London restaurant Isola has shut and will open this summer as a new Brazilian restaurant and bar called Mocoto.
Oliver Peyton's Isola, in Knightsbridge, closed for good on Christmas Eve after months of speculation that it was for sale.
The property was sold for an undisclosed sum to the joint owner of London's Momo restaurant, David Ponti. It will reopen as a Brazilian bistro in the summer following a £1.5m refurbishment.
The new venture will serve "nuevo Latino" food in a basement restaurant, while the ground-floor bar, called Boteco, will serve tapas-style grazing snacks. Average spend in the restaurant is expected to be about £55 a head.
No chef has yet been named, but Giselle Mastrosanti, formerly at the Grand Prix Café and Che, will head front-of-house operations. Interiors will be styled by Brazilian designer Isay Weinfeld.
Former owner Peyton admitted he had been trying to sell the property for some time. "I will be changing the focus of my business to non-restaurant-based projects," he added.