Odel Unlimited, one of the country’s premier fashion boutiques, has agreed to pay a monthly lease rental of Rs. 350,000 for the utilisation of a 100 perch piece of land adjoining its establishment as a car park.

The company, prior to this agreement, paid only Rs. 8,000 to the Employees Trust Fund (ETF) Board, the owners of this property, as a monthly lease rental, in an agreement entered in 1997, which, originally was Rs. 4,000; but, consequently, increased to Rs. 8,000 in 2000.

The new agreement, which is as a result of the action taken by the new board appointed by prime minister Ranil Wickremesinghe in February, and effective from next month, will be for a period of one year. The old agreement lapsed in January.

For the interim period (January upto this month), the new ETF management had negotiated with Odel, to pay them a monthly retainer of Rs. 150,000. ETF was also successful in negotiating with well known businessman Nahil Wijesuriya to lease out their 366 perch property at Nawam Mawatha for a sum of Rs. 750,000 a month. Previously, it was leased out to George Steuarts, for which ETF was paid only Rs. 150,000 a month. (PA)