Oldham Street development Dry Bar has been placed on the market for £4 million with planning permission to convert the first floor into a boutique hotel.
The building consists of a ground floor bar, basement cocktail bar Blue Brick Club as well as planning permission granted for 69 en-suite bedrooms in the two floors above the bar, as well as the attic space. However, work will need to be done as the floors above are said to be in a poor state of repair, yet do hold potential to become good quality accommodation.
The venue was first opened in 1989 by Factory Records, with co-founder and music mogul Tony Wilson envisioning the bar to have the same success as the Hacienda. In its heyday, the bar was frequented by many Manchester icons. Both Liam Gallagher and Shaun Ryder were famously barred from the venue.
Dry Bar no doubt led the way for the bar scene that would emerge around it, and was instrumental in forming the reputation of the Northern Quarter as a cool and prestigious drinking area.
The bar currently has a turnover of around £1,300,000 per year, according to Christie and Co.
Ryan Lynn, of Christie’s Manchester Office, said the owners had decided to sell up after gaining planning permission for the developments earlier last year.
“The family are not hoteliers, they are more bar operators,” he said.
“The market is really strong now for hotels so they decided it is the right time to sell up.”
“Manchester is seen as the second city outside London and there’s always going to be a need for rooms and hotels of different levels.”
Whether the bar will stay as Dry Bar will remains to be seen. The new venture could revolutionise the Northern Quarter which boasts many bars but very few hotels.