A key city centre development site in Birmingham has returned to the market following the failure of freeholder Scottish Widows and developers Sir Robert McAlpine and Business Homes to complete a deal.
Grimley, which is advising Scottish Widows, is now remarketing the Snow Hill House site on Livery Street. The agency is believed to be talking to up to six interested developers. Reportedly, Scottish Widows is looking for around £4m for the freehold.
The site – which is currently occupied by a 1,500 sq m (16,146 sq ft) office building – can sustain a new development of up to 8,427 sq m (90,710 sq ft).
Also, Dibb Lupton Alsop – which was negotiating with McAlpine and Business Homes to take a 3,251 sq m (35,000 sq ft) pre-let in a new development on the site – still has an unfulfilled requirement for new offices in Birmingham. It is thought to have drawn up a shortlist of six sites in the city.
However, the shortlist still includes any future redevelopment at Snow Hill House as well as No. 4 Brindleyplace at Argent’s mixed-use scheme.
Grenville Smith & Duncan is advising McAlpine and Business Homes.
EGi News 03/11/97
