The Cut Steakhouse will close in March after opening last year as part of a multi-million dollar refurbishment of The Alfred, former home to Stokehouse City, Comme and Mietta’s.

Today the Rockpool Dining Company announced the first floor will become an events space in the historic building in the CBD.

The Urban Purveyor Group (UPG) merged with Neil Perry’s Rockpool Group in November 2016 to form the new hospitality company.

The Alfred, off Collins Street, will still be home to the group’s casual Italian diner Fratelli Fresh, on the ground floor.

UPG spent around $4 million on an overhaul of The Alfred’s interior last year, which included The Cut’s luxe fit-out with dark-wood cladding, green leather banquettes and marble dining tables.

The new events space on the first floor of The Alfred will be available for private hire.

The Cut’s closure was announced in a statement about Rockpool Dining Company’s 12-month strategic plan. It also included news about menu changes at Saké Jr and that the company will be catering The World's 50 Best Restaurants awards event in April.

Broadsheet has contacted Rockpool Dining Company for comment.