Joint venture creates new property entity with One Heritage

The proposed Salford development

North West law firm Primas and accountancy and business advisory firm, Cowgills, recently assisted Manchester-based property developers One Heritage in finalising its joint venture with property management company Letting Complete.

The two will now be re-branded as One Heritage.

With big plans for residential properties in Salford, including approved plans for a 55-storey, 545-apartment residential tower – set to be the tallest building in Salford – this joint venture will allow One Heritage to expand its portfolio and service offering.

Gary Black and Kin Liu, from the corporate and commercial team at Primas, and James Kennedy, corporate finance associate at Cowgills, assisted on the deal, which took place virtually following the countrywide COVID-19 lockdown implemented on March 23.

Jason Upton, director at One Heritage, said: “This latest joint venture will serve to maximise our portfolio by widening the scope of our service offering.

“The team involved were fantastic in turning this deal around so quickly, particularly in such challenging and unique circumstances.

“We have big plans for the property market in Salford and Manchester, and this is a real step in the right direction for us.”

Kin Liu, corporate and commercial associate at Primas, said: “We’re really pleased to have assisted One Heritage on completing this joint venture and look forward to partnering with them on future projects.

“It was particularly positive to see that our methods still work via telephone and video conference.”

James Kennedy, corporate finance assistant director at accountancy firm Cowgills, added: “We have been working with One Heritage since its inception and we were delighted to intro them to the team at Primas.

“This deal is a great demonstration that the M&A market in the North West is still active, despite a more challenging environment.”

One Heritage Property Developments, was established by a Hong Kong-based fund and is led by Jason Upton, based in Manchester, and Yiu Tak Cheung in Hong Kong.