Lucio's to move on after 40th anniversary

Food and art lovers emitted a collective gasp when a For Sale sign went up on the Paddington home of local institution Lucio's last week.

The double-toqued Italian eatery has been one Sydney's great survivors, with owner Lucio Galletto having set a record 37-year run at the Windsor Street site with his rare offering of good food, great service and stunning art.

The restaurateur – who has a keen eye for up-and-coming chefs as well as artists – picked up an Order of Australia gong along the way, although he struggled to find empty wall space to hang any more awards among the Nolans and Olsens.

So, is this the end of the Galletto family's run on Windsor Street? Yes, no and maybe.

Matteo Galletto, who works at the restaurant with his father, mother and sister, explains they are selling the building, but ideally with a three-year lease in place so they can celebrate the restaurant's 40-year anniversary before moving on.

"Lucio and the family feel it's now time to look for a new venture to see what more we can bring to the Sydney dining scene," he says. "We're really getting to the limits of what we can do here."