Record price lures UK to sell its 'Thai embassy'

Britain is to move its embassy in Bangkok after the record £420 million ($596 million) sale of its current premises in the Thai capital, the UK's foreign ministry announced Wednesday.

The sale of the embassy in Bangkok's Lumpini neighbourhood was the foreign ministry's biggest ever such deal and the biggest land deal in Thai history, according to the ministry.

The 1920s building was purchased by property firm Hongkong Land and Thai conglomerate Central Group.

Embassy staff are due to relocate to the AIA Sathorn Tower by the end of the year.

Funds raised by the sale will be spent on up to 40 "modernisation projects" at British embassies around the world, the foreign ministry said.