COLONIAL House, a flagship office development in Chatham Maritime, is close to being sold after more than two years on the market, bringing with it the hope of hundreds of new jobs.

Contracts are due to be signed shortly, sealing a deal on one of the finest office buildings in Medway.

It was built by Colonial, the Australian financial services company, in the early 1990s.

Winterthur Life, the Swiss-owned company that inherited Colonial House when it bought Colonial's UK interests, is understood to have finalised a deal with Ballon, an offshore investment company.

The top floor has already been let to Provident Financial for around 100 staff and other potential occupiers are said to be showing considerable interest.

Although the sale price is not being disclosed, the building was on the market for around £15m.

But the building cost Colonial more than £35m to build and equip. The Lord Lieutenant of Kent opened the offices on October 30, 1992, and a time capsule was planted in a wall for opening in 2042.

Colonial House is widely regarded as one of the largest and most impressive purpose-built office complexes in the Medway area.

But it took longer than expected to sell because the building is not easy to sub-divide and it came onto the market at a difficult time for commercial property sales.

Winterthur had considered keeping a building that used to house more than 700 people. But after deciding to concentrate its operations at its existing headquarters in Basingstoke, it put Colonial House up for sale.

Watson Day, the letting agents based in Chatham High Street, played a key part in finding a buyer.

Nick Threlfall, managing director, confirmed that contracts had been exchanged and completion was expected on May 1.

He said a group of investors had taken the view that Colonial House was a great building in a thriving place and they wanted to be part of the action. "That's a very positive message for Medway and Kent," he said.

Alistair Low, of London-based firm Lunson Mitchenall, advised the buyers. He said: "Medway is a growth area. We just felt Colonial House was a worthwhile property investment."