A £250m guide price has been placed on New Scotland Yard as the Metropolitan Police prepares to move to a smaller headquarters on the Victoria Embankment.

The office block near Victoria station has housed the Met since 1967, but is being sold off as part of a cost-cutting effort. Having housed the force's headquarters since 1967, the 0.7-hectare (1.7-acre) site could accommodate three or four blocks of flats, shops and offices with views of Buckingham Palace, St James's Park and the Houses of Parliament.

Up to 200 police buildings are due to be sold by 2016, with £124.5m already brought in by the big sell off. Its new headquarters will accommodate 1,000 officers and staff compared to the 2,500 currently working at New Scotland Yard, with the remaining 1,500 relocated at other Met buildings in the capital.