million dollar collection of paintings.

The foundation hopes to take over the former Once Upon a Table restaurant on Serpentine Road in Hamilton.

The gallery's Bermudiana Collection, which is currently housed at the National Gallery, will go on display in the lower level of the building, providing planning permission is granted.

The new museum could be up and running within a year.

Curator Elise Outerbridge said: "We are very excited about this.

"The new location will afford us the opportunity to expand and enhance our existing programmes under our own roof, explore the possibilities of developing new ones which relate to our collection and our mission to bring back to Bermuda works of art relating to Bermuda and Bermudians.'' Masterworks will be keeping its existing gallery on Front Street open.