One Heritage moves to fill director vacancy
Paul Westhead has joined the listed developer as interim development director following the resignation of Martin Crews as the company battles project delays and rising costs.
Crews, who joined One Heritage in 2020, will leave the firm in March. Westhead has been appointed on a temporary basis and will remain as development director at AG, where he will work two days a week.
Westhead has been appointed to oversee the completion of a trio of One Heritage projects that are due for handover this year.
He will also play a role in appraising future development opportunities and help to recruit a permanent replacement for Crews.
Crews’ departure and the appointment of Westhead were announced in a trading update published today.
The update said that One Heritage was “continuing to experience industry-wide challenges such as mounting cost pressures in respect of building materials and also sub-contractor labour shortages”.
This has resulted in delays and rising costs across three projects: Bank Street in Sheffield, St Petersgate in Stockport, and Oscar House in Manchester.
Together, the projects will provide 68 apartments.
The company is behind plans for a 55-storey tower in Salford. Credit: via One Heritage
To cover the increased costs of the projects, One Heritage has increased its shareholder loan facility with One Heritage Property Development from £9.5m to £11m.
The £2m increase is repayable by 30 June 2023, according to the trading update.
The company has also completed the acquisition of Seaton House in Stockport for £675,000. A planning application for 34 apartments is awaiting determination and the project is anticipated to produce net revenue of £5.6m, the trading update states.
One Heritage is also behind plans for a 55-storey tower in Salford’s Greengate district. The building would be the city’s tallest once complete and Midgard is lined up as main contractor.
No update on the scheme was provided in the latest Stock Exchange filing.
“We are looking forward to three development projects completing in the first half of the year and to progress the projects in our pipeline, namely Victoria Road, Seaton House and Churchgate,” said chief executive Jason Upton.
“We are delighted to welcome Paul Westhead to our development team to assist us in completing our outstanding projects and appraising the new opportunities we are currently considering.”
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One Heritage Tower really needs to happen. It will set the standard design-wise.
By Tom
I am happy that it is someone else’s comment that picks up,,on the ‘1 Heritage Tower’or ‘Waterloo Place’? ..yes it is a stand out from me .Particularly the top of the building and at 55 floors would be a stand out on the skyline.
By Robert Fuller
I agree Tom. Hopefully not another Speakers House.
After so much delay, Only when i see bedroom lights on inside will I believe its actually happened.
By MrP
On The one hand if this had been a Renaker tower it would have been built by now. On the other hand it would have had a flat top and pretty much the same cladding. Although maybe a round one?…think they are doing that elsewhere. I’ll wait for this though and hope.
By Anonymous
Been posting on here for many years that believing One Heritage Tower will be built in that guise is simply delusional. It’s 2023 and still no movement with this project.
By New Wave