Formula 1 is moving its global headquarters from Knightsbridge to a £400m development in the West End.

The motorsports business will be taking up 21,000 square feet of space over two floors of a redevelopment by the Crown Estate and Oxford Properties called St James's Market. It is expected to make the move later this year.

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Formula 1 will be sharing the building with the Carlyle Group and the Crown Estate, having been in its current building for more than 30 years. But, following Liberty Media's acquisition of Formula 1 in January, clearly the business felt it was time to move on.

Oliver Smith, senior asset manager at the Crown Estate, said: "Attracting a world-leading business like Formula 1 is a great endorsement of our vision to create a prestigious new business address in the heart of London’s West End.

"We are delighted to welcome Formula 1 to St James’s Market and look forward to building a long-term partnership with them as we continue to deliver our investment programme for St James’s."