The Crown Estate has sold a West End estate held for almost 500 years, to Scottish property company City Site Estates for £34.5m – at a yield of 2.5%. The 89,331 sq ft (8,299 sq m) office-led estate fronts Suffolk Street and Pall Mall East in St James’s. It was put up for sale for £21m as part of the Crown Estates’ strategy to reduce its exposure to London offices.

Whitmarsh Holt Young is acting for City Site Estates; Knight Frank is advising the Crown Estate.