The Urban Development Authority (UDA) has issued the  Request for Proposals (RFP) starting from September 14 from potential  investors or developers- either local or international- to undertake the  Establishment of mixed commercial development with Tea Museum and 80  Club by renovating this colonial building which is located within the  commercial hub of Colombo, a statement from it said.   

UDA Chairman Nimesh Herath said his office receives  numerous requests from world renowned hospitality sector operators for  amenities, particularly for foreign visitors, and they want to establish  specific amenities without compromising the location’s character.  Historical structures are popular among tourists due to their historical  significance and unique identities.   

He said a number of buildings with historical values which  were constructed in the colonial period in Colombo and other main cities of  the country such as Kandy, Nuwara-Eliya, Galle and Matara are  vested with the UDA.   
“These historical buildings often have unique and charming  architectural features that have adaptive reuse market value and are able to  convert them into high-end hospitality and leisure developments with  conservation for future generations. Over time, this can lead to property  appreciation, potentially increasing the value of the property. Further,  investing in historical properties can diversify an investment  portfolio. Real estate investments, especially in unique and historic  locations, can provide a hedge against the economic crisis of the country.  Therefore, UDA expects to explore these investment opportunities in the renovation of old dilapidated colonial buildings with the collaboration of  the private sector investors while facilitating those investors for the  said activities without government financial support.   

Potential bidders, including investors and developers, 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 (https://www.uda.gov.lk/investment-potential.html).