Zentra Group Plc Provides Trading Update: Property Sales and Acquisitions

Zentra Group Plc, a property development company based in Manchester, has completed the sale of the remaining five properties and freehold land at the One Meadow development in Eccleshill, West Yorkshire, to Manningham Housing Association. This transaction of £1,118,625 follows Manningham's earlier purchase of 19 houses, granting them the freehold of all 24 houses on the site.

The proceeds from this sale will fund Zentra's acquisition of a development site at Old Mill Street, New Islington, Manchester. The acquisition, initially expected to secure formal planning approval in March 2025, is now projected for June 2025 with legal completion anticipated shortly thereafter.

Separately, Zentra's investment in the One Victoria project in Manchester has been re-evaluated, with the original £3 million investment now valued at £4.1 million. Zentra is entitled to various fees under the Development Management Agreement originally signed in April 2022, including a development management fee and a share of the net profit upon completion.