One of London's most famous music venues, The Astoria, is to close before the end of January ahead of its demolition, which will make way for the capital's new £16bn Crossrail project.

The 2,000-capacity venue, situated on Charing Cross Road, is one of a number of sites that was issued with a compulsory purchase order to allow for the extension of Tottenham Court Road station, part of the Crossrail scheme. A final show is due to be held at the Astoria on 15 January, when the Ibiza superclub, Manumission, returns to England for the first time in 15 years.

Some of the world's biggest pop and rock music acts have played at the Astoria, as well as its sister venue, The Astoria 2, including U2, the Rolling Stones, Eminem and Black Sabbath. Ivan Wilkins, regional manager for the venue's owner, Festival Republic, said: "Having witnessed 20 years of incredible music, the loss of such a fantastic venue is a terrible shame, and one, unfortunately, we had no control over.

Preliminary works are expected to begin this year on the Crossrail project, with main construction starting next year. It is expected that the scheme will be completed in 2017.