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Economic Development

Manchester development firm building Salford skyscraper lists on London Stock Exchange

One Heritage Group plc is celebrating the 'significant achievement' after it raised £930,000 - and it now intends to expand into Yorkshire and the East and West Midlands

One Heritage Tower, Greengate in Salford(Image: Daniel Hopkinson)

The development firm building a 55-storey skyscraper in Salford has been listed on the main market of the London Stock Exchange.

One Heritage Group is currently constructing One Heritage Tower in Greengate, Salford, and said its entire issued ordinary share capital has been admitted to the market under the ticker 'OHG'.

One Heritage said it has successfully raised £930,000 before expenses via a combination of a subscription and a placing with Hybridan of a total 9.3m new ordinary shares with investors at a price of 10p per ordinary share.

One Heritage's market capitalisation at the Placing Price on admission will be £3m.

Jason Upton, CEO, told BusinessLive: "There are few º£½ÇÊÓÆµ residential property development companies listed on the stock exchange, even fewer with a head office in the North West so we feel this is a significant achievement for the business and testament to the ongoing growth in the North West property market in particular."

In the listing revealed on Wednesday, it said the group's activities are all undertaken in the º£½ÇÊÓÆµ - but that properties are sold on the open market - primarily to investors through the group's marketing network in Hong Kong.

The firm said it deploys a design approach and service levels "attractive to younger socially mobile professionals and those seeking more flexible living arrangements".

Its initial geographical focus will be in the North West - Manchester in particular - due to the forecast that it will be one of the º£½ÇÊÓÆµ's strongest performing cities over the coming years.