DJ One Heritage Group plc: Acquisition of Bank Street, Sheffield
One Heritage Group plc (OHG)
One Heritage Group plc: Acquisition of Bank Street, Sheffield
05-Jan-2021 / 07:00 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.
05 January 2021
ONE HERITAGE GROUP PLC
Acquisition of Bank Street, Sheffield
One Heritage Group PLC (LSE: OHG) ("One Heritage"), the UK-based residential
developer focused on the North West of England, is pleased to announce it
has exercised an option to acquire a site on Bank Street, Sheffield. The
total consideration paid is GBP879,770 in cash. This was financed through a
combination of the GBP5 million shareholder loan facility, the repayment of a
loan by a related party and existing cash resources.
One Heritage signed the option and exclusivity agreement on 24 November
2020, as referenced in the Prospectus published on 23 December 2020 on its
Admission to the Main Market. Since Admission, the Company has completed its
due diligence process which directors are happy with and therefore the
acquisition has completed.
The site is located within the city centre on Bank Street and it is on the
edge of the retail and commercial centre in the Cathedral District, only a
15-minute walk from the train station. The site has planning permission for
21 self-contained apartments, but management are likely to resubmit the
planning to increase the number to 23. The Company expects the final
development cost to be GBP2.9 million with a Gross Development Value (GDV) of
GBP3.6 million once the revised planning permission is in place. Management is
expecting to start on site by the first quarter of 2021 with completion
anticipated for the first quarter of 2022.
One Heritage CEO Jason Upton, said:
"We are delighted with our maiden acquisition as a listed company and this
morning's announcement is testament to the quality of the opportunities we
are seeing. We are already seeking to expand the potential of the site to
increase the number of the apartments with a view to completion in Q1 2022."
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 (Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
ISIN: GB00BLF79495
Category Code: ACQ
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.: 90791
EQS News ID: 1158389
End of Announcement EQS News Service
(END) Dow Jones Newswires
January 05, 2021 02:00 ET (07:00 GMT)
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