(Alliance News) - One Heritage Group PLC on Tuesday noted practical completion of a project in Sheffield.

One Heritage is a UK-based residential developer focused on the north of England. Its shares were down 14% to 12.00 pence each in London on Tuesday morning.

North Church House is a residential redevelopment comprising 58 one and two bed apartments of a seven storey former office building in Sheffield City Centre. Construction work commenced in the first quarter of 2022, with One Heritage Construction as the principal contractor.

Following completion, One Heritage said it has taken the decision to cease providing in-house construction services to both its direct development and development management projects in favour of the appointment of a fixed-price principal contractor.

Chief Executive Jason Upton said: "We are pleased to announce the completion of North Church House, Sheffield marking our second successful development management project. With this project's conclusion, we are also implementing a strategic shift by ceasing in-house construction for both direct development and development management projects. Transitioning to engage fixed-price principal contractors aligns with our long-term strategic vision. This allows us to leverage specialised expertise and resources, mitigate risks, and streamline project management processes."

By Sophie Rose, Alliance News senior reporter

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