One Heritage Group PLC on Monday announced the practical completion of Oscar House in Manchester.

One Heritage is a UK-based residential developer focused on the north of England.

The six-storey building comprises 27 apartments of one and two bedrooms, of which five are duplexes and 22 single-storey.

One Heritage previously reported a gross development value of £6.2 million, which included an agreement with a buyer for the agreed purchase price of £6.1 million for 27 apartments and a separate sale of car parking spaces.

However, the company said the buyer has failed to perform on the purchase of 22 apartments.

One Heritage noted that it will now re-market these units and following a recent re-valuation of the completed building, it is expected that the gross development value will increase to £6.8 million. This increase in value is due to price appreciation in the area, it explained.

One Heritage also said it has refinanced the project settling its debt of £3.9 million.

It explained that an agreement has been entered into with a new lender for £4.2 million for a period of 10 months to provide appropriate funding until all the remaining units are legally completed and handed over to customers.

Chief Executive Officer Jason Upton said: ‘The practical completion of Oscar House, Manchester marks our third project completion of 2023 and it is satisfying to bring new life to a previously unoccupied site, developing the land into 27 modern, high-quality apartments. Recycling Manchester’s brownfield sites is essential for the regeneration of the city centre and it will continue to be part of the group’s new development strategy.

‘We are expecting to benefit from an increase in values and anticipate the financial performance of the project to be better than previously expected.’

Shares in One Heritage were quoted at 16.50 pence each on Monday late morning, having last traded at 15.00p each on Friday when markets opened.

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