English Rose Estates has bought the long leasehold interest on a section of a residential property on Kensington High Street for £23.5m.
The company bought the interest in the upper floors of 151-161 Kensington High Street from LBS Properties.
LBS Properties had previously gained three separate planning permissions across the site, enabling 24,500 sq ft of residential accommodation to be developed.
It is understood that English Rose Estates intend to develop 27 private apartments.
Matt Sharman, from advising agent DE&J Levy, said: "The sale attracted enormous competition in the market place and demonstrates the continued appetite for consented residential developments."
"This is a complex site requiring demolition behind a retained facade. The significant level of interest, particularly from overseas purchasers enabled us to complete a quick exchange of contracts at a premium level."
English Rose Estates will be launching the scheme later this year.
DE&J Levy and Knight Frank represented LBS Properties. Colliers represented English Rose Estates.