One Heritage Group PLC (“the Company” or “OHG”), the UK-based residential developer, development manager and property manager focused on the North of England is pleased to announce that it has completed the sale of the building Seaton House, Stockport for £600,000.

Additionally, the Company has exchanged conditional contracts for the sale of the land to the rear of Seaton House, an existing car park, for a sale price of £400,000. The completion of this sale is subject to the buyer obtaining planning approval. The contract includes a nine month long stop period with the seller able to extend by three months, and the buyer is obligated to submit the planning application within three months of the exchange of contracts.

Should the conditional land transaction also complete, total gross proceeds would therefore be £1,000,000 on which the Company would recognise a loss after selling costs of £139,000.

Proceeds from these transactions will be reinvested into the Company’s pipeline of residential development projects in the North of England.