The Coronet will host its final party in January 2017.
The South London venue welcomes 250,000 punters every year and is a firm fixture on the capital's clubbing calendar, hosting everything from dub soundclashes to fetish parties. It's closure will be a massive loss to the city's nightlife.
Director of The Coronet, Richard Littman, said: "We have been here for so long, and we will be really sad to go, but with the Elephant and 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.
"We've worked with our landlord to extend our lease for one final year, until 5th 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!"
The venue is presumably making way for the continued gentrification of Elephant and Castle, which has already threatened Ministry Of Sound and changed the landscape of the area dramatically in the last several years.
The site of The Coronet – which stands opposite the pub where UK garage was invented – has been used as an entertainment venue for 138 years. It was previously a theatre and then cinema before becoming a nightclub that's hosted everyone from Mala to Justin Timberlake.