ONE of Cairns' biggest nightclubs, The Heritage, has closed and is up for sale.

It was placed in voluntary administration this week.

Property manager Danny Betros, the managing director of CB Richard Ellis Cairns, said it would now be placed in full receivership and next week would be advertised for sale.

He said it was a disappointing end to a week of negotiations with all parties keen to see it reopen.

Mr Betros said a final financial report would be prepared by Justin Cadman of McLaren Knight on Monday.

He said he was confident of finding new owners.

"Going by the figures it was trading well, but I can't go in to why it failed," Mr Betros said.

He said he had been contacted by a couple of people keen to take over the business.

Mr Betros said it had been refurbished about a year ago and could be up and running relatively quickly.

He said he was surprised by The Heritage's position.

Earlier, Heritage owner Simon Friend-James said tough economic times had hurt the business but he was optimistic about its future.

"I just felt it was the right decision … I'm sure whatever happens it will continue to stay open," he said.

It opened in September 2008, almost a year after nightclub Tropos closed for good.

Mr Friend-James worked on the Lake St venue for almost a year.

His aim was to create a "warm and inviting experience" and keep the historic appeal of the site, which was once the Central Hotel.

Earlier this year, it was one of several Cairns clubs and bars among 41 licensed venues throughout Queensland issued with show cause notices by the State Government.

Premier Anna Bligh said each of the venues had recorded incidents in which glass had been used as a weapon resulting in an injury during the past year.

She said the Government was determined to crack down on glassing incidents, which had become more prevalent at late-night venues.

They will be forced to use plastic cups instead of glass by the end of the year unless they can otherwise convince the Government.

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