This pattern {0,5:###.0} should work:
string.Format("{0,5:###.0}", 12.3456) //Output " 12.3"
string.Format("{0,5:###.0}", 10.011) //Output " 10.0"
string.Format("{0,5:###.0}", 123.123) //Output "123.1"
string.Format("{0,5:###.0}", 1.123) //Output " 1.1"
string.Format("{0,5:###.0}", 1234.123)//Output "1234.1"