SINGAPORE (Sept 12): A consortium comprising Heeton Holdings, KSH Holdings and Ryobi Kiso Holdings is acquiring Dry Bar, an entertainment venue in Manchester City, with a view to redevelop the property into a boutique hotel.

Dry Bar is a four-storey terraced building with one basement level, and a total gross internal floor area of approximately 20,713 sq ft. Planning permission was granted in 2015 to convert the upper floors of the building into a hotel.

The venue’s sale was previously reported by Manchester Evening News in an online article published in March this year, although it is said the agent had declined to reveal details of the buyer and their plans for the premises.

See: Manchester institution Dry Bar is sold - with planning permission for a boutique hotel

The consortium did not reveal how much it paid for the property.

In a joint media statement issued by the Heeton-led consortium on Tuesday, it is revealed that Treasure Choice Enterprises –  Heeton’s joint venture with KSH and Mchester Development, a 40%-associated company of Ryobi Kiso – will be overseeing the redevelopment project.

Upon completion, the hotel property will be managed by Heeton’s hospitality division, which currently also manages five of the group’s other UK hotels.

Heeton holds an effective 50% interest in Treasure Choice, while KSH and Mchester Development each have interests of 25%.

“Treasure Choice plans to deliver a high-quality building project with understated sophistication. The architectural design promises a complex mix of innovative interiors, a sensitive restoration of the building, and the addition of a modest extension above the existing roof level,” says the consortium.

“Manchester has experienced exceptional growth over recent years in the leisure and hospitality sector and the development will add to the Northern Quarter’s reputation as a major destination within the vibrant international city,” it adds.

Shares in Heeton, KSH and Ryobi Kiso closed at 47 cents, 74 cents and 18 cents on Tuesday.