The Kensington Park Road eatery is a joint venture between Paget, whose private equity firm JGR Capital has backed healthy fast-food chain Pod since 2004; Filipa Teixeira and Godric Walker.
The trio acquired the former Notting Hill Brasserie venue from First Restaurant Group which closed its business on the site in August last year.
Luís Baena
The venture also marks the UK debut of experienced and award-winning Portuguese chef Baena who won plaudits for his Manifesto restaurant which opened in Lisbon in 2009.
Baena has worked in Belgium, Hong Kong and the USA and for a number of hotel chains including Marriott, Tivoli Hotels & Resorts and Le Méridien where he teamed up with the legendary Paul Bocuse.
Speaking to BigHospitality, Paget explained he had met Baena at his restaurant in Lisbon and discovered he was keen to move to London now the city has such a strong culinary reputation.
"He is not the young, up-and-coming chef - he is a guy that has travelled and worked with a lot of very high-profile chefs. He has written multiple books, goes on TV in Portugal and does consulting for one of the big hotel groups."
The businessman, who also owns Switzerland-based wine company Histoire d'Enfer, revealed he had been searching for the right location to bring Baena to the UK for the last two years.
"For a restaurant venture, what you want is someone who has been there, done it, knows how to run it and has seen it from many different perspectives," Paget added.
Seasonal produce
The restaurant, which is expected to feature in excess of 100 covers, will include interiors created by a Spanish designer.
"He (Baena) has got an awful lot of perspective, sources wonderful ingredients with a global inspiration and has a playful, delicious execution - he is very creative," said Paget, who explained the chef had built up a strong network of unique suppliers.
The Spanish-style bar will feature a menu which will focus on grazing dishes and shared plates while a classic three-course menu will be available at lunch and dinner.
Highlights from the seasonal produce-inspired menu will include slow-cooked Iberian milk-fed baby lamb; seared pink swordfish with seaweed, Dashi creamed rice and Azores cheese and Alentejo pork cheek confit with truffled bread and bacon crumble.
A vintage wine selection with over 200 references will be available in the restaurant and the accompanying bar.