The Willen Dragon, run by Brewers Fayre, is just a few hundred yards away from the existing pub and restaurant, the Lakeside, which is run by Greene King.
It opens on Monday July 4 and a free family fun day will be held in the pub garden on Sunday July 10 to celebrate.
There will be entertainment, children’s activities and live music between 12pm and 4pm, along with summertime tipples and an appearance from the famous Great Ormond Street Bear.
The new pub is off the V10 Brickhill Street, further down from the Lakeside.
The Willen Dragon will feature a “refreshed and contemporary design” with a feature bar, cosy lounge and extensive menu. It has a large garden with an outdoor bar, covered seating, beach huts, a children’s play area and a water station for dogs.