The former Sidmouth Drill Hall has been vacant for a number of years.
In 2018 the site was marketed and Rockfish was selected as preferred developer.
Rockfish are in negotiations with East Devon District Council to take a 125 year lease of the site and they have received planning permission to convert the former Drill Hall into a restaurant.
Rockfish is a successful group of family seafood restaurants based on the South Coast of England.
In a statement supporting the planning application, the business said:
With our proven track record and our focus on quality, family and sustainability, we believe Rockfish is the right fit for Sidmouth which being by the water will provide a perfect destination for people to travel to and eat fresh seafood. As with all our other restaurants we will create 30-40 full and part time jobs. The investment into Rockfish will be in excess of £1m in total.