Golden Century Seafood Restaurant on Sussex Street in the Chinatown district has gone into administration after serving Sydneysiders for 31 years.

Frequented by politicians and anyone looking for a delicious and authentic Chinese food experience, the eatery was famed for its wall-to-wall crab and lobster tanks.

The restaurant has appointed Chifley Advisory as administrators with a creditors meeting set to take place on August 27.

Speaking to news.com.au, liquidator Desmond Teng from Chifley Advisory said the restaurant went into administration on August 17 after being unable to “negotiate a new lease agreement”.

“Rather burn losses, they went into voluntary administration,” he said.

“The majority of creditors will be paid out and once that’s done the company has a restart and will freeze trade to give them some breathing space.

“Perhaps the landlord will talk about terms, or perhaps the owners will move to a new premises altogether. But the good news is they will be back.”

Speaking to The Daily Telegraph, business manager Billy Wong said uncertainty due to the coronavirus pandemic and current lockdown restrictions also played on the decision to enter voluntary administration

“We’re not yet prepared to commit to a long-term lease in these uncertain times so if the landlord can’t agree then we will have to move out of the premises,” he said.

“The talks at the moment are related to the lease renewal at Sussex St so our other venues, The Century (at The Star) and XOPP (at Darling Square) will continue as usual.”

Sydney’s tourism and hospitality industry has been hammered by the latest lockdown restrictions across the Great Sydney region, with restaurants, pubs, cafes and bars brought to their knees under the harsh lockdown restrictions.

It has been reported previously that the current NSW lockdowns to stop the spread of coronavirus have cost the economy at least $17 billion over the past two months, with the Greater Sydney lockdown alone costing about $1 billion a week.

Social media users were quick to voice their devastation over the announcement, with some saying the decision was like hearing about a “death in the family”.

The Wongs moved to Sydney from Hong Kong in 1989 and built the first Golden Century at 405 Sussex St before upgrading to their current site.