The operators of The Coronet at Elephant & Castle have conceded defeat in their campaign to save the music venue and former cinema.
The Coronet – which can trace its history back to 1879 – will close its doors for the last time on 5 January 2017.
"We've been here for so long, and we will be really sad to go, but with the Elephant & Castle changing so much, so quickly, it's become clear that the evolving character of the area is no longer right for a venue like ours," said Richard Littman, director of The Coronet.
"We've worked with our landlord to extend our lease for one final year, until 5 January 2017.
"We're looking forward to welcoming back old friends and making new ones – if you've ever wanted to perform here then get in touch quick – the calendar is filling up fast.
"Rather than fighting against change, we want to focus on celebrating The Coronet's incredible history. What better way to do that than by making The Coronet's final year of operation its biggest and best!"
More than 4,500 people had signed a 'save the Coronet' petition.
Last week the Government decided – on the advice of Historic England – not to make the Coronet a listed building.
The Coronet building remains on the Theatres Trust's 'theatres at risk' list.