One Heritage Group plc (OHG) One Heritage Group plc: Trading
Update 15-Jul-2022 / 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.
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15 July 2022
ONE HERITAGE GROUP PLC
Trading update
One Heritage Group PLC (LSE: OHG) ("One Heritage"), the UK-based
residential developer focused on the North of England, is providing
an update on the progress of projects, its investment in its
associate One Heritage Complete and changes to its senior
leadership team. In the Interim Report for the six months ended 31
December 2021, published 28 March 2022, the Company provided a
summary of the existing development projects and an update is
below:
Project Location Residential Commercial GDV Previous Expected Expected
units units (GBPm) Completion Completion
Lincoln House Bolton 88 0 10.0 Q2 2022 Q3 2022
Churchgate Leicester 15 1 3.2 Q2 2023 Q4 2023
Oscar House (Chester
Road) Manchester 27 0 6.3 Q3 2022 Q4 2022
Bank Street Sheffield 23 0 3.9 Q3 2022 Q4 2022
St. Petersgate (Plus Stockport 18 1 3.1 Q4 2022 Q4 2022
House)
Seaton House Stockport 30 0 5.6 Q4 2023 Q4 2023
Victoria Road Eccleshill 24 0 6.5 - Q3 2024
225 2 38.6
Planning
The Group has two planning applications awaiting approval,
namely Churchgate, Leicester and Seaton House, Stockport. It was
expected that a decision would be forthcoming in Q1 2022 for
Churchgate, Leicester but due to unprecedented pressures on the
planning department, a further extension of time until the end of
July 2022 has been agreed. An application for Seaton House,
Stockport was submitted in June 2022 with a decision expected later
this year.
Construction
The Group continues to experience industry-wide challenges
including mounting cost pressures in respect of building materials
and sub-contractor labour shortages. This, in addition to fire
safety related design enhancements, has resulted in further
construction delays to the Lincoln House, Bolton, Oscar House,
Manchester and Bank Street, Sheffield developments.
Completion of Lincoln House, Bolton is forecasted towards the
end of this month and the Group expects to welcome tenants from
August. Oscar House, Manchester, Bank Street, Sheffield and St.
Petersgate, Stockport are all now expected to complete later in Q4
2022 / early Q1 2023. Progress images of each development are
published on the Group's website
https://www.oneheritageplc.com/.
Sales
The Group reported a reservation from an institutional fund for
47 units at its Lincoln House, Bolton development in its Interim
Results to 31 December 2021. The Group has made the decision to
re-market these units following delays by the fund to contractually
commit. The Group anticipates generating a further GBP600,000 of
additional value by selling these units individually, which is
expected to increase the Gross Development Value (GDV) from GBP9.4
million to GBP10.0 million. This increase in value is due to price
appreciation in the area from when the reservations were originally
made and the sales price now.
Four units in total remain unsold at the Group's Oscar House (27
Units), Bank Street (23 Units) and St. Petersgate (18 Units)
developments.
Marketing will not begin on Seaton House, Stockport and
Churchgate, Leicester until the Group has finalised the design and
obtained planning consent. Additionally, further to the
announcement on 12 July 2022 of the acquisition of development land
at Victoria Road, Eccleshill, it is expected that marketing will
begin later this year.
One Heritage Complete
The Group has agreed to sell its 47% shareholding in One
Heritage Complete Limited ("OHC") which will generate net proceeds
of GBP42,500, after legal costs, with potential further proceeds
totalling GBP200,000 if certain performance criteria are met. The
Group impaired the value of OHC to zero in the financial year end
30 June 2021, following the insolvency of two of its subsidiaries,
One Heritage Maintenance Limited and One Heritage Design
Limited.
As reported in the Interim Report for the six months ended 31
December 2021, the services previously provided by OHC are now
being provided by the Group, through One Heritage Property Services
Limited and One Heritage Construction Limited.
Senior Leadership Team
Mr Luke Piggin has tendered his resignation as Finance Director
from the Group, and he is expected to leave the business at the end
of August 2022. Mr Piggin was hired in August 2020 and was part of
the team which delivered the IPO and the first Corporate Bond. The
Group would like to thank Mr Piggin for his contribution and to
wish him well for the future. A selection process for a replacement
has commenced and it has been decided based upon the calibre of
candidates interviewed that this will be a Main Board appointment
to help drive the strategy and continue to develop the finance
function in the business. Similarly, a selection process has
commenced for two other senior roles, namely Head of Projects and
Head of Acquisitions.
Jason Upton, Chief Executive of One Heritage Group commented:
"The new senior hires we are in the process of making will support
our strategic objectives of successfully delivering our development
projects, recruiting exceptional talent and growing the pipeline of
new development opportunities."
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 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: TST
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.: 174869
EQS News ID: 1398415
End of Announcement EQS News Service
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