The scarcity of licensed premises in an area where new applications are strongly opposed by the local authority following a community impact study is reflected in the cost and the speed of the sale, which was completed within eight weeks of going to market.
The business in North Lane is near the university and surrounded by affluent residential districts.
It trades as an 80-seat downstairs restaurant, a 100-seat bar above, and as a 200-member private members' billiard club. Outside, there is further seating for 30 diners.
The new owners currently own around eight venues and plan to grow to 20 sites over the next two years, when they will relaunch under a unified brand name.
The Leeds office of Christie + Co sold the leasehold on behalf of Jed McCormack (who wants to focus on his Lime Tree brand of restaurants) and Phil Timms. They have retained rights to the Citrus name.
By Angela Frewin