Lincoln House (Mumbai)

One Heritage Group plc: Trading Update

Retrieved on: 
Monday, July 18, 2022
Acquisition, Bank Street, Safety, IPO, Time, Heritage, GDV, Marketing, Lincoln House, Lincoln House (Mumbai), OHC, Victoria Road, Motherboard, Eccleshill, Corporate bond, Project, Warehouse, Nightclub, Management, Group, Churchgate, Seaton House

The Group continues to experience industry-wide challenges including mounting cost pressures in respect of building materials and sub-contractor labour shortages.

Key Points: 
  • The Group continues to experience industry-wide challenges including mounting cost pressures in respect of building materials and sub-contractor labour shortages.
  • Completion of Lincoln House, Bolton is forecasted towards the end of this month and the Group expects to welcome tenants from August.
  • The Group impaired the value of OHC to zero in the financial year end 30 June 2021, following the insolvency of two of its subsidiaries, One Heritage Maintenance Limited and One Heritage Design Limited.
  • As reported in the Interim Report for the six months ended 31 December 2021, the services previously provided by OHC are now being provided by the Group, through One Heritage Property Services Limited and One Heritage Construction Limited.

One Heritage Group plc: Trading update and Directorate Change

Retrieved on: 
Thursday, December 23, 2021
Emerald, Vulnerability and Risk Committee, Construction, Heritage Tower, Central Electricity Generating Board, Audit, Lincoln House (Mumbai), Robin Hood, Review, County court, CFO, Bank Street, IPO, Lincoln House, Board, Association, Company, Safety, Non-executive director, Real estate, Security (finance), Churchgate, Group

A subsidiary of the Group, One Heritage Bank Street Limited, which holds the Bank Street development, terminated the build contract with Emerald Construction (North West) Limited following a thorough review of its performance.

Key Points: 
  • A subsidiary of the Group, One Heritage Bank Street Limited, which holds the Bank Street development, terminated the build contract with Emerald Construction (North West) Limited following a thorough review of its performance.
  • Post termination of the build contract, the Group incorporated One Heritage Construction Limited which will undertake the construction work directly.
  • In October, the Group successfully achieved revised planning consent for a redesign of One Heritage Tower, the 55 storey residential development in Salford.
  • This agreement covers a combination of management, transaction, sourcing and construction services and will provide regular income to the Group.