A planning application has been submitted to Babergh District Council for change of use of the historic Grade II Listed Buzzards Hall in Friars Street, Sudbury.
The owners of the Secret Garden café and restaurant, also in Friars Street, are in the process of purchasing the building.
In 1993 the building was acquired by businessman Andrew Cross, who undertook a major repair project to restore Buzzards Hall.
For the past 23 years it has been the home of the Somerville group of companies, who specialise in insurance and independent financial advice.
It is now anticipated that the building will return to the hospitality industry once the sale to Alain Jacq and Stéphane Chapotot is complete.
Somerville plan to continue working out of Buzzards Hall for the foreseeable future while the building is undertaking alterations to suit its new use as a fine dining restaurant.
If the planning application goes to schedule the new owners hope to take delivery of the keys by July 1.
The Secret Garden will continue trading at its existing premises, as a cafe.