Lee Hedges Investment Ltd, a fully owned subsidiary of Lee Hedges PLC has signed an agreement with Board of Investment (BoI) for a 15-story office complex in Colombo 03 at an estimated cost of Rs.1.2 billion.

The company has leased out for mer Cashew Corporation land which extends for 52.92 perches for this development from Urban Development Authority on a 99-year lease term.

Lee Hedges PLC told the Colombo Stock Exchange that the total investment in leasing the land was Rs.466.6 million.

The land on which the building is to be constructed was originally owned by Lee Hedges PLC. The land was acquired by the government in 1970 for the Cashew Corporation.

The commercial development will provide 112,000 square feet of space, with three floors of parking, central air conditioning and provision of two elevators.

“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,” a BoI statement said.

The project is pioneered by S. R. Vamathevan, Chairman/ Managing Director of Lee Hedges PLC and the Chairman of Pioneer Group of Companies. The company has developed several residential apartment complexes within Colombo’s Municipal limits.

Lee Hedges last year sold a land extending over one acre located at R.A. De Mel Mawatha, known as Colpetty Mills to China’s Avic International for a consideration of Rs.1.24 billion.