One Heritage Group PLC announced that it has exchanged contracts for the bulk purchase of twenty apartments at Lincoln House, Bolton. The sales are contracted to complete by 20 August 2023 and increases the number of sold units (exchanged contracts or completed sales) to 74 out of a total of 88. This is expected to increase the overall GDV previously reported from £10.0m to £10.1m.

Construction has also commenced in May 2023 on Victoria Road, Eccleshill, West Yorkshire, with target completion expected in H2 2024. The completion of St. Petersgate, Stockport is delayed into H2 2023 due to further challenges in respect of industry wide sub-contractor labour shortages.

This is not expected to materially impact the financial performance of the development and further details will be provided later in the year. The Group has decided to sell the development at Churchgate, Leicester following a viability review of its design and costs and has accepted an offer that is progressing through the due diligence and legal processes. No construction has commenced and the sale is considered to be the best course of action which will also bring an immediate improvement to liquidity.

Seaton House, Stockport, is also subject to a viability review of design and costs, which will be completed this quarter and a decision then made whether to commence works or sell.