Claude Bosi, who recently closed the two-Michelin-starred Hibiscus in London's Mayfair, has now completed on the sale.
The site has been bought by Indian luxury hotel group The Leela Palaces, Hotels and Resorts.
The Mumbai-based firm has paid a £1m premium for the 60-cover venue and the rent is £185,000 per year with an assignment that runs until 2032.
The restaurant, which consists of a ground floor of 1,800 sq ft and a basement of 1,100 sq ft, is expected to open as an Indian restaurant in spring 2017. The Leela Palaces, Hotels and Resorts already owns Jamavar London, on Mount Street in Mayfair.
The deal was brokered by David Rawlinson, founder and agency director at Restaurant Property, acting on behalf of Bosi. He said that despite a downturn in premiums being paid, demand for commercial property in Mayfair remained very high.
Bosi is set to launch a new fine dining restaurant on the site of Bibendum with Sir Terence Conran later this year. Due to open this spring, it will be called Claude Bosi at Bibendum.
Leela Palaces, Hotels and Resorts runs nine properties in major cities and leisure destinations across India. It is owned by Hotel Leela Venture, a publicly listed company.