Brent Council has agreed to release an estimated £2.75million from its coffers so it can buy a pub in Queen’s Park and demolish it to make way for ‘affordable’ homes.

The site of the Falcon Pub in Kilburn Lane, will be developed as part of the regeneration of South Kilburn, which is currently taking place.

No sums were disclosed by the council but the pub, which is owned by Greene King, was put on the market for £2.75m late last year.

In 2011, the council approved for the site, which had been earmarked for a compulsory purchase order, to be used for new homes.

In the same year a different report advised that the site “would be assembled and then offered in the open market as a residential development opportunity in order to secure best value” as “holding it as an investment would also be considered”.

Two years later, High Speed Two (HS2) Ltd, the government-funded company building the new railway line between London and Birmingham, chose the site to build a vent shaft in a car park close to the pub.

The council petitioned to have the shaft moved to Canterbury Road in Kilburn, but residents there have also petitioned HS2 to move the shaft back to Queen’s Park.

The case will be heard this year by a select committee.

Cllr James Denselow, Brent Council’s lead member for stronger communities and Queens Park councillor, said the purchase of the pub was “really good for South Kilburn regeneration” but asked if there was any issue with pub protection laws.

Cllr Margaret McLennan, lead member for housing and development, replied: “We approved the development management policy specifically looking at pub protection but I can say about the Falcon Pub - even the ward councillors are happy this is moving on. This is great that regeneration comes first and there other places they themselves say they can go to so this is something where I’m not expecting the contravening of any pub protection rule.

“Remember it’s been marketed by Greene King, they themselves put it out on the market for purchase.”