Sydney's 'notoriously' popular nightspot, The Ivy, is set to be knocked down and replaced with a 55-storey hotel, according to owner Justin Hemmes.
Hemmes told New Corp, it was always his dream to turn the property into a high-rise hotel when he brought the site for $22 million in 2004.
"I always intended it to be a holding development site,” Hemmes told News Corp.
"It is just a fantastic site. It’s got so much potential, there are so many options available to us and it’s something I want to do properly so we’ll be taking our time."
The property has an estimated value of $65 million, which could quadruple if and when the hotel is built.
There is no timeframe on when The Ivy will be knocked down, with the planned hotel currently only in the design stage.