Exeter restaurateur John Golder and his wife have bought the Il Giardino Italian restaurant in the South Devon port of Topsham.
It has a prime High Street site in the popular sailing destination on the mouth of the River Exe, four miles from Exeter.
The restaurant occupies a three-storey listed building believed to date back to the 14th century.
It provides a main restaurant and a conservatory that will seat 80 diners, along with tables outside for al fresco dining.
There are also two one-bedroom apartments on the upper floors.
The Exeter office of Christie + Co sold the freehold off a guide price of £225,000 on behalf of Angelo Lenarduzzi and Jo Butler, former London restaurateurs who now plan to return to Italy.
The property agent helped the Golders sell their Jingles restaurant in Torquay in 2002.
By Angela Frewin