One Heritage Group plc: Development management agreement (1320703)
05 Aprile 2022 - 01:00PM
UK Regulatory
One Heritage Group plc (OHG) One Heritage Group plc: Development
management agreement 05-Apr-2022 / 12:00 GMT/BST Dissemination of a
Regulatory Announcement that contains inside information according
to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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05 April 2022
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 of England, announces that it has
signed a development management agreement (the "Agreement") with
One Heritage Great Ducie Street Limited in relation to a proposed
residential development on land located between Great Ducie Street
and Mirable Street (the "Site").
The Site comprises two parcels of land with an existing building
on one parcel that will be demolished. It is located close to One
Heritage Tower, a scheme where One Heritage has an existing
development management agreement. The Site will be developed into
129 self-contained apartments across two buildings, one of 10
storeys on Mirable Street, the other a stepped 10 to 14 storey
building on Great Ducie Street. There will also be two ground floor
commercial units. The Site is expected to have a gross development
value of circa GBP37.4 million and due to complete in Q3 2024.
The Agreement is a related party transaction as the Site is
being acquired by a subsidiary of One Heritage Property Development
Limited ("OHPD"), which is the majority shareholder in the Company.
Mr Yiu Tak (Peter) Cheung is a director of the Company and
OHPD.
The Company's advisory fees for the development management of
the Site are agreed at: ? 2% development management fee based on
the total development costs and paid over the expected
developmentperiod; ? 15% of the net profit generated at completion;
and, ? 1% of any external debt funding raised.
Jason Upton, Chief Executive, commented: "We are delighted to
have been appointed Development Manager for another central
Manchester project. The agreement demonstrates further
diversification of income and allows us to add further resource, if
and when required, to our development team."
Contacts
One Heritage Group plc
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
About One Heritage Group
One Heritage Group PLC is a property development and management
company. It focuses on the residential sector primarily in the
North of England, seeking out value and maximising opportunities
for our investors. In 2020 One Heritage Group PLC became one of the
first publicly listed residential developers with a focus on
co-living.
The Company is listed on the Standard List of the Main Market of
the London Stock Exchange, trading under the ticker OHG.
For further information, please visit the Company's website at
https://www.oneheritageplc.com/
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ISIN: GB00BLF79495
Category Code: UPD
TIDM: OHG
LEI Code: 2138008ZZUCCE4UZHY23
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 153770
EQS News ID: 1320703
End of Announcement EQS News Service
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(END) Dow Jones Newswires
April 05, 2022 07:00 ET (11:00 GMT)
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