One Heritage Group updates on latest portfolio progress

Manchester-based housing developer, One Heritage Group, has exchanged contracts for the bulk purchase of 20 apartments at Lincoln House, Bolton.

The sales are contracted to complete by August 20, 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 £10m to £10.1m. Construction has also begun, in May 2023, on Victoria Road, Eccleshill, West Yorkshire, with target completion expected in the second half of 2024.

The group said the completion of St Petersgate, Stockport, is delayed into the second half of 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, OHG said.

The group has also 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.

Chief executive, Jason Upton, said: “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.”