Faisan Estate's Michael Walker said six months ago he had hatched a plan to restore the restaurant and wine bar to its former glory, with the aim of opening its doors in winter.

Mr Walker said he'd hired a head chef, an event planner and a bar manager, with a total of 15 staff offered jobs.

However, Mr Walker said at the 11th hour negotiations fell through leaving him "obviously gutted".

The re-opened venue was to have been an answer to Orange's dwindled bar scene said Mr Walker.

He said despite demand for a venue that incorporates both a bar and a restaurant he was unable to find another suitable location.

"The Union Bank makes for a very unique venue which is why I went so hard on it," he said.

"Its [absence] is a huge gap in the Orange market, because it's such an iconic building."

Having since checked out the empty Eighteen70 building, Mr Walker said it's not what he's looking for.

"It's a perfectly good spot for a restaurant, but not for what we're after," he said.

Mr Walker said it's "not good for the region" that the gap in the market will remain.

"With limited hospitality venues now either you go to a pub or you go to a restaurant. There's little in between."

Instead, Mr Walker will change Soiree By Faisain estate into a "fairly edgy wine bar" serving wines from the region and beyond, alongside a small menu.

Empire of Dirt will see Matt Heagney behind the bar and takeaway wines sold over the counter.

"With every knock back or disappointment there's a silver lining," Mr Walker said.

"We're looking forward to the future now and pushing out the new wine bar.

"We want to move on and put this all behind us."