The American embassy building in Grosvenor Square, London, has been put on the market following the United States Department of State’s conditional decision to acquire a new site on the south bank of the River Thames in London.

Expressions of interest in the 3,740sq m (40,250 sq ft) building's 999-year leasehold will be sought by property agent's Cushman & Wakefield at the end of November.

A potential buyer may face obstacles if English Heritage follows through with its consideration to list the Grosvenor Square building.

When news of the possible sale first broke over a year ago the embassy was expected to reach more than £300m given its location. However property prices have since plunged and it could be sold for less than £200m.

Saudi billionaire Prince Alwaleed bin Talal, owner of the Savoy Hotel in London, is rumoured to be among the long list of interested buyers.