The developer of a scheme that has sat half completed for more than two years is looking for a funder to finish the project.
Ballymore called a halt to the second phase of its flagship scheme with just the concrete cores constructed after the original backer Anglo Irish fell victim to the credit crunch and reduced its exposure to the commercial property market.
The first phase of the development is already occupied by KPMG and Barclays Welath and 60 per cent of the second phase - if and when it is completed - has been let to Wragge and Co. A third phase has planning for apartments and a top quality hotel although that is unlikely to be developed in the short to medium term. The remaining construction costs for phase two are estimated at around £110 million.
Richard Probert, Ballymore’s project director, said: “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 per cent is unique.”
One Snowhill was sold earlier this year to Commerz for £126 million.
Savills has been appointed by the Irish developer to find a new funder for the scheme.