Hines confirms Two Snowhill scheme
Property group Hines has ended months of speculation by confirming it will forge ahead with plans to develop Two Snowhill in Birmingham alongside Ballymore Group. The 14-storey office building was acquired by Hines’ European Development Fund II.
The development of the 314,000 sq ft site will be funded by the company's investment fund.
Two Snowhill will contain 305,000 sq ft of office and 9,000 sq ft of retail space. Law firm Wragge & Co has pre-leased 185,000 sq ft 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."
Colliers International, based in Birmingham, advised Hines while Savills advised Ballymore.
Balfour Beatty has been hired as general contractor, and construction is set to begin later this month.
Project completion is expected in early 2013.
