Upmarket pub operator Brunning & Price, a subsidiary of the Restaurant Group, has signed a 30-year lease with Peel to take over Worsley Old Hall in Salford.
Brunning & Price will carry out repairs to the grade 2-listed building as part of the agreement before the pub and restaurant reopen. This is the second deal Peel has done with Brunning & Price following the renovation of Jackson's Wharf into The Wharf in Manchester's Castlefield area.
Worsley Old Hall dates from the early 17th century and was subsequently remodelled in the 18th century with further additions made in more recent years. The hall is of local historical importance because it was in this building that Francis Egerton, the 3rd Duke of Bridgewater, James Brindley and John Gilbert planned the Bridgewater Canal and supervised its development.
The hall became a restaurant in the 1990s and was operated until last month by Whitbread under its Brewers Fayre brand.
Graham Price, managing director of Brunning & Price, said: "In 2011 we secured a long lease from Peel on a warehouse style property in Manchester which we successfully converted into a characterful canal-side pub restaurant which has been trading very strongly.
"Worsley Old Hall has similar potential which the previous operators were unable to exploit, and we are pleased to have the opportunity to reinvigorate a wonderful historic building back to its former glory."