Sydney seems set to lose another iconic venue with plans being revealed to knock down The Ivy to make way for new developments.

As reported by The Daily Telegraph, hospitality mogul Justin Hemmes has revealed plans to demolish the eight-storey venue to develop a 55-storey international hotel.

Hemmes said that the plans are in early stages and would take years to complete but the he “always intended it to be a holding development site”.

“That was the reason I kept Ivy as a low-rise development … so it could be knocked down eventually.” Hemmes said.

The move comes after Hemmes bought popular live music venue Vic On The Park in October of last year.

The Ivy has played host to a number of local and international acts over the years including Duke Dumont, Peking Duk, Boy George, Tigerlily, Timmy Trumpet and What So Not.