Acquisition of Seaton House, Wellington Street, Stockport
One Heritage Group plc (OHG)
One Heritage Group plc: Acquisition of Seaton House, Wellington Street, Stockport
11-Jan-2022 / 07:00 GMT/BST
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ONE HERITAGE GROUP PLC
(the “Company” or “One Heritage”)
Acquisition of Seaton House, Wellington Street, Stockport
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce that it has signed an agreement to acquire Seaton House, Wellington Street, Stockport (“Seaton House”) for £675,000, with an initial deposit of £67,500 paid on signing and the remaining balance paid on completion within the next 12 months. Seaton House is located in the centre of Stockport and only a 7 minute walk to Stockport train station, which has a direct line to both Manchester and London.
Seaton House is an existing office building with permitted development rights which would allow conversion into 12 apartments. One Heritage plans to submit a planning application for up to 30 apartments which will have a Gross Development Value of £5.6 million. Construction is expected to start upon successful planning and take 12 months, with completion expected in calendar Q4 2023.
Jason Upton, CEO of One Heritage Group commented: “I am delighted to secure our second acquisition in the heart of Stockport. Our existing St Petersgate development, scheduled to complete at the end of this year, is only a short walk away.
Stockport is seeing significant investment and could outperform against the broader property market due to its excellent connectivity to both London and Manchester via train, its proximity to Manchester airport, and its access to the Peak District.”
Contacts
Jason Upton
Chief Executive Officer
Email: jason.upton@one-heritage.com
Luke Piggin
Finance Director
Email: luke.piggin@one-heritage.com
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
