After five years, The Foundry has closed. The beloved Fortitude Valley music venue announced the shuttering on September 14.

In a short space of time, the live-music spot had become one of Brisbane’s best, hosting a bunch of local and international acts including Dune Rats, the Babe Rainbow, DZ Deathrays and Orville Peck.

“A huge thank you and cheers to five years of incredible memories at 228 Wickham,” the venue said in a statement. “While the hotel will always remain a place where music is made and loved, it will no longer be home for The Foundry as a live touring venue.”

The closure comes after owner the Australian Pub Fund sold The Elephant Hotel – the heritage-listed building The Foundry operated in – earlier this year. The new owner, Tilley and Wills Hotels, has decided to renovate the site, which will reopen in October under the hotel’s original name, The Prince Consort.

Fortunately for live-music fans, The Foundry will live on. New owner Lithium Agency is reopening the venue in a “bigger and better” Fortitude Valley space by the end of the year.

“[The Foundry] has ingrained itself [in Brisbane’s live-music scene] and that’s why it has such a healthy foundation to continue,” Lithium Agency director Jacob Stewart tells Broadsheet. “The response has been overwhelming. It was surprising [to see] how much this venue meant to so many people.”

Stewart is tight-lipped on the exact location of the new space, but says it will be in very close proximity to the old spot. It will feature murals and have more colour than The Foundry’s former black-on-black fit-out. It will also have a higher capacity, bigger stage and better production.

“We want to incorporate a theatre-style aspect,” Stewart says. “The calibre of production we’re going to do will be on a new level.”

The new venue will honour all previous ticket sales, with already announced gigs to be moved over to the new space. Ticketholders will also be able to get a refund via Oztix.

“We are so proud of the foundation that you helped establish,” The Foundry’s statement continues. “Our goal is not only to save and support the jobs of the hundreds of artists, promoters, roadies, bookers, hospitality staff and production crew without whom The Foundry could not exist – but to continue to provide a performance platform supporting as many touring showcases from local, national and international fronts as possible, long into the future.

“Stick with us Brisbane, we can't wait to unveil a bigger, better Foundry and a safe, inclusive space for people from all walks of life to congregate and share the love of our beautiful live music culture.”

The Foundry will re-open in Fortitude Valley by the end of 2020.