Burlington Arcade, London's upmarket covered shopping gallery, has been put up for sale.

The walkway, which was built in 1819, connects Piccadilly and Bond Street in the West End and could sell for as much as £400m ($482), according to industry sources.

It is jointly owned by London-based property firm Meyer Bergman, and New York-based Thor Equities. Confirmation that the half-acre site has been put on the block came at the weekend.

The arcade holds 72 shops including such luxury brands as Chanel, Manolo Blahnik and The Vintage Rolex Watch Company.

Thor and Bergman bought the arcade from a private family trust in 2010 for £104m. Since then they have put in new stone floors and restored original features such as the building's upper arches.

Meyer Bergman chief executive Markus Meijer said: "We have restored the lustre to this gem of a property and benefited from the anticipated surge in demand of brands from across the globe that are seeking to open stores in London's luxury shopping quarter of Mayfair."

The sale will be handled by property agent CBRE.

CBRE head of UK retail Phil Cann said: "Burlington Arcade is known worldwide and we expect the sale to attract strong interest from investors in the UK and around the globe."

He added: "The weakening of the pound and favourable exchange rates fuelling tourist spending means prime London retail is a very attractive prospect to foreign buyers."

The site was commissioned by Lord Cavendish, who lived in the nearby Royal Academy, then called Burlington House.

He asked his architect, Samuel Ware, to cover the promenade to stop people throwing oyster shells and other rubbish over into the site.

Cavendish added the arcade was for "the gratification of the public and to give employment to industrious females".

A number of films have shot scenes at the site, including Patriot Games starring Harrison Ford, 101 Dalmatians and Scandal.