Brent Council is poised to snap up a Queen’s Park pub on the market for £2.75million.

The Falcon Pub, which is still open and trading in Kilburn Lane, sits on a prime site within the council’s proposed South Kilburn Regeneration zone.

Owned by Greene King, it boasts two bars on the first floor, commercial kitchen, a four-bedroom flat on the second floor, and five bedrooms on the third floor – but it looks set to be demolished and replaced with a housing development.

In a cabinet meeting next week, Cllr Margaret McLennan, lead member for regeneration and housing, will ask for an undisclosed sum to buy the site, which went on the market in October.

It is also looking at the forced purchase of Keniston Press, in Claremont Road, Cricklewood.

Brent Council first set its sights on the pub in 2007 when planning the regeneration of South Kilburn, which is already well under way.

In 2010, it applied for planning permission for an “affordable” housing development, which was approved the following year by the council. A separate report in 2011 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”. Holding it as an investment would also be considered, the report said.

In 2013, High Speed Two (HS2) Ltd, the government-funded company building a high-speed 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 later this year by a select committee.

Cllr McLennan said: “The Falcon Public House was marketed late last year and its availability provides us with a chance to purchase the property, taking us a step closer towards delivering hundreds of new homes on the site.

“This includes affordable homes for local people, as well as a new public space, employment and office space. These plans, which have already been granted planning permission, are key to the delivery of the wider South Kilburn Regeneration Programme that will transform the whole area over the next 10 to 15 years with 2,400 new homes – 1,200 available to existing South Kilburn secure tenants.”

A Greene King spokesman said: “The Falcon pub is in the process of being sold to Brent Council. The pub remains open and trading as usual to customers until the sale is complete. We are supporting our licensee and keeping them fully informed.”