Vital work to create thousands of jobs in Birmingham city centre will go ahead despite funders suspending UK investment.
M&G Real Estate has confirmed work will continue on the £200 million Three Snowhill scheme, which promises to create 450 construction jobs and house up to 4,000 office workers when it is completed.
It is a major vote of confidence in the city after M&G followed a host of property funds in announcing it was suspending trading after the Brexit vote.
The 16 storey office block is a key part of Birmingham’s wider Snowhill masterplan, dubbed the city’s answer to Canary Wharf.
Chris Perkins, head of business space at M&G Real Estate, said: “With continued demand for high quality office accommodation in key regional cities that benefit from excellent transport connectivity and continued occupier demand, we can confirm that our major development at Three Snowhill Birmingham is firmly on track. There will be no change in the development programme.”
Birmingham City Council’s acting strategic director for economy Waheed Nazir said it was a vital boost for the city.
He said: “It is great to have M&G Real Estate confirm they are proceeding with their funding of the construction of Three Snowhill, which is an enterprise zone site and a key development within Birmingham’s Snowhill Masterplan.
“M&G’s commitment to this development is a statement of confidence in the city’s growth agenda and in our resilience.
“This project will create hundreds of important construction jobs in Birmingham, and the landmark building will play home to businesses with thousands of valuable jobs right in the heart of the Midlands.”
Work has already begun at Three Snowhill and is expected to complete by 2018.
The 420,000 sq ft scheme is so important that when the £200 million deal between M&G Real Estate and Snowhill development Ballymore was announced in March, it was welcomed by Chancellor George Osborne as a “landmark announcement”.
