One Heritage Group plc: Development Management Agreement update on One Victoria, Manchester

DJ One Heritage Group plc: Development Management Agreement update on One Victoria, Manchester

One Heritage Group plc (OHG) 
One Heritage Group plc: Development Management Agreement update on One Victoria, Manchester 
21-Jul-2023 / 07:32 GMT/BST 
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21 July 2023 
ONE HERITAGE GROUP PLC 
(the "Company") 
Development Management Agreement update on One Victoria, Manchester 
 
One Heritage Group PLC (LSE: OHG), the UK-based residential developer, development manager and property manager focused 
on the North of England, is pleased to provide an update on its development management agreement (RNS 05 April 2022) 
with its client, One Heritage Great Ducie Street Limited. The client, One Heritage Great Ducie Street Limited, is a 
development company subsidiary of One Heritage Property Development Limited (the "Developer"), the Company's Hong Kong 
based majority shareholder. The development management agreement relates to a residential development on land located 
between Great Ducie Street and Mirable Street, Manchester (the "Site" or the "Project"). 
 
The Company is pleased to advise that following the signing of a construction contract between the Developer and 
Torsion Construction Limited yesterday, fees for the Company of 2% of ongoing total development costs have been secured 
and are payable over the anticipated development period. These fees are expected to be in the region of GBP20,000 per 
month until practical completion in Q2 2025. The Company will also be entitled to 15% of the net profit generated, 
which will be distributed following the legal completion of the sales for all units. Prior to the signing of this 
construction contract, in the financial year to June 2023, the Company earned GBP206,000 in project management fees, and 
another fee of GBP225,500 for the raising of construction debt in respect of this project. 
The Site named One Victoria (not to be confused with the Company's own Victoria Road, Eccleshill proposed development 
where it is itself the developer) comprises two parcels of land with an existing building on one. It is located close 
to One Heritage Tower, a scheme where the Company also has a 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 
Project is expected to have a gross development value of circa GBP39.1 million and practical completion is scheduled for 
Q2 2025. 
Jason Upton, Chief Executive Officer of One Heritage, commented: 
"One Victoria is a significant regeneration project in the heart of Manchester and we are pleased to be involved as 
Development Manager. Now that a construction agreement between our client and Torsion Construction Limited has been 
signed, our recently strengthened team looks forward to managing the successful delivery of this significant city 
centre project." 
 
Contacts 
 
One Heritage Group plc 
Jason Upton 
Chief Executive Officer 
Email: [e-mail] 
 
Anthony Unsworth 
Chief Financial Officer 
Email: [e-mail] 
 
Hybridan LLP (Financial Adviser and Broker) 
Claire Louise Noyce 
Email: [e-mail] 
Tel: [phone] 
 
Yellow Jersey PR (Financial PR) 
Charles Goodwin/Annabelle Wills/Bessie Elliot 
Email: [e-mail] 
Tel: [phone] 
 
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 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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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse 
Regulation (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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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.:  259171 
EQS News ID:  1685115 
 
End of Announcement EQS News Service 
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July 21, 2023 02:32 ET (06:32 GMT)