Zentra Group plc (“Zentra” or the “Company”), the Manchester-based property development company, is providing the following trading update:
Completion of Sales at One Meadow, Eccleshill
Zentra is pleased to announce the completion of the sale of the remaining five properties and the freehold land at its One Meadow development in Eccleshill, West Yorkshire. The properties and the freehold land have been sold in a bulk transaction to Manningham Housing Association for a total consideration of £1,118,625. This follows Manningham’s earlier purchase of 19 houses in February 2025, meaning they have now acquired the freehold of all 24 houses and the land within the development.
Acquisition of Old Mill Street, New Islington, Manchester
The net proceeds from the sale of the properties at One Meadow in Eccleshill will be put towards the acquisition of the development site at Old Mill Street, New Islington, Manchester, as announced on 4 March 2025. The acquisition is subject to a formal planning approval, which was expected to be received in March 2025. The formal planning approval is now expected to be received in June 2025 and legal completion is anticipated to be 15 working days following this approval.
One Victoria Investment Update
On 2 October 2024, the Company announced the acquisition of a 30% stake in the One Victoria project in Manchester for £3 million. This acquisition comprised the purchase of debt (£2,999,970) and shares (a 30% interest for a nominal consideration of £30), totalling £3 million. Following further review, the parties have agreed that the value acquired under the original investment equates to £4.1 million. This revised understanding has been formally documented by way of a Deed of Variation and no further consideration paid.
Under the existing Development Management Agreement, signed April 2022, Zentra is entitled to a development management fee of 2% of total development costs, payable over the anticipated development period, 15% of the net profit generated upon completion, and 1% of any external debt funding raised. An addendum to this agreement has also been signed to include additional compensation for managing the sales of the 129 residential units, calculated at 1% of the achieved gross sales value.