Colliers International Birmingham Case Studies
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Key Case Study
2 Snowhill, Birmingham - Development Acquisition
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
- Investment
- Office
- Research
- Corporate Recovery
- Consultancy
RESULTS
- First new build office development outside of London with over 100,000 sq. ft. of speculative office space to be delivered in 2013.