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A UNIQUE OPPORTUNITY

The property is located within Birmingham central business district.  It is at the north eastern end of Colmore Row, fronting Snow Hill Queensway, the main vehicular route into the CBD, and adjacent to Birmingham Snow Hill station, which is primarily served by commuter trains (plus Chiltern Railways’ trains to London Marylebone) and Midlands Metro trams to Wolverhampton. 

The Snow Hill scheme comprises three buildings totalling 96,000 sq m (1.03 million sq ft) in a piazza setting that includes new pedestrian access from Colmore Row and the station.  There are plans to extend the Midland Metro, funds permitting, through the city centre and the Snow Hill scheme has been designed accordingly;  this would give effortless access to the retail core and Birmingham New Street station.

One Snow Hill is nearing completion – PC is due in November – and comprises a landmark office building of striking design;  the southern elevation is canted so that higher floors are larger.  The building is broadly rectangular with central atrium and accommodation on three levels of basement (parking), ground (office and/or retail), eleven upper floors and roof-top plant level. 

The specification includes: raised floors; fan coil comfort cooling, eight 21-person passenger lifts and a target BREEAM rating of “Excellent”.  The floors, which average about 2,137 sq m (23,000 sq ft), are designed so that they could be divided into four suites, giving very good occupational flexibility.

The building will provide a total of 23,981.6 sq m (258,138 sq ft) and 131 basement parking spaces, giving a parking ratio of one space per 183 sq m (1,971 sq ft).

The building has been substantially pre-let. 

                KPMG have taken 10,652.3 sq m (114,661 sq ft) on Floors 7-11 for a 20-year term, with tenant’s option to break after 15 years, at an anticipated rent of £3,623,730 per annum exclusive. 

                Barclays have taken 8,824.3 sq m (94,991 sq ft) on Floors 2-5 for a 15-year term at a headline rental level of (£32.00 per sq ft), which I calculate equates to an anticipated rent of £3,171,712 per annum  exclusive. 

Total income will be £6,795,442 per annum exclusive.

Approximately 5,065.1 sq m (54,521 sq ft) is available, although I understand that KPMG has an option on the 2,135.8 sq m (22,990 sq ft) Floor 6, while Barclays is likely to take additional accommodation on the ground floor.  Nevertheless, One Snow Hill is the best space in Birmingham.

The Snow Hill scheme is held leasehold, for a term of 250 years from December 2007 at a peppercorn rent, and it is assumed that One Snow Hill will be sold by way of a marginally shorter sub-lease.

 

We are not retained and would require a fee to be agreed further information is available

on receipt of a Letter of Interest and a signed Fee agreement.