Marylebone Cricket Club (MCC) is to begin exclusive discussions with property company Almacantar over a planned 300,000 sq ft (27,870sq m) residential scheme at the Nursery End of Lord's cricket ground, along Wellington Road.

Keith Bradshaw, secretary and chief exective of MCC said: "We are delighted to have selected Almacantar. We have been impressed with the quality of their submission, which demonstrates a high degree of inventive thinking; something entirely appropriate for such an iconic venue as Lord's. "We will now work with them through the exclusivity period to shape the emerging proposals so that we can refine the financial model before presenting back to committees."

The MCC's Herzog & de Meuron-designed 'Vision for Lord's' masterplan, would see Almacantar buying the leasehold of a 3.5 acre (1.42ha) residential plot from the MCC for around £100m and the proceeds being used to update the cricket ground. This would involve increasing its capacity by 7,500 seats to 36,900, creating an underground cricket academy, and building a cricketing museum.

Almacantar was selected from a three-company shortlist, the others being Capital & Counties and Native Land.