Bahrain investment group Meritas is on the verge of acquiring a £121m mixed-use development in Paddington Basin, W2.
Westminster council said it had neared completion on the exchange of contracts with Meritas for its 710,000 sq ft Sir Terry Farrell & Partners-designed North Wharf Gardens.
Meritas also owns Meritas Court, in nearby Bayswater, which houses 15 luxury flats.
It had bid for the scheme as a joint venture with Zog Group, but is now the sole purchaser.
In July, planning permission was secured for 434 homes, 135,000 sq ft of offices, and shops at the former North Westminster Community School site. The development will be spread across five blocks, each between 11 and 17 storeys.
The site is bound by Harrow Road, Westway, Hermitage Street and North Wharf Road.
Knight Frank advised the council. Hype Park Agencies represented Meritas.
Justin Gaze, partner at Knight Frank, said: “This is a really good demonstration of overseas money investing in central London.”
joanna.bourke@estatesgazette.com
