Berkeley Homes has exchanged contracts to purchase the 2.66 acre West End Green.
The site, an under occupied temporary car park, will be replaced with over 600 new homes. Berkeley will be working closely with Westminster City Council to deliver a mixed-use development including space for offices, community facilities and retail.
Cllr Robert Davis, Deputy Leader of Westminster Council said:
"We are delighted this vacant site has been acquired by Berkeley Homes and will finally deliver much needed new homes and jobs after being vacant for so long. The site will undoubtedly act as a catalyst for further regeneration and contribute to our ambitious plans for this vibrant area of the City".
The new development will deliver significant benefits to the community including on site facilities, payments to improved infrastructure as well new job opportunities and apprenticeships.
Tony Pidgley, Chairman of the Berkeley Group said:
"Edgware Road has great history; fantastic transport links and sits between two of London's best parks. We are very excited about delivering a world class development which will have its own distinct character and integrate with the existing community.
This site is one of a number of developments Berkeley has delivered in Westminster in recent years. It is currently working on developments at Millbank and Strand.
Berkeley is now looking forward to engaging with Westminster City Council, the Greater London Authority and the local community to develop a shared vision for this important part of the City.
A new planning application is expected to be submitted by the end of the year with construction commencing in Summer 2016.
JLL acted for the vendors of the site.