Urban Development Authority (UDA) Chairman Nimesh Herath shares the latest developments concerning the restoration of historical properties in urban areas of the country.

The UDA has commenced the renovation of dilapidated and historical buildings islandwide through the Department of Archaeology by preserving their original architectural features whilst adding modern features and amenities. These complexes are public spaces for shopping, hospitality, leisure and sports activities.

As Herath emphasises, the UDA receives numerous requests from world renowned hospitality sector operators for amenities. Historical structures are popular among tourists.

Several buildings constructed during the colonial period in Colombo, and other cities such as Kandy, Nuwara Eliya, Galle, Matara and so on, are vested with the UDA. These buildings can be converted into high-end hospitality and leisure developments.

Furthermore, investing in historical properties can diversify an investment portfolio and also provide a hedge against economic crises in the country.

Therefore, the UDA explores investment opportunities in collaboration with private sector investors. Accordingly, it has issued requests for proposals (RFP) for the following properties until 2 November.

Potential bidders can obtain the RFP documents from the Real Estate Management and Development Division at the Urban Development Authority, (8th floor, Sethsiripaya Stage I, Battaramulla). Additional information is available on the UDA website (www.uda.gov.lk/investment-potential.html).

One notable project underway is the renovation of a building at 11 Sir Baron Jayathilaka Mawatha, Fort. The UDA wishes to call for RFP to undertake the establishment of a mixed commercial development with the Ceylon Tea Museum.

This two storey building located on what was formerly Prince Street (now Sir Baron Jayathilaka Mawatha) is a typical English structure from the 19th century in Colombo. The structure needs urgent but careful conservation work.

Herath says the decorative features and well-proportioned mouldings are typical of Victorian architecture. The goal is to preserve the building’s historic features.

The UDA is inviting private sector partners to not only preserve this building but also utilise it for commercial purposes on a long-term lease basis. The estimated investment required from the private sector is between Rs. 500 and 800 million.

Another project on the horizon is the development of a boutique hotel at 25 Independence Avenue, Colombo 7. Herath notes that prior to being acquired by UDA, 80 Club of Colombo operated under a legacy management system that promoted exclusivity among the nation’s so-called elite with only its tenants changing from time to time. It was in a dilapidated state when it was taken over by the UDA.

Therefore, under Phase 1 of the development plan, the property has been refurbished by the UDA at a total cost of 411 million rupees while preserving its architectural design. Implemented as a priority project by the agency, the Sri Lanka Navy contributed with its labour force and a total area of 14,200 square feet was revamped.

The renovated building also comprises a mini-theatre, a billiard room, a fully fledged boardroom for meetings and dining facilities. The total investment from the UDA included kitchen equipment and accessories of international standard, valued at around Rs. 125 million.

The UDA chairman invites potential investors and developers to participate in Phase 2 of this transformative project that envisions the creation of a high-end boutique hotel, featuring 26 rooms, a pool and advanced hospitality features.

Moreover, the development of this property has the potential to elevate the city’s tourism industry, celebrate its heritage, and create opportunities for both residents and visitors, while also contributing to its cultural and economic vibrancy.

– Compiled by Allaam Ousman
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Telephone: 2873645 | Email: chairman@uda.gov.lk | Website: www.uda.gov.lk/investment-potential.html