The Hemmes' family 30-plus year reign at the landmark Potts Point building on the corner of Macleay Street and Challis Avenue is about to end.

A spokeswoman for Merivale confirmed the Dan Hong-led Lotus restaurant will close the week before Christmas.

The sale of the building to a local investor was a rare offload by Justin Hemmes, and fortuitous being pre-COVID.

His late father, John, bought the property, at 61-63 Macleay Street, for $1.428 million in 1988. The family reportedly snagged nearly $13 million last year.

The building, which has been home to a number of landmark restaurants over the years, was sold with a long settlement, so for old times' sake Merivale closed The Fish Shop and slid Lotus back into the site.

It was always only going to be there for a good time not a long time, the clock is ticking if you want to dive in for Lotus pop-up's tuna with sweet wasabi dressing or a hot fudge sundae.

• Terry Durack reviews the Lotus pop-up