Govt. invites 99-year lease proposals for Charmers Granary property

Wednesday, 6 August 2025 00:50 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved a plan to call for investment proposals to lease the Charmers Granary property in Colombo Fort for a period of 99-years, based on the current valuation provided by the Government Chief Assessor.

Addressing the weekly post-Cabinet yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the 3.92-hectare site, equivalent to 9 acres, 2 roods and 31.75 perches is owned by the Urban Development Authority (UDA) and occupies a prime location along Olcott Mawatha, within the Integrated Mixed Development Zone outlined in the Colombo Municipal Council Area’s Development Plan for 2022–2031.

He said the move aims to attract high-quality investors capable of delivering projects that align with Colombo’s long-term urban development goals, enhancing the city’s global competitiveness while generating employment and economic activity.

Dr. Jayatissa said the authorities have identified the land as highly suitable for large-scale, financially viable projects with strong environmental and social benefits. “Potential developments could include a mix of residential, healthcare, office, industrial, commercial, educational, tourism, recreational and customer service facilities,” he added.

The proposal to this effect submitted by Urban Development, Construction and Housing Minister Anura Karunathilaka was approved by the Cabinet of Ministers.