This could value the deal as much as 2.5 billion rupees, making it the single largest land auction in the island.
The 434 perches of former British High Commission is owned by the British government, and will be sold by calling for expressions of interest, auctioneer Navinda Samerawickreme of Shockman and Samerawickreme told LBO.
"It will be sold to the best possible offer and in addition to the monetary value, they (the British) are looking for other qualities…" which Samerawickreme described as being social standard and status.
The advertisement for the auction said the land was offered for a 'VIP' (very important person).
Overseas buyers have also expressed interest and the offer is set to close during the first week of August.
The block of land situated in Colpetty, in the heart of Colombo, has a beach front view and is within a high security zone in the capital.
This is the first time in Sri Lankan real estate history that a property of this size within Colombo is bei