New 15 story commercial development to be built in Kollupitiya under BOI

Wednesday, 12 March 2014 01:17 - - {{hitsCtrl.values.hits}}

Lee Hedges Investments Ltd., a fully owned subsidiary of Lee Hedges PLC has signed an agreement with the BOI for a project for commercial development which will provide 112,000 sq. feet of super grade office space in its 15 floor complex, with three floors of parking, central air conditioning and provision of two elevators, at an estimated project cost of Rs. 1.2 billion. Design Consortium, the consultants/architects for the project having taken note of more than 100 years history of the parent company, Lee Hedges PLC, has come up with a unique colonial architectural design, which will stand out on its Galle Road frontage. The land on which the building is to be constructed was originally owned by Lee Hedges PLC. The company was acquired by the

Government in 1970 for the Cashew Corporation. It has been secured back from the UDA on a 99 year lease, thereby consolidating and enhancing the value of the prestigious property owned by Lee Hedges PLC. The project is pioneered by Lee Hedges PLC Chairman/Managing Director and Pioneer Group of Companies Chairman S.R. Vamathevan. The company has developed several residential apartment complexes within Colombo’s municipal limits. The proposed commercial development project is likely to be a prestigious address in Kollupitiya. It will be one of the high rise mega projects that will be located on the three acres of prime land with Galle Road and Duplication Road frontage.