Snow Hill Plaza site formally brought to market

  Grant Thornton and CB Richard Ellis this week launched the formal sale of the proposed Snow Hill Plaza, the former Kenmore Property Group site in Birmingham.   Kenmore administrator Grant Thornton is looking for unconditional offers to sell the three long leaseholds which make up the site: the Thistle Hotel; 1 Snow Hill Plaza and a 0.5-acre development opportunity known as ‘The Strip.’   A source said: “Around 10 viewings have already been held mainly via property companies with a seven- to eight-year vision. This won’t work for investors who want a quick in and out.”   Those known to be interested include Nurton Developments, Mark Glatman’s and James Howarth’s Abstract Land and Alan Chatham’s Birmingham Development Company which owns the neighbouring Post & Mail development site.   The 190,000 sq ft mixed-use development won detailed consent in December 2008.   Plans include a 15-storey building on a 0.5-acre site known locally as “The Strip”.   The Snow Hill Plaza site currently produces a total gross income of £582,648 pa and net of £524,468 pa after head lease deductions   The scheme benefits from three detailed planning consents   – 1 Snow Hill Plaza: 446,115 sq ft of new build offices in place of the existing 1 Snow Hill Plaza and The Strip   – 2 Snow Hill Plaza: 130,000 sq ft of new offices in place of The Strip expiring December 2010   – 2 Snow Hill Plaza: 170,000 sq ft  of new offices in place of The Strip   The site can be sold as a whole or broken up into three separate parts. A decision is due by mid-April.   Grant Thornton was appointed administrator to 21 companies and receiver to two others in the Kenmore group in November.   For more information go to: www.projectlandmark.co.uk   lisa.pilkington@estatesgazette.com