One Heritage Group plc (OHG)
One Heritage Group plc: Signing construction finance facility
21-May-2021 / 07:00 GMT/BST
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21 May 2021
ONE HERITAGE GROUP PLC
(the “Company” or “One Heritage”)
Signing construction finance facility
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North West of England, is pleased to announce that it has signed its first construction finance facility with Lyell Trading Limited, the development finance company of the Blackfinch Group (the “Facility”) on its Oscar House, Chester Road, Manchester development (“Oscar House”).
The Facility is for a net amount of £3.5 million over an 18-month term with a 9.6% nominal interest rate. The Facility is drawn down as construction costs are incurred on Oscar House.
Oscar House is a development of 27 self-contained apartments in central Manchester with a gross development value of £6.1 million. Winworth Construction Limited is the principal contractor on the site and construction work has already commenced. One Heritage expects the development to finish in Q1 2022. The remaining costs for Oscar House are being funded through existing resources.
One Heritage is continuing discussions with lenders for its other developments.