Bam Construct can now start work on the long-awaited 14-storey Three Snowhill office project at St Chad’s Queensway following confirmation of a £200m deal between M&G Real Estate and Snowhill developer Ballymore.

Chancellor George Osborne welcomed the Budget day deal:

he said: “We want to make the Midlands Britain’s engine for growth and this landmark announcement will play an important part in that plan.”

The final phase of the Snowhill estate is expected to cost £90m to build sustaining up to 450 construction jobs.

It forms part of Birmingham’s 20-year master plan for redeveloping Snowhill known as Vision 2030.

BAM will be remodelling the existing five levels of basement and cores which serve all three phases, creating office, leisure and conference space and car parking.

Above ground it will be a steel framed office tower with curtain walling to all elevations with 17 levels of office space and two levels of plant room.

The fully curtain walled 420,000 sq ft development is targeting BREEAM Excellent under the 2014 regulations and has an EPC rating of at least B.

BAM has appointed Paul Avery – the man who recently led the major refurbishment of the National Indoor Arena – as project manager for the scheme.