Zentra Group plc: One Victoria – Replacement Building Contract Signed
Summary by AI BETAClose X
|
Zentra Group plc (ZNT)
25 September 2026 ZENTRA GROUP PLC (“Zentra” or the “Company”) One Victoria – Replacement Building Contract Signed
Zentra Group plc (AQSE: ZNT), the Manchester-based residential developer, development manager and property manager focused on the North of England, provides the following update in relation to One Victoria, Manchester. One Victoria is a 129-apartment residential development in Manchester city centre undertaken by Zentra Great Ducie Street Limited (the "Developer"), with Zentra acting as development manager and holding a 30% equity interest in the Developer. Further to the Company's announcement on 30 July 2026, the Developer has entered into a replacement building contract with AC1 Construction Limited ("AC1") for the completion of the remaining works at One Victoria. AC1 was initially engaged under a letter of intent ("LOI") on 30 July 2026, following the appointment of Joint Administrators to Torsion Construction Limited ("Torsion") and the subsequent termination by the Developer of Torsion's employment under the previous building contract. The LOI enabled AC1 to take possession of the site, undertake principal contractor duties and commence agreed works while the terms of the replacement building contract were finalised. Since its appointment under the LOI, AC1 has worked alongside the Developer, Zentra, the secured development finance provider and the wider professional team to progress the remaining works and finalise the construction programme. The replacement building contract now formalises AC1's appointment for the completion of the remaining works. Construction at One Victoria is at an advanced stage and practical completion is currently expected in December 2026, within the fourth quarter timeframe previously announced. Sales activity at One Victoria has continued to progress. Of the 129 apartments within the development, 105 have exchanged contracts and a further 7 are reserved. Accordingly, 17 apartments remain available for sale. The Company's investment in the development comprises a 30% equity interest and a loan with a face value of £4.1 million. Jason Upton, Chief Executive Officer of Zentra, commented: "I am very pleased that we have been able to move quickly and decisively following Torsion Construction entering into administration in July. AC1 mobilised under the letter of intent following the termination of Torsion's appointment and has worked closely with us and the wider project team to maintain momentum on site while the replacement building contract was finalised. One Victoria is an important development for the Company and is now at an advanced stage of construction. With the replacement contract signed, 105 apartments exchanged and a further 7 reserved, our focus is firmly on completing the remaining works and delivering the development to our purchasers. AC1's early mobilisation has enabled us to maintain the fourth quarter completion timeframe announced in July, with practical completion currently expected in December. The speed with which the project team has responded to the circumstances of the previous contractor demonstrates the importance we place on protecting delivery at One Victoria.” The Company will provide further updates as appropriate. Contacts Zentra Group plc Jason Upton Nick Courtney Guild Financial Advisory Limited (AQSE Corporate Adviser) Ross Andrews Tomas Klaassen
About Zentra Group plc Zentra Group is a property development and management company focused on the residential sector, primarily in the North of England. The Company seeks to unlock value and deliver strong returns for its investors. Zentra is listed on the ARAM segment of the Aquis Stock Exchange under the ticker ZNT. For further information, please visit the Company’s website at www.zentragroup.co.uk Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News |
| ISIN: | GB00BLF79495 |
| Category Code: | UPD |
| TIDM: | ZNT |
| LEI Code: | 2138008ZZUCCE4UZHY23 |
| Sequence No.: | 444555 |
| EQS News ID: | 2405756 |
| End of Announcement | EQS News Service |
|
|
Latest directors dealings
- 11 hours ago Johnson Matthey
- 12 hours ago Galliford Try
- 12 hours ago Galliford Try
- 12 hours ago Centrica
- 13 hours ago Smith & Nephew