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 in the next few days 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 which 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 about 100 staff, and other potential occupiers are said to be showing much interest.

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

But the building cost Colonial more than £35 million 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 on to 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 contracts had been exchanged and completion was expected on Thursday (May 1).