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Wragge & Co is to have its move into new Birmingham headquarters delayed by a year because the developer has yet to fill the rest of the building.
The firm signed terms last year to take approximately two-thirds of the 300,000sq ft building at Two Snowhill in what was the largest pre-let in the second city by a factor of two. It agreed a 20-year deal and was due to make the move in 2011.
But developer Ballymore Properties asked Wragges to hold off moving in for an additional 12 months to give it the chance to find further tenants to occupy the rest of the building. In return it offered a financial incentive that will be used to fund the fit-out.
A property head at another Birmingham firm said: “There’s still a crane up, but it’s not doing anything. Wragges isn’t entirely disappointed.”
A local surveyor surmised that this recent financial incentive would soften the possible blow inflicted by the fact that Birmingham headline rates have fallen from £30 per sq ft (when Wragges signed the deal) to around £27 per sq ft today.