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Heeton-led consortium buys Manchester City icon to redevelop into hotel
HEETON Holdings, KSH Holdings and Ryobi Kiso Holdings on Tuesday jointly said their consortium is acquiring Dry Bar, an iconic entertainment venue in Manchester City, and converting it into a new hotel.
The purchase price was undisclosed due to agreements made.
The deal will be carried out through Treasure Choice Enterprises, a joint venture between Heeton, KSH and Mchester Development.
Heeton holds an effective interest of 50 per cent with KSH and Mchester Development each having a 25 per cent stake. Mchester Development is a 40 per cent associated company of Ryobi Kiso.
The Dry Bar was opened by Factory Records in 1989 and the Northern Quarter landmark played an important role in Manchester's 20th century music history for three decades.
The consortium said in a filing to the bourse operator that planning permission was granted in 2015 to convert the upper floors of the building into a hotel.
"The property is a four-storey terraced building with one basement level. It has a total gross internal floor area of approximately 20,713 square feet."
Upon completion, the property will be managed by Heeton's hospitality division, which currently also manages five other UK hotels.