One Heritage Group plc (OHG)
One Heritage Group plc: Development management agreement

24-Jun-2021 / 15:04 GMT/BST
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ONE HERITAGE GROUP PLC

(the “Company” or “One Heritage”)

Development management agreement

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North West of England, announces it has signed a new development management agreement with One Heritage North Church Limited in relation to a building known as North Church House, Queen Street, Sheffield (“North Church House, Queen Street”).

North Church House, Queen Street is an existing office building in the Cathedral District of Sheffield, close to One Heritage’s Bank Street scheme. The Company intends to redevelop North Church House, Queen Street into 58 self-contained apartments with a gross development value of circa £7.6 million. The project is expected to complete in Q3 2022.

The Company’s advisory fees for the development management of North Church House, Queen Street are agreed at:

• 2% development management fee based on the total development costs and paid over the expected development period;
• 15% of the net profit generated by North Church House, Queen Street at completion; and,
• 1% of any external debt funding raised.

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