The 48-cover harbourside cafe was bought by Hulstone's wife Katy, but will be run as a partnership between the chef and his father Roger, also a chef.
The pair plan to keep the business's cafe focus, with an emphasis on traditional English afternoon teas while employing the same high standards set at The Elephant, which opened in 2003.
Currently open from 10am to 4.30pm daily, there are plans to extend Burridge's opening hours during the summer months and apply for an alcohol licence. The venue will also undergo a repaint and staff will be given new uniforms.
Hulstone, who opened Burridge's for the Easter weekend, said he had been looking for a new business venture in Torquay for a while.
“With all the recent investment and redevelopment, it feels like the right time to be starting out with a completely different style of venture but with the same values and commitment to quality as with The Elephant," he said. "Due to its size and location, Burridge’s is a very adaptable site but we are going to see how it goes as a tearoom to begin with with a view to extending the menu.
"The first weekend was a challenge and we learnt a lot but we were very encouraged by the number of people who came in to see us and who’ve wished us well.”
Hulstone, named National Chef of the Year in 2008, said he was also looking at taking on a third business venture this year.