One Heritage Group plc: Practical Completion of Liberty House, Bank Street, Sheffield

18 May 2023

 

ONE HERITAGE GROUP PLC

(the “Company” or “One Heritage”)

Practical Completion of Liberty House, Bank Street, Sheffield

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce the practical completion of Liberty House, often referred to as Bank Street, Sheffield, a residential development project consisting of 23 high-end apartments.

 

The property is located in the heart of the Cathedral Quarter in Sheffield City Centre, which is 10 minutes from Sheffield Hallam University and Sheffield Train Station. The four-storey property is 18,190 ft2 with the apartments consisting of a mix of one-bed, one-bed duplex and two-bed units. Due to the building's former use, the high ceilings have allowed for a mezzanine to be installed in some units creating duplex apartments. Liberty House, constructed from local sandstone and originally built in 1894 as a County Court House, is intentionally designed to showcase the building’s attractive inherent Grade II listed features such as its high ceilings, deep skirtings and original architraves.

 

Construction work commenced in June 2021 with One Heritage Construction as the principal contractor leading the delivery of this complex redevelopment. The supporting design team comprised of project managers Cube, SSHARC Architects, structural engineers Kennedy Redford, mechanical and electrical engineers Crookes Walker Consulting and principal designers RJD.

 

The Group has previously taken the decision to impair the value of its Bank Street, St Petersgate and Oscar House developments by £2.40m, and Bank Street accounts for approximately 65% of this value. An update on this position will be reported in due course once all apartments are sold and legally completed. Sales are progressing and 17 units have exchanged contracts with a further 2 reservations and 4 remain unsold. The 17 exchanged should generate £3.27m in revenue by the 26th May 2023. 11 units need to complete to repay the construction finance.

 

Jason Upton, One Heritage CEO, commented:

 

“We are pleased to announce the completion of Liberty House, Bank Street, marking our second practical completion of 2023. Due to Liberty House being a Grade II listed building, it came with its own set of redevelopment complexities in order to maintain original features, but the team has overcome these to deliver an excellent architectural finish. With two more completions in Manchester and Stockport set to follow soon, we look forward to announcing further project news imminently.”

 

Contacts

 

One Heritage Group plc

Jason Upton

Chief Executive Officer

Email: jason.upton@one-heritage.com

 

Anthony Unsworth

Chief Financial Officer

Email: anthony.unsworth@one-heritage.com

 

Hybridan LLP (Financial Adviser and Broker)

Claire Louise Noyce

Email: claire.noyce@hybridan.com

Tel: +44 (0)203 764 2341

 

Yellow Jersey PR (Financial PR)

Charles Goodwin/Annabelle Wills/Bessie Elliot

Email: oneheritage@yellowjerseypr.com

Tel: +44 (0)203 004 9512

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 .