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Pin to quick picksOne Heritage Regulatory News (OHG)

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One Heritage Group plc: Development Management Agreement update on One Victoria, Manchester

21 Jul 2023 07:32

One Heritage Group plc (OHG) One Heritage Group plc: Development Management Agreement update on One Victoria, Manchester 21-Jul-2023 / 07:32 GMT/BST


21 July 2023          

ONE HERITAGE GROUP PLC

(the “Company”)

Development Management Agreement update on One Victoria, Manchester

 

One Heritage Group PLC (LSE: OHG), the UK-based residential developer, development manager and property manager focused on the North of England, is pleased to provide an update on its development management agreement (RNS 05 April 2022) with its client, One Heritage Great Ducie Street Limited. The client, One Heritage Great Ducie Street Limited, is a development company subsidiary of One Heritage Property Development Limited (the “Developer”), the Company’s Hong Kong based majority shareholder. The development management agreement relates to a residential development on land located between Great Ducie Street and Mirable Street, Manchester (the “Site” or the “Project”).

 

The Company is pleased to advise that following the signing of a construction contract between the Developer and Torsion Construction Limited yesterday, fees for the Company of 2% of ongoing total development costs have been secured and are payable over the anticipated development period. These fees are expected to be in the region of £20,000 per month until practical completion in Q2 2025. The Company will also be entitled to 15% of the net profit generated, which will be distributed following the legal completion of the sales for all units. Prior to the signing of this construction contract, in the financial year to June 2023, the Company earned £206,000 in project management fees, and another fee of £225,500 for the raising of construction debt in respect of this project.

The Site named One Victoria (not to be confused with the Company’s own Victoria Road, Eccleshill proposed development where it is itself the developer) comprises two parcels of land with an existing building on one. It is located close to One Heritage Tower, a scheme where the Company also has a development management agreement. The Site will be developed into 129 self-contained apartments across two buildings, one of 10 storeys on Mirable Street, the other a stepped 10 to 14 storey building on Great Ducie Street. There will also be two ground floor commercial units. The Project is expected to have a gross development value of circa £39.1 million and practical completion is scheduled for Q2 2025.

Jason Upton, Chief Executive Officer of One Heritage, commented:

“One Victoria is a significant regeneration project in the heart of Manchester and we are pleased to be involved as Development Manager. Now that a construction agreement between our client and Torsion Construction Limited has been signed, our recently strengthened team looks forward to managing the successful delivery of this significant city centre project.”

 

Contacts

 

One Heritage Group plc

Jason Upton

Chief Executive Officer

Email: jason.upton@one-heritage.com

 

Anthony Unsworth

Chief Financial Officer

Email: anthony.unsworth@one-heritage.com

 

Hybridan LLP (Financial Adviser and Broker)

Claire Louise Noyce

Email: claire.noyce@hybridan.com

Tel: +44 (0)203 764 2341

 

Yellow Jersey PR (Financial PR)

Charles Goodwin/Annabelle Wills/Bessie Elliot

Email: oneheritage@yellowjerseypr.com

Tel: +44 (0)203 004 9512

 

About One Heritage Group

One Heritage Group PLC is a property development and management company. It focuses on the residential sector primarily in the North of England, seeking out value and maximising opportunities for investors. In 2020 One Heritage Group PLC became one of the first publicly listed residential developers with a focus on co-living.

The Company is listed on the Standard List of the Main Market of the London Stock Exchange, trading under the ticker OHG. 

For further information, please visit the Company’s website at https://www.oneheritageplc.com/.


Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
ISIN:GB00BLF79495
Category Code:UPD
TIDM:OHG
LEI Code:2138008ZZUCCE4UZHY23
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:259171
EQS News ID:1685115
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
29th Jun 20227:00 amEQSOne Heritage Group plc: Signing of a Relationship Agreement with majority shareholder
10th May 20227:01 amEQSOne Heritage Group plc: Disposal of Nicholas Street Developments Limited
5th Apr 202212:00 pmEQSOne Heritage Group plc: Development management agreement
29th Mar 20227:01 amEQSOne Heritage Group plc: Investor presentation
29th Mar 20227:01 amEQSOne Heritage Group plc: Interim report for the six months ended 31 December 2021
22nd Mar 20227:01 amEQSOne Heritage Group plc: Holding(s) in Company
21st Mar 20227:00 amEQSOne Heritage Group plc: Appointment of Non-Executive Director
18th Mar 20227:01 amEQSOne Heritage Group plc: Admission of Corporate Bond onto the Main Market of the London Stock Exchange
17th Mar 20227:01 amEQSOne Heritage Group plc: Delayed admission of Corporate Bond
14th Mar 20222:00 pmEQSOne Heritage Group plc: Issuance of Prospectus and Corporate Bond
21st Jan 20227:00 amEQSOne Heritage Group plc: Extension to debt facilities
23rd Dec 202112:00 pmEQSOne Heritage Group plc: Trading update and Directorate Change
16th Dec 20217:00 amEQSOne Heritage Group plc: Signing construction finance facility
19th Nov 202112:52 pmEQSOne Heritage Group plc: Result of Annual General Meeting
11th Nov 20217:01 amEQSOne Heritage Group plc: ESG Policy
21st Oct 20212:30 pmEQSOne Heritage Group plc: Posting of Accounts and Notice of AGM
20th Oct 20217:02 amEQSOne Heritage Group plc: Investor presentation
20th Oct 20217:02 amEQSOne Heritage Group plc: Full year results for the year ending 30 June 2021
16th Sep 20217:00 amEQSOne Heritage Group plc: Associate of the Group update
3rd Sep 20219:05 amRNSSecond Price Monitoring Extn
3rd Sep 20219:00 amRNSPrice Monitoring Extension
2nd Sep 20219:05 amRNSSecond Price Monitoring Extn
2nd Sep 20219:00 amRNSPrice Monitoring Extension
2nd Sep 20217:00 amEQSOne Heritage Group plc: Associate of the Group
30th Jun 20212:05 pmRNSSecond Price Monitoring Extn
30th Jun 20212:00 pmRNSPrice Monitoring Extension
28th Jun 20211:01 pmEQSOne Heritage Group plc: Exercise of Warrants and Total Voting Rights
24th Jun 20213:04 pmEQSOne Heritage Group plc: Development management agreement
24th Jun 202111:06 amRNSSecond Price Monitoring Extn
24th Jun 202111:00 amRNSPrice Monitoring Extension
24th Jun 20219:05 amRNSSecond Price Monitoring Extn
24th Jun 20219:00 amRNSPrice Monitoring Extension
23rd Jun 20219:05 amRNSSecond Price Monitoring Extn
23rd Jun 20219:00 amRNSPrice Monitoring Extension
17th Jun 202112:16 pmEQSOne Heritage Group plc: Signing construction finance facility and amendment to shareholder loan facility
21st May 20217:00 amEQSOne Heritage Group plc: Signing construction finance facility
1st Apr 20214:40 pmRNSSecond Price Monitoring Extn
1st Apr 20214:35 pmRNSPrice Monitoring Extension
1st Apr 20212:06 pmRNSSecond Price Monitoring Extn
1st Apr 20212:00 pmRNSPrice Monitoring Extension
31st Mar 20212:46 pmEQSOne Heritage Group plc: Director/PDMR Transaction
25th Mar 20217:02 amEQSOne Heritage Group plc: Investor presentation
25th Mar 20217:01 amEQSOne Heritage Group plc: Interim Results
11th Feb 20217:00 amEQSOne Heritage Group plc: Placing, Subscription and Acquisition in Stockport
9th Feb 20217:00 amEQSOne Heritage Group plc: Appointment of auditor
25th Jan 202110:04 amEQSOne Heritage Group plc: Statement regarding share price movement
18th Jan 20212:29 pmEQSOne Heritage Group plc: Statement regarding share price movement
18th Jan 20212:06 pmRNSSecond Price Monitoring Extn
18th Jan 20212:00 pmRNSPrice Monitoring Extension
7th Jan 20217:00 amEQSOne Heritage Group plc: Development update

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