One Heritage Group, which listed on the London Stock Exchange last month, has set out revised timeframes for three of its schemes, including the 55-storey tower at Greengate, a co-living property in Burnley and apartments in Oldham.
The projects are “subject to revised timetables due to the fast-changing backdrop of the UK economy relating to Covid-19 and the various tiered system measures leading to a third full UK lockdown,” the developer said in a trading update.
Construction of the 545-unit residential tower at Waterloo Place at Salford’s Greengate, which won planning approval last January, was due to start last year with a targeted completion date of 2023/24.
However, the developer now anticipates a start on site in the first quarter of this year, according to the stock exchange filing. Construction is expected to take four years.
The project is understood to have undergone design refinements over the past year to improve the scheme and its overall aesthetics. As well as 545 one-, two- and three-bedrooms apartments, duplexes and penthouses, the tower is set to contain amenity space for residents including a lounge, private dining, rooftop garden, pavilion, gym and library.
OMI Architects designed the tower and Box Clever Consulting is the project manager. In a separate statement on its company website, One Heritage said it was exploring “exit options including a forward funding deal with institutional funds”. The directors estimate that the gross development value of the completed scheme will be approximately £160m, that statement added.
One Heritage also hopes to redevelop the former Oldham Court House on New Radcliff Street, Oldham, into 43 apartments and had expected to win planning permission for the scheme at the same time as the original 2020 start on site for Waterloo Place.
It now expects to win planning consent for Oldham County Court in the next three months, according to the stock exchange filing.
Meanwhile, the developer’s conversion of 5-9 Nicholas Street in Burnley into a 13-room co-living scheme was due to complete by the end of last year and then be marketed for sale once occupied.
It is now expected that the refurbishment will complete and the property be fully occupied in this current quarter of 2021 and the property will be marketed for sale thereafter.
One Heritage chief executive Jason Upton said: “We have been operating within a challenging environment including a new national lockdown, but continue to experience strong demand for our properties, especially from overseas buyers.
“We have seen no sign of demand slowing in 2021 and expect to have a strong year for property sales and reservations.”