One Heritage Group plc: Practical Completion of Liberty House, Bank Street, Sheffield
One Heritage Group PLC, the UK-based residential developer focused on the North of England, is pleased to announce the practical completion of Liberty House, often referred to as Bank Street, Sheffield, a residential development project consisting of 23 high-end apartments.
The property is located in the heart of the Cathedral Quarter in Sheffield City Centre, which is 10 minutes from Sheffield Hallam University and Sheffield Train Station. The four-storey property is 18,190 ft2 with the apartments consisting of a mix of one-bed, one-bed duplex and two-bed units. Due to the building’s former use, the high ceilings have allowed for a mezzanine to be installed in some units creating duplex apartments. Liberty House, constructed from local sandstone and originally built in 1894 as a County Court House, is intentionally designed to showcase the building’s attractive inherent Grade II listed features such as its high ceilings, deep skirtings and original architraves.
Construction work commenced in June 2021 with One Heritage Construction as the principal contractor leading the delivery of this complex redevelopment. The supporting design team comprised of project managers Cube, SSHARC Architects, structural engineers Kennedy Redford, mechanical and electrical engineers Crookes Walker Consulting and principal designers RJD.
The Group has previously taken the decision to impair the value of its Bank Street, St Petersgate and Oscar House developments by £2.40m, and Bank Street accounts for approximately 65% of this value. An update on this position will be reported in due course once all apartments are sold and legally completed. Sales are progressing and 17 units have exchanged contracts with a further 2 reservations and 4 remain unsold. The 17 exchanged should generate £3.27m in revenue by the 26th May 2023. 11 units need to complete to repay the construction finance.
Jason Upton, One Heritage CEO, commented:
“We are pleased to announce the completion of Liberty House, Bank Street, marking our second practical completion of 2023. Due to Liberty House being a Grade II listed building, it came with its own set of redevelopment complexities in order to maintain original features, but the team has overcome these to deliver an excellent architectural finish. With two more completions in Manchester and Stockport set to follow soon, we look forward to announcing further project news imminently.”
Chief Executive Officer
Chief Financial Officer
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Tel: +44 (0)203 764 2341