One Heritage Group plc: 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 £10.0m to £10.1m. 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.”
Chief Executive Officer
Chief Financial Officer
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Tel: +44 (0)203 764 2341