It lies immediately south of Bambalapitiya and is classified as zone 6 within the Colombo Municipal region.

During the colonial period, much of present day Wellawatta was made of coconut estates owned by European families, particularly that of Charlemont Jonathan Gauder.

The landmark Savoy cinema was built by CV De Silva in the 1940s.

In the 1980s, the area drew many Tamils fleeing the civil war from the north of the country.

Today, Wellawatta is a built up commercial and residential area with a small amount of light industry.