Princetown's oldest building, the Plume of Feathers, has been sold for the first time in 36 years.
A sister-and-brother partnership Pat Weir and Keith Twitchett have purchased the traditional family-run freehouse for an undisclosed sum off an asking price of £1m.
They bought the property from vendors, James Langton and Gill Neil, through the Stonesmith Partnership.
Paul Reilly, of Stonesmith, said Weir and Twitchett did their homework and made various trips to the Plume as visitors before formally viewing and putting in a successful offer.
"Whilst the business is successful, Pat and Keith saw a few areas that offered scope for improvement and Pat, being a Cordon Bleu chef, saw an opportunity to develop the catering," he said.
The Devon-based freehouse is set on 19 acres which offer camping facilities and bunk-house accommodation.
Reilly added that due to high numbers of campers and visitors such as scouts, "Pat realised there was a demand for a specials board containing wholesome British dishes using fresh local ingredients.
"She has sourced her suppliers after visiting local butchers, farms and fishermen. Pat and Keith are also in the process of developing a redundant kitchen into a carvery which will open daily and include casseroles and other hearty fayre."
The pub features a lounge bar, snug bar, family room/function suite, a modern kitchen and 60-cover trade courtyard.
Above the function room there is bunk-house accommodation.