The proposal to lease the Old Cey-Bank Rest Building and Land located at Queen Elizabeth Avenue in Nuwara Eliya to “Colonial Properties Private Limited” has received a Cabinet nod.

The government said competitive investment proposals were called for from private sector investors to redevelop and maintain the property which is owned by the Urban Development Authority (UDA).

After evaluating the proposals submitted in this regard, the Cabinet-appointed Standing Negotiation Committee submitted its recommendation.

Accordingly, the Cabinet approved the proposal based on the recommendation of the said committee.

The proposal presented by the Minister of Urban Development requests to lease the said property to Colonial Properties Private Limited for a lease period of 50 years.