Avestus, formerly Quinlan Private, is considering a €615m bid for its 3.5-acre Knightsbridge Estate portfolio in central London.

The portfolio, which is between Harrods and Harvey Nichols, has been on the market for several months but it was originally expected that only one acre of it would be sold.

However, Property Week reports that Saudi Arabian investment group Olayan has teamed up with Chelsfield to bid €615m for the site, which was bought for a similar price in 2005 using funding from Anglo Irish Bank among others.

Investors in the portfolio are said to include Bernard McNamara and Paddy McKillen.

As revealed in the Sunday Tribune, Libyan investment group Lafico was interested in acquiring all or part of the estate. Korean's national pension service and the Qatari Investment Authority were also reported to be bidders.