THE Dry Bar in Manchester’s Northern Quarter – one of the city’s most popular and longest-established venues – has been sold to an international hotel chain off an asking price of £4m for the freehold.
The property, which trades across the ground and basement floors, was sold with planning permission obtained by the previous owners for a 69-bedroom boutique hotel to be developed across the four floors.
It was sold through specialist business property adviser Christie & Co to the unnamed hotel chain which is seeking to expand its UK operations and portfolio.
Keith Stringer, an Associate Director at Christie & Co, said: “We were delighted to act in relation to the sale of the iconic Dry Bar and the associated hotel development opportunity.
“City centre freehold leisure opportunities remain highly desirable assets which attract interest from both national and international investors and leisure operators alike. We continue to actively seek similar opportunities to meet current demand.”
Dry Bar’s doors were first opened in 1989 by Factory Records. The idea was to replicate the cafe culture of Barcelona and Los Angeles.
The late Tony Wilson, co-founder of both Factory Records and Hacienda, and a dominator of the Manchester club music scene, stated that “Dry was to be to the bars what Hacienda is to the clubs.”