TEAM

  • Craig Satchwell
  • Guy Grantham
  • David Smeeton

STATISTICS

  • Largest single building office development in Birmingham.
  • 314,000 sq. ft.

CHALLENGE

  • Colliers International, Birmingham has been working with Hines European Development Fund II to acquire the second phase of Ballymore’s Snowhill development from NAMA.

STRATEGY

  • Since 2005 Colliers International had been advising Ballymore on their Birmingham Snowhill development, which comprises 570,000 sq. ft. of class leading office accommodation in two buildings. Building 1 was completed in 2009 and comprises 256,000 sq. ft. of which120,000 sq. ft. was pre-leased to KPMG and 99,500 sq. ft. to Barclays.
  • Construction of Building 2, which comprises 305,000 sq. ft. of office accommodation, was suspended in 2009 and the asset was placed into NAMA despite Law firm Wragge & Co agreeing to pre-lease 186,000 sq. ft. of office space. Colliers International presented this opportunity to Hines in 2009 and has been working with them since to acquire the asset from NAMA. A deal was concluded in April 2011. Construction has started on site and completion is expected in 2013.

SERVICES

RESULTS

  • First new build office development outside of London with over 100,000 sq. ft. of speculative office space to be delivered in 2013.