One Heritage Group plc: Acquisition of Bank Street, Sheffield

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: [e-mail] 
 
                                                                 Luke Piggin 
 
                                                            Finance Director 
 
                                         Email: [e-mail] 
 
                                           Hybridan LLP (Adviser and Broker) 
 
Claire Louise Noyce 
 
Email: [e-mail] 
 
Tel: [phone] 
 
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)