Tuesday, December 18, 2012
Colombo Land goes retail, F&B savvy for Liberty Arcade
Colombo Land and Development Company Plc has decided to make the proposed Liberty Arcade the “in” thing for brand new shopping and premium food and beverage outlets in the country.
The Liberty Arcade, an extension to the popular mall Liberty Plaza, will combine innovative and exciting retail and F&B opportunities across four floors.
The CLD said the Company successfully completed the purchase of the land on the duplication road adjacent to Liberty Plaza southern Car Park at a cost of Rs. 221 million. “Considering the urgent need for additional retail space to support the ongoing Liberty Plaza expansion program, the Board has concluded to make use of the existing structure in the newly acquired property. A spokesman said Board concluded that since the entity is primarily involved in the development of marketable retail space, the initial plan of constructing a city hotel would take place subsequently. Previously CLD was planning to construct a 180 room city hotel for completion by 2014.
Having noted the increase in demand for high-end retail/F&B space in Colombo, the interim plan is to develop the Liberty Arcade for a period of three to four years. The development will target niche brands of high quality and international recognition. Clothing, footwear, F&B and jewellery will be some of the key areas of focus, having researched the demand for these specific sectors.
Thereafter, the long term plan is to pursue the initial plan of developing the city hotel, with the option of integrating the existing Liberty Arcade tenants into the subsequent hotel development. Renovations have commenced and the Liberty Arcade is scheduled to launch in time for Sinhala/Tamil New Year 2013
A consortium of Singapore investors own 29% stake in Colombo Land and Urban Development holds 17.4% stake whilst Kalpitiya Beach Resort holds 20.2% stake.
“With a high footfall, the Liberty Arcade, promises a brand new shopping experience that combines big name retail brands and premium F&B outlets, tempting shoppers with a fully air-conditioned environment replete with all amenities such as washrooms, elevators, disabled access and high-tech building management, emergency and fire prevention systems complemented by a safe and secure environment,” a spokesman for CDL said.
The front and side facades of the Liberty Arcade structure will showcase some of Colombo’s most premium advertising spaces that include a 10×6 Digital Video Wall and 6 (3.47m x 9m(1)/3.46m x 5.12m(2)/3.47m x 6.86m(3)) light boxes sure to attract the avid attention of not only those travelling on foot, but also appealing to the attention of motorists and commuters, along one of Colombo’s most busiest roads.
The Liberty Arcade will constitute 30,000 sqft of prime retail space, facing the bustling Duplication Road, while an additional 70,000 sqft will be added to the adjacent complex, Liberty Plaza, under the same development, thereby adding approximately 100,000 sqft of commercial space to the city of Colombo. The Liberty Arcade is a purpose built consumer experience that brings together buyers and sellers of premium products and services under one modern retail environment.
Each floor of the Liberty Arcade will comprise of two generous retail spaces along with a concept F&B venue, washrooms and all public amenities. The first floor will feature al fresco dining with a fusion touch whilst the third floor will offer retail spaces for a pharmacy and bookshop.
The fourth floor rooftop will play host to an elegant gathering of professionals who choose this exclusive restaurant/bar for casual and business all day and evening dining, a post work drink or to start off a great night on the town.
It boasts a strategic location at the main junction where the Galle Road meets Duplication Road and will feature ample parking and easy access via Liberty Plaza International, ‘big name’ brands, a state-of-the-art-building, and novel and refreshing product/service advertising spaces.
source - www.ft.lk