Lot. 1 moves from the city to former Missy French site in Potts Point

Another restaurant is taking a punt on the Potts Point site where ABC Restaurant and Bar and Josephine Perry's Missy French both faltered.

The Rockwall Crescent space is set to be home to Lot.1, which will relocate from York Street in the Sydney CBD, just 2½ years after it splashed a gob-smacking $5 million on its interior and lured Adelaide celebrity chef Adam Swanson across to work on the start-up.

A spokesman for Lot. 1 explains terms couldn't be reached with the owners of the York Street building on a new rent deal, so they decided to find fresh digs.

Given the amount spent on the original interior, unsurprisingly they will be repurposing some of it in the new fitout. "The joinery stayed, but we were able to [reuse] a lot. We're on track to open mid-April," he says.

We tracked Swanson down in Adelaide, the chef confirmed he departed Lot. 1 last year. "I had a great couple of years in Sydney, but I've got a new project in the Barossa," he says.

Lot. 1 Potts Point will pick up with the menu where Swanson left off, its broad brushstroke Mediterranean direction set to reflect "Australian culture and multiculturalism".