Head chef Paulina Irzyk was previously at the Marylebone-based Basque restaurant Lurra.
She is joined by master ham carver Javier Cerro, formerly of Bar Tozino, also in Bermondsey.
The menu ranges from small plates, pintxos – Basque-style snacks served on bread – and tapas; to charcuterie boards and main courses for one or two people to share.
Dishes include crab with lemon aioli pintxo; anchovies in raspberry oil tapas; and Galician octopus with confit potatoes to share.
To drink, Andanza boasts an all-Spanish wine list, as well as vermouth, sherries and Mahou beer on tap.
The oak-panelled restaurant has 30 covers and features an open kitchen.
Andanza’s name, which means ‘fortune’ or ‘fate’ in Spanish, pays homage to the site having previously been a bookmakers.
“Despite the times, our little corner of Bermondsey, where we’ve enjoyed years of success with The Rose, continues to thrive and we thought it was sad that the fantastic site on which we’ve built Andanza was just standing empty," say co-owners Danny Kwiatkowski and Carl Botwright.
“Given that it was a William Hill we know there’ll be lots of jokes about the gamble we’re taking, but they say fortune - andanza - favours the brave, so bring it on!”