Pete Doherty, Hot Chip, Banksy affiliated venue to be turned into a hotel

East London venue The Foundry is to be demolished and replaced with an 18-storey hotel.

Over the past decade the venue on Old Street has played an important role in the history of acts including Hot Chip and The Libertines, as well as the likes of author Irvine Welsh, comic Mark Thomas and graffiti artist Banksy. It was co-founded by Bill Drummond, formerly of The KLF.

Hackney Council approved plans to knock it down last night (February 3), despite protests from owners Tracey and Jonathan Moberly, who are expected to be evicted from the property by April, reports The Guardian.

Before finding fame, Pete Doherty ran a poetry night called Arcadia At The Foundry at the venue, and also included a flyer for an early Libertines gig there in the sleeve of the band’s debut album, ‘Up The Bracket’.

Despite opting to close the venue, which regularly hosts live music and art installations, Hackney Council has agreed to save a six-metre high Banksy mural on the building.

The Moberlys are currently in talks with the Tate Modern about relocating The Foundry‘s graffiti covered walls, which include scribblings by street artists including Banksy and Faile, as well as numerous bands and drinkers.