exchequer, George Osborne, said the deal would play an important part in promoting growth in the Midlands and create 鈥渉undreds of important construction jobs in Birmingham鈥�.
Alex Jeffrey, Chief Executive, M&G Real Estate, said Three Snowhill would 鈥渂enefit鈥� from low office vacnay rates in Birmingham which is seeing increased demand for high quality office space from domestic and international business.
He added that this demand is 鈥渟et to rise further with planned infrastructure improvements such as HS2鈥檚 Phase One confirmed to start in 2017鈥�.
Ballymore鈥檚 Chief Executive, Sean Mulryan, said the firm was delighted to start on the third and final phase of the Snowhill scheme.
No comments yet