Acquisition of Plus House, Stockport
One Heritage Group PLC is pleased to announce the exchange of contracts for the purchase of Plus House, Stockport. Completion is expected on 31 March 2021 with the acquisition to be funded through the Placing, Subscription, existing cash resources and the shareholder loan facility.
The property is currently used as an office but has been acquired with the benefit of permitted development planning approval to convert the first, second and third floor into twelve apartments with approximately 2,500 square foot of office space on the ground floor.
Management are exploring revising the planning to add an extension which adds an additional three apartments, this increases the total to fifteen.
We expect construction to start in Q2 2021 with completion during Q2 2022 even with the revised extension. The costs and timelines are dependent on the permitted development planning approval and do not include the planning extension as envisaged.
The site is located in the heart of Stockport on St Petersgate in proximity to a number of historical buildings, including St Peters Church, and is a 5-minute walk to Stockport train station which has a direct rail link to both Manchester and London.
Jason Upton, Chief Executive Officer of One Heritage Group PLC, commented:
One Heritage is pleased to be able to acquire Plus House through a Placing and Subscription. It demonstrates that investors strongly support the Company’s strategy and have faith that management will deliver.
Plus House is an exceptional opportunity that fits within our business strategy. We see Stockport as a great location as it fits in with our strategy to focus on units that we believe young professionals will be attracted to.