Fairfax have reported that Oscars recently purchased the business with $6.2 million and while Oscars have not returned theMusic.com.au requests for comment today, a source close to the previous owners said the development was a positive one for live music at the venue.
With a close proximity to Sydney Uni and student accommodation, the Lansdowne is a long-standing fixture on the live music scene for emerging bands. Existing stakeholders in the business were not able to outline exact plans to the venue theMusic today, but they said that as well as honouring its live music heritage Oscars would look into other ways to expand the business.
There are gigs booked up until April and it is likely that they want to tap into the market left by The Abercrombie, which has closed as a result of the recent Central development.
A pub on Abercrombie formerly known as The Shannon Hotel, and then The Lybrary for a period of 2013, has also recently rebranded as The Chippendale under new owners with a focus on attracting a younger audience.
Oscars are believed to be taking over control of the Lansdowne tomorrow, Tuesday 4 February.
The Lansdowne is the second 'iconic' music venue The Oscars Hotel have purchased in the past 12 months. The group, which also manages Sweeney's rooftop and the Towradgi Beach Hotel in Wollongong, bought the Annandale Hotel last year after it appeared to be on the brink of residential development. Honouring live music until December, the owners are now in the midst of renovating the run-down venue. Exact plans for the hotel's re-opening have not yet been revealed.