SINGAPORE - A consortium led by real estate firm Heeton Holdings has bought an iconic entertainment venue in a vibrant part of Manchester in Britain - with plans to turn it into a hotel.

Heeton has teamed up with construction and property firm KSH Holdings, and Ryobi Kiso Holdings, which provides ground engineering solutions, they said in a joint statement on Tuesday (Sept 12).

They have set up Treasure Choice Enterprises, a joint venture between Heeton, KSH and Mchester Development, which is a 40 per cent associated company of Ryobi Kiso.

Heeton holds an effective interest of 50 per cent, while KSH and Mchester Development having a 25 per cent stake each.

The joint statement said: "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 property is a four-storey terraced building with one basement level. It has a total gross internal floor area of about 20,713 sq ft.

Planning permission was granted in 2015 to convert the upper floors of the building into a hotel, said the firms.

The joint statement said: "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.

"Upon completion, the property will be managed by Heeton's hospitality division, which currently also manages five other British hotels."