"Like our partners at The Basement, we are equally disappointed the partnership and venue won’t continue after a decade of working together," she said. "We have worked with the management of The Basement for more than six months to ensure an appropriate transition could take place and have amicably agreed to end the lease.

"While it’s too soon to say whether another music operator, bar or restaurant will move in, there is absolutely no intention to convert The Basement into office space."

Fairfax Media understands artists and their managers have in recent weeks found alternative venues for upcoming performances. The Basement's operators declined to comment and would not say whether the venue will set up shop elsewhere.

Monday, March 26 will be the final regular jamming session at The Basement, according to organisers.