Ballmore is desperately seeking funding for a commercial development project, or it could potentially lose its major tenant.
Commercial development firm Ballymore has found itself in a race against time to secure
property investment funding for its latest project.
The group needs assistance with the remaining £110 million cost of constructing the second building in its Snowhill Development, according to the Birmingham Post.
Time is of the essence as Birmingham-based law firm Wragge & Co, which signed a deal to let 60 per cent of the building in 2008 before the original backer Anglo Irish pulled out, is able to escape from the contract if the building is not ready by the end of 2013.
However, for now, Wragge & Co insists it remains behind the project, the firm's managing partner Ian Metcalfe told the publication.
"We remain committed to Two Snowhill, which promises to be a superb, state-of-the-art space for Wragge & Co's global headquarters. We are looking forward to moving into the new building," he said.
The latest report from Jones Lang La Salle indicates that global property investment has "returned from the doldrums" , witnessing a 74 per cent rise in the last year.
Posted by Allan Flowers
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