Birmingham city is to see the construction of three major office schemes throughout 2015 after developers Sterling Property Venture and Ballymore recognise the fantastic opportunity the area offers.
Ballymore, an Irish development group, is preparing plans for construction of the 200,000ft2 Snow Hill 3 scheme- with work expected to begin in August.
Sterling Property Venture are similarly planning the work required for a 35-storey office building, ‘103 Colmore Row’, with estimations of this being put into play by the end of the year. Sterling are also close to starting work on the 240,000ft2, 14-storey Lumina Building, and consider themselves ready to commence (however work is on halt as the scheme is subject to securing a pre-let).
These developments, especially Lumina, would signify a significant transformation of the Snow Hill area of Birmingham from a seemingly derelict quarter to a substantial contributor to the city’s business real-estate.
Sterling managing director James Howarth said: “A lot of people will ask why build a major office now, when there’s an over-supply of grade A space in Birmingham city centre.
“But the demand for that space will pick up as the recovery speeds up and that overhang space is taken away. If we’re to win more inward investment like Deutsche Bank, which came to the city and expanded rapidly, Birmingham will need that space ready at hand. So it’s about getting ahead and planning for the future.”
These office plans come as part of Birmingham’s city council 20-year master plan for Snow Hill, with approximately £600m of development opportunities this is the perfect time for developers such as Ballymore and Sterling Property Venture to invest.
This is an exciting time for the Birmingham area and it offers exciting opportunities for contractors, developers, architectural firms, construction firms and the all involved with such projects. If you are looking for new opportunities within commercial development projects please click here for a list of our live vacancies.
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