Showpiece Barangaroo restaurant 12-Micron, with one of the most luxe and expensive fit-outs in Sydney, is closing after a three-year run.
A spokeswoman for 12-Micron – which includes a 64-seat dessert bar – says an exact closure date is yet to be finalised but will be "probably in about two weeks".
12-Micron's owner, Australian Venue Co, has found a buyer, but its days as a restaurant seem to be over. Incoming operator Dockside Group intends to run it as a dedicated event space.
The sale price is being kept confidential, but it is unlikely to have covered the massive outlay on the venue. A cool $9 million was splashed out on the fit-out and a separate rooftop venue.
A number of theories could explain the demise of the 230-seat restaurant, from neighbouring construction at the casino site and a location some customers found difficult to find.
Australian Venue Co chief executive Paul Waterson maintains the sale was driven by the company's interest in pursuing more casual bars and pub opportunities in NSW.
AVC will offer 12-Micron employees positions at other venues in its stable, which include Kingsleys Woolloomooloo and The Winery in Surry Hills.
The restaurant was certainly a bold play. 12-Micron, which is named after the superfine grade of merino wool fibre, had an enviable opening team.
Justin Wise, from Melbourne's The Press Club, was in the kitchen, and Darren Purchese of Burch & Purchese Sweet Studio oversaw the 12-strong dessert list in a dessert bar the envy of pastry cooks everywhere.
Fans of the restaurant will find the latest move anything but sweet.