One Heritage Group plc: Trading and Corporate Update (1672519)
04 Julio 2023 - 6:01AM
UK Regulatory
One Heritage Group plc (OHG)
One Heritage Group plc: Trading and Corporate Update
04-Jul-2023 / 12:01 GMT/BST
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4 July 2023
ONE HERITAGE GROUP PLC
(the "Company" or "One Heritage")
Trading and Corporate Update
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, today provides
an update on the progress of projects, changes to its senior management team and being awarded the Propertymark
accreditation.
One Heritage is delighted to announce that it has exchanged contracts for the bulk purchase of twenty apartments at
Lincoln House, Bolton. The sales are contracted to complete by 20 August 2023 and increases the number of sold units
(exchanged contracts or completed sales) to 74 out of a total of 88. This is expected to increase the overall GDV
previously reported from GBP10.0m to GBP10.1m. Construction has also commenced in May 2023 on Victoria Road, Eccleshill,
West Yorkshire, with target completion expected in H2 2024.
The completion of St. Petersgate, Stockport is delayed into H2 2023 due to further challenges in respect of industry
wide sub-contractor labour shortages. This is not expected to materially impact the financial performance of the
development and further details will be provided later in the year.
The Group has decided to sell the development at Churchgate, Leicester following a viability review of its design and
costs and has accepted an offer that is progressing through the due diligence and legal processes. No construction has
commenced and the sale is considered to be the best course of action which will also bring an immediate improvement to
liquidity. Seaton House, Stockport, is also subject to a viability review of design and costs, which will be completed
this quarter and a decision then made whether to commence works or sell.
In line with the Group's strategy to strengthen its senior management, Mr Geoff Willis has been appointed as Investment
Director which is a new role and will oversee the Group's development pipeline. Geoff has a wealth of residential
property experience, risk management and an in-depth understanding of the property and regeneration marketplace.
The Group is also delighted to announce it has received the Arla Propertymark accreditation in May 2023 for its
lettings operation. This is a nationally recognised code of practice and is approved by the Government, ensuring the
service and controls are as transparent as possible and subjected to review by an external body.
Jason Upton, Chief Executive Officer of OHG plc commented:
"I am pleased to report on the progress made in recent months. Although we have experienced delays due to industry wide
critical skills and labour shortages, we continue to identify considerable opportunities that are available in the
Northern property market. We are looking forward to updating the market with the construction progress of Victoria
Road, Eccleshill, West Yorkshire, and our other upcoming projects.
"We are thrilled that the hard work and progress from our lettings team has been recognised through gaining our Arla
Propertymark Membership. Property agents currently do not have to achieve formal qualifications, therefore, this ARLA
membership provides our customers with an extra level of security and reaffirms the high standards at which One
Heritage operates.
"We are also delighted to welcome Geoff Willis to the team as an Investment Director. We are confident that his
operational experience will help us to deliver valuable investment opportunities for our stakeholders. His residential
property expertise complements our existing development team, and we are looking forward to seeing his influence at
work as we seek to drive growth."
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/.
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The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BLF79495
Category Code: TST
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.: 255435
EQS News ID: 1672519
End of Announcement EQS News Service
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