Enterprise Inns has bought the freehold on the Red Lion restaurant and bar in the Norfolk village of Needham.
The deal was brokered through the Ipswich office of Christie + Co, which additionally sold a new, 25-year leasehold on behalf of Enterprise Inns to local operators David and Jo-Ann Rye.
The Red Lion is a Grade II-listed three-storey property in the heart of the Waveney Valley that dates back to the early 16th century.
Along with a 40-seat restaurant and bar, the property offers five-bedroom owners' accommodation and extensive grounds that include a beer garden, a 30-seat decked terrace, paddocks, stables and a barn.
The Ryes will run the Red Lion alongside their other business, the 15th century Swan Inn pub and restaurant in nearby Hoxne, which they also hold on an Enterprise Inns lease.
The Ipswich office of Christie + Co sold the freehold off an asking price around £647,000 on behalf of Garry Leaf.
By Angela Frewin