Lincoln House New

One Heritage makes third GM buy

Jessica Middleton-Pugh

The Hong Kong-backed consortium behind what will be Salford’s tallest tower has bought its third site in Greater Manchester, in Bolton, and plans to start on site this August.

Lincoln House on Nelson Street is currently an office but has planning consent for a residential conversion into 90 apartments granted in 2018.

The leasehold is held by a Jersey-based trust, and the freeholder is Public Sector Plc and Bolton Council.

The agreement would see One Heritage take over the leasehold of the building as well as the surrounding land, in partnership with lender PMJ Capital.

One Heritage Property Developments is backed by a Hong Kong-based fund, and gained planning consent earlier this year for the 55-storey One Heritage Tower at Greengate in Salford, which would total 545 apartments.

The tower is designed by OMI Architects with planning from Euan Kellie Property Solutions. Atzaro Real Estate is also advising on the development.

An arm of One Heritage, Act Property Developments, previously named One Heritage Radcliffe, last month bought the former Oldham County Court building on New Radcliffe Street, backed by lender Together. The property has planning permission for conversion into offices.

The Bolton purchase is being progressed by an SPV led by One Heritage directors Jason Upton and Yiu Tak Cheung.

Upton told Place North West: “The acquisition of the site in Bolton further establishes our commitment to the Greater Manchester region, providing much needed regeneration and housing to the area. The building has been empty for 10 years so it is exciting to have the opportunity to bring it into use to create 88 new apartments.

“We’re planning to start on site in August 2020 with a completion date of Q4 2021.”

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These guys aren’t half buying in some challenging areas! Do they know £psf values in Bolton and Oldham are £175…

By The Old Faithful

Yes ‘The Old Faithful’ but it’ll be such poor quality design and construction that it doesn’t matter how low the values are. If that is, they ever deliver something.

By Ciaran Brocklehurst