A centrepiece of Osborne Village could be on the way out.

The Osborne Village Motor Inn has been sold by the building's longtime owners.

The motor inn is home to Ozzy's Bar and the Zoo. Some worry what the sale to an undisclosed party could mean for the music scene if the lights dim on the venues.

“In terms of value, what you get starting out as a new band here, they're the best. You can't find anybody for as much as they charge to get a great show out of them,” said Carl Flanagan from the band May’s Disaster.

The sale includes the beer vendor and two parking lots behind the establishment.

The sale also puts the fate of the establishment's restaurant in limbo.

"It's not as though I have…all that much of a choice in the matter. I mean, what we do is we put out good food. We make it from scratch, and we'll see where the new owners want to go with that,” said Leighton Fontaine, owner of the Osborne Village Café.

Rumours of a boutique hotel, condos and renovations to the existing building are flying around.

The motor inn has existed since the 1960s.

"The Village Inn and the Zoo has been such a milestone and a big part of what has made this Village for many, many years," said Stephanie Meilleur, executive director of the Osborne Village Biz.

While the Osborne Village Biz said it's sad the longtime business could be changed, it could be positive.

"We are on the cusp of a huge streetscaping and redevelopment down here, so the timing could not be more perfect for us right now,” said Meilleur.