Hines and Ballymore Group have announced an agreement to jointly develop Two Snowhill, a 14-story office building in Birmingham. Hines' European Development Fund II acquired the site and will fund the project. Designed by Sidell Gibson, the distinctive 314,000-ft² (approx. 29,000-m²) building is designed to be the 'big sister' to the adjacent One Snowhill office building, which is mainly occupied by KPMG and Barclays. Two Snowhill will contain 305,000 ft² of office and 9,000 ft² of retail space. The law firm of Wragge & Co. has preleased 185,000 ft² of the office space.
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."
The new development is Hines' third project currently under construction in the UK and reinforces the firm's commitment to quality development opportunities. It follows 280 High Holborn in London's Midtown, where construction started earlier this year, and Cannon Place in the City, which will be finished this autumn.
Michael Topham, Executive Vice President and CEO, Hines Europe/MENA, said: "Snowhill is an important transaction for Hines and for the Hines European Development Fund II as funding source. It demonstrates our continuing appetite to undertake major development projects in Europe."
Debt funding for Two Snowhill is being provided by Deutsche Hypo - London Branch. Colliers International, Birmingham advised Hines while Savills advised Ballymore.