The Individual Restaurant Company has agreed terms to dispose of Bank Aldwych to the property's landlords for £3.5million in cash.
The sale is expected to go through by mid-July with the landlord then set to redevelop the site.
Bank Aldwych's book value is £1.7m and will have anticipated closure costs of around £0.5m. The transaction is expected to create an exceptional profit on disposal of £1.3m in the current year, with proceeds of the sale used to pay off part of the group's debt and to fund IRC's roll-out.
The company now plans to increase its 2008 opening programme from six to seven restaurants.