One Heritage Group, a residential developer focused on the North West of England, is acquiring a site on Bank Street, Sheffield for £879,770.
The acquisition is being financed through a combination of the £5 million shareholder loan facility, the repayment of a loan by a related party and existing cash resources.
The site is located within the city centre on Bank Street and it is on the edge of the retail and commercial centre in the Cathedral District.
The site has planning permission for 21 self-contained apartments, but management are likely to resubmit the planning to increase the number to 23.
The company expects the final development cost to be £2.9 million with a Gross Development Value of £3.6 million once the revised planning permission is in place.
Management is expecting to start on site by the first quarter of 2021 with completion anticipated for the first quarter of 2022.
“We are delighted with our maiden acquisition as a listed company and this morning’s announcement is testament to the quality of the opportunities we are seeing,” said One Heritage CEO Jason Upton.
“We are already seeking to expand the potential of the site to increase the number of the apartments with a view to completion in Q1 2022.”