Mar 12, Colombo: Lee Hedges Investments Ltd, a fully owned subsidiary of Lee Hedges PLC has signed an agreement with Sri Lanka's investment promotion agency, Board of Investment (BOI) , to build a 15-story office complex at an estimated project cost of Rs.1.2 billion.

The project will provide 112,000 square feet of office space in its 15-floor Complex, with three floors of parking, central air conditioning and 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.

The land on which the building is to be constructed was originally owned by the parent company Lee Hedges PLC. The company was acquired by the Government in 1970 for the Cashew Corporation. It has been secured back from the Urban Development Authority (UDA) on a 99 year lease.

The project is pioneered by Mr. S.RVamathevan, the 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.

The proposed commercial development project will be one of the high rise mega projects that will be located on the three acres of prime land with Galle Road and Duplication Road frontage.