Barclays Commercial Bank is moving its main Midlands headquarters to the prestigious Snowhill development in central Birmingham, it has been confirmed.
It has acquired more than 98,000 sq ft of new office space from Ballymore, the international property development company, and will bring together 1,000 sales and operations staff from Barclays Commercial Bank division in the Midlands, currently located across the Greater Birmingham area.
A 15-year lease has been agreed on the office space, which forms part of Ballymore’s one million sq ft mixed-use scheme – set to become one of the largest redevelopment schemes in Birmingham.
Barclays, advised by Jones Lang LaSalle, will jointly occupy One Snowhill along with KPMG.
Ray O’Donoghue, regional corporate director at Barclays Commercial Bank, said today: “Our move to Snowhill will be one of the biggest investments we have made in property in the UK and will provide us with 40 per cent more office space than we currently have over multiple sites.
“It will offer an excellent environment for both our staff and customers in the Midlands. The move enables us to bring together our existing banking operations under one roof while remaining close to the traditional heart of Birmingham’s business community.”
Barclays will occupy four floors from levels three to six of One Snowhill, the first phase of the state-of-the-art, mixed use development next to Snow Hill Station that includes conferencing facilities, restaurants, bars and Birmingham’s only five-star hotel. Barclays’ offices will also feature a dedicated customer reception and meeting suite.
Richard Probert, Ballymore’s project director for Snowhill, also said: “We are delighted to have secured Barclays as our latest prestigious occupier for Snowhill following a highly successful pre-letting campaign.
“This third major pre-let further validates our vision for Snowhill as a world class business and professional services centre in Birmingham which focuses on meeting occupiers’ needs.
“We are confident that other occupiers will seize the opportunity to take up the remaining space in what has become the most attractive business location available in Birmingham city centre.”
Jan Thompson, head of Jones Lang LaSalle’s Birmingham office, added: “Snowhill is set to become a first-class business environment. Joining the strong tenant line-up already secured at the scheme, this acquisition enhances Barclays’ presence in the city.”
One Snowhill is scheduled to be completed in March 2009, and it is anticipated that Barclays Commercial Bank will occupy the site in late 2009.
Martin Guest, head of CB Richard Ellis’s Birmingham office, who advised Ballymore, said: “This is yet more excellent news for Snowhill and the wider Birmingham market, which continues to buck the national trend.
“Barclays’ decision demonstrates the importance of being able to offer occupiers the very best product and Birmingham’s pre-eminence in financial and business support services,” he added.
Jones Lang LaSalle advised Barclays. Ballymore was represented by CBRE and Colliers CRE.