Equity Two goes for Rs. 175 m expansion as Janadhipathi Mawatha gets back to biz

Thursday, 17 January 2013 00:55 - - {{hitsCtrl.values.hits}}

Equity Two Plc, part of Carson Cumberbatch Plc, has embarked on a Rs. 175 million expansion of rentable office space at fast-improving and nearly back to business Janadhipathi Mawatha in Fort.

The company said the expansion, to be completed by June this year, would add nearly 40,000 square feet of rentable office space in its existing capacity, thereby enhancing the total rentable office space to around 82,000 square feet.

Based on preliminary estimates, the project would cost around Rs. 175 million and will be financed through bank borrowings.

With the opening of the access road via Chatham Street and the developments in the vicinity, together with the relaxed security restrictions across the city of Colombo, Equity Two said it anticipates increasing demand in the future for rentable office premises in the area.

The company, the primary business of which is providing office premises on rent, currently owns and manages 41,123 square feet at its property located at No. 61 Janadhipathi Mawatha, Colombo 1.

In 2005, the company acquired an adjacent property bearing assessment Nos. 51-53 and 55, and the latter was damaged due to the terrorist attack targeting the Central Bank in 1996 and was abandoned since due to the significant damages caused.

The current project will see total refurbishment and renovation of the adjacent building and convert it into rentable office premises.