Posted on Wednesday 1 October 2014 by Ulster Business
The Kremlin complex includes the club, the Union Street Bar and The Shoe Factory
Belfast’s biggest and best-known gay nightclub complex has been sold to its tenants for around £3m.
The Kremlin Licensed Complex – which includes the Kremlin Club, Union Street Bar and The Shoe Factory Club – were sold to Anthea Wilson’s Anthology NI, the company which had been leasing the buildings.
The actual sale price wasn’t disclosed but it’s thought the owners Seamus Sweeney and Andre Graham sealed the deal close to the £3m asking price.
Formed in 2009 to lease and run the Kremlin Complex, Anthology NI will now take full ownership of the venues including the Liquor License, branding, copyrights, goodwill, fixtures and fittings.
New owner Anthea Wilson said she had big plans for the venue in the months ahead.
“We are absolutely delighted to now own the freehold of the Kremlin having been the tenant for the past five years,” she said. “For us its business as usual, but with a few exciting new additions planned for the complex over the next 12 months as we expand on demand and increase our diversity.”
The club is situated in and around Donegall Street in the city, an area soon to benefit from major redevelopment by nearby University of Ulster.
Tim Reid, Director of Capital Markets at selling agent CBRE was in charge of the deal.
“As the economic recovery continues to gather pace, so too have we witnessed strong renewed interest in the Northern Ireland hotel and licensed sector,” he said. “The sale of the Kremlin demonstrates that there is appetite for larger pub lot sizes, where the premises have been well fitted and are underpinned by strong trading fundamentals.”