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Owner Ravinder Dhillon (40), of Auckland, said he bought the business from Steve Munro for between $55,000 and 60,000 and the business changed hands last month month.
The business had been advertised in the ODT for $85,000 plus GST.
"When we saw this advertised we were quick to jump on it,'' Mr Dhillon said.
However, the lease on the Albany St building was set to expire at the end of 2016. The owners, two brothers living in Rotorua and Australia, would not confirm if a new lease agreement was possible, he said.
Consequently, he had been investigating new premises near the University of Otago, he said.
"We have already started the back up process.''
The pizzeria opened in Albany St in 1975.
Mr Dhillon said pizzeria was the first business he had owned, and he had investigated buying a pizzeria in Auckland but it was too expensive.
He encouraged Aucklanders struggling to buy a business to buy in Dunedin.
Former owner Steve Munro (59) said he had asked the landlord to write a new lease but his request was declined. He had owned the pizzeria for nearly 18 years and when the Octagon was developed it made hospitality more difficult outside central Dunedin, especially when many of the student bars closed.
To ensure the business survived he got a liquor licence and directly marketed to university departments. He had enjoyed working among "educated, bright eyed and optimistic'' students.
"They have ideas of a bigger, grander world. It's a bit infectious and good to be around so much positive energy.''
But it was time for a change and a new project, he said.
"I'm evaluating my options.''