A steal at £16 million: the police station up for sale

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The building in Walton Street, Chelsea, is used by the Diplomatic Protection Group - armed officers who protect embassies and their staff.

Three-storeys high and built in the 1870s, it covers almost a quarter of an acre.

The Met is hoping to raise funds so it can buy the force's New Scotland Yard headquarters from Land Securities for £120 million.

Police bosses have also been unhappy with the condition of the site for some years. A report to the Metropolitan Police Authority, which administers the force's property portfolio, said it was "of particular concern".

Apart from the building's prime location - there are nine embassies within a mile of its front door - it was said to be completely unsuitable for the needs of the Diplomatic Protection Group.

The amount of equipment the armed officers have to carry is steadily increasing and more space is needed to store it. About £400,000 has already been spent enlarging locker rooms.

Luke Hawkesbury of Savills, the estate agency handling the sale, said the building could be rented back to the Met by its new owner.

"The police are not planning to vacate the whole building, it is a sale and lease back arrangement," he said.

"It could take up to three years to find somewhere else, depending on their requirements."

A spokesman for the Metropolitan Police Authority pointed out that more than a third of the force's buildings predate 1935.

"We recognise the vital role the estate plays in supporting the delivery of effective and efficient policing," he said.

"We are acutely aware that the estate is ageing and many of our buildings are unfit for purpose.

"The estate must serve everybody's needs - the police need modern facilities to tackle crime, while the public want and deserve a visible presence in their midst."