Work ground to a halt on phase two of the flagship scheme at the concrete core stage when original backer Anglo Irish was hit by the credit crunch.

Now developer Ballymore is looking for a funder to finish the scheme and is working with Savills to finish the second phase at an estimated construction cost of £110m.

Phase two will contain 28,000 sq metres of office space over 14 floors and 60% has already been pre-let to law firm Wragge & Co.

The first phase at Snow Hill was built by Kier and is occupied by KPMG and Barclays. Ballymore  has planning permission for a third phase  containing apartments and a luxury hotel.

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 local contractor told the Enquirer: “This is very positive news for the area. We have seen commercial work start again in London but for that to spread to other cities would be great news.

“To get work going again here would be a symbolic restart of the private commercial market because the concrete cores have been standing there for so long.”