Ballymore have appointed Savills to seek out a funding partner to fund the development of the second phase of the Snowhill scheme, at Two Snowhill, Birmingham.

Snowhill has dominated the city's leasing market in recent years with One Snowhill already completed and let to KPMG and Barclays. Two Snowhill is already partly constructed and approximately 60% pre-leased to the region's leading lawyers, Wragge & Co. The remaining construction costs are estimated at approximately £110 million.

Two Snowhill will comprise 310,867 sq ft (28,044 sq m) of Grade A office accommodation over 14 floors, with an average floor plate of 2,200 sq m (24,000 sq ft). Wragge & Co have preleased 183,599 sq ft (17,056 sq m), on a 20 year lease at £33 per sq ft (£355 sq m). The remaining 118,000 sq ft (10,962 sq m) offices will be available for lease.

Two Snowhill is projected to achieve practical completion in late 2012 and due to the lack of ongoing speculative development supply in Birmingham, is ideally placed to hit the market at the right time and to benefit from forecast rental growth.

Richard Probert, Ballymore's Project Director, says: "Snowhill has already proved itself as providing the highest quality buildings in the City as well as attracting the major occupiers. To be able to develop such a scheme at this time in the market, with the benefit of a pre-let on over 60% is unique."

Snowhill is a 600,000 sq ft (55,740 sq m) mixed-use development set in the heart of the city of Birmingham and in an area already established as the principal office location in Birmingham's CBD. One Snowhill was sold earlier this year to Commerz for £126 million, reflecting a NIY of circa 6.16%.