One Heritage Group plc (OHG)
One Heritage Group plc: Disposal of Nicholas Street Developments Limited

10-May-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.
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Disposal of Nicholas Street Developments Limited

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce that it has disposed of 5-9 Nicholas Street, Burnley, a Co-living property (the “Property”), via the disposal of Nicholas Street Developments Limited.

The transaction is with One Heritage Property Rental Limited (the “Buyer”), which is a related party to the Company due to common Directors, Jason Upton and Yiu Tak Cheung (Peter). One Heritage SPC – UK Property Development Fund SP2,  is the parent company of the Buyer, for which Peter is the investment manager.

The Property was acquired on 19 July 2019 originally as an office and converted into a 13 bedroom Co-living property following a substantial refurbishment. It is currently fully occupied by a corporate tenant on a rolling contract which is due to end in June 2022, subsequent to which a new corporate tenant has signed a 12-month tenancy.

The Company will receive gross proceeds of £650,000 and recognise a gain of £190,000.

The Board (excluding Jason Upton and Peter due to their interests set out above) of the Company have approved the transaction.

The Board is satisfied that the price achieved is in line with the market.

David Izett, Non-Executive Chair of the Board commented “We are pleased to have finalised this transaction and at a price which comfortably exceeded our expectations”