Convicted Sydney nightclub rapist Luke Lazarus is entitled to a retrial, the Court of Criminal Appeal has found.

Lazarus, 23, was jailed for sexually assaulting an 18-year-old woman in an alleyway at the back of his father's King Cross club, Soho, in May 2013.

But on Friday he was granted conditional bail, with the court saying it would hand down its reasons in due course.

In 2015 he was sentenced to a maximum of five years in jail.

The court has reserved its decision on another line of appeal which would grant Lazarus an acquittal if successful.