LONDON: One Heritage Group PLC, the UK-based residential developer focused on the North West of England, has exercised an option to acquire a site on Bank Street, Sheffield. The total consideration paid is £879,770 in cash.

This was financed through a combination of the £5 million shareholder loan facility, the repayment of a loan by a related party and existing cash resources.

One Heritage Group 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 £2.9 million with a Gross Development Value (GDV) of £3.6 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.”