British Land, who already own the Ealing Broadway Centre opposite, have made an offer in the region of £50m for the 0 63 ha (1.6 acre) site.
Benson Elliot, a private equity company, bought the wider Arcadia site after former developers Glenkerrin went into administration. BE refurbished the block now occupied by McDonald’s, Morrisons and TK Maxx, and sold it in 2012 to a US real estate company.
Last year, they got planning permission from Ealing Council for plans to develop the rest of the site south of the railway line, with a mix-used scheme with 191 homes and shops, including a new space for the Ealing Club, the birthplace of British Rhythm and Blues and the Rolling Stones.
The scheme was however called in by the Secretary of State, who set up a public Inquiry after strong opposition to the plan from Save Ealing’s Centre and Historic England. This is due to be held in May.
British Land will almost certainly want to make changes to the Benson Elliot plans. it is not known what impact this may have on the public Inquiry, but the Inspector has already said that the effect on the proposed scheme of the emerging Central Ealing Neighbourhood Plan, submitted for examination by the Forum in September, will be considered.