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LONDON-The private owners of Berkeley Square have drawn up plans for the £1 billion ($1.58 billion) regeneration of one of the capital’s most prestigious squares.

Plans will transform Bruton Street in Mayfair into upmarket fashion boutiques to rival Bond Street while the square itself will be improved so that it can host concerts and public art events. A cash pile of £300 million ($474 million) has been set aside to buy other nearby buildings and refurbish the square.

The consortium owners, believed to include private investors from a number of Arab states, bought the square and ten acres of surrounding land for £320 million ($505 million) last year. Since then they have also acquired 50 Berkeley Street for £202 million ($319 million) and they are front-runners to purchase a half-share in Berkeley Square House for more than £135 million ($213 million).

A number of the leases in the office buildings that form part of the estate and surround the square are understood to be coming to an end. The owners are looking to actively manage the properties to maximise rental income.

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