The prime site at 408-430 Chiswick High Road is presently developed with an 11-storey vacant office block and seven shops consisting of a total of nearly 70,000 sq ft.

Lend Lease will apply for planning permissions later this year and is considering an offices to flats project as part of a residential and retail scheme for the site.

Dan Labbad, Lend Lease’s group chief operating officer in Europe, said: “We are delighted to have acquired this outstanding site in a prime West London location.”

Lend Lease portfolio of projects in the capital includes planning permission for 1,443 new homes in the last 12 months alone.

Lend Lease began work last year on the £1.5bn regeneration of Elephant & Castle, which will create 3,000 new homes and 160,000 square feet of retail space during the next 10 years.

It is also delivering The International Quarter – the new £1.3bn commercial district at Stratford City in the Olympic Park which includes 330 new homes.

The company also secured planning permission last year for two new sites in southwest London comprising 200 homes at Cobalt Place and Victoria Drive respectively.