Events moved fast under the direction of Fr. Nicholas Perera and on 16th June 1926, it was sanctioned by His Grace the Archbishop and the Department of Education that St. Joseph’s College South be renamed St. Peter’s College with Fr. Nicholas Perera appointed as Rector. On the Feast of St. Peter 29th June 1927 the new College flag with the colours – Blue, White and Gold was blessed and hoisted by Rev. Fr. Le Goc, who in his speech that day mentioned that Blue signifies heaven, White Purity of Heart, and Gold Achievement and High Resolve and added that St. Peter’s would, at no distant date, be one of the greatest Educational Institutions in the island.
Under Fr. Nicholas Perera’s dynamic leadership St. Peter’s made great leaps forward. In 1930 Dr. P. R. Anthonis world famous Surgeon and Leslie J. D. Fernando entered the Medical College and the Science Faculty of the University College respectively. Messrs. A. O. Wirasinghe, A. M. S. Perera and A. L. Perera followed suit and later joined the prestigious Ceylon Civil Service. In 1933 St. Peter’s challenged the mother institution, St. Joseph’s at cricket. Fr. Le Goc who was still Rector of St. Joseph’s insisted that the first ‘Big-Match’ should be played on the Peterite grounds which had been opened in 1930. The magnificent Hall was completed in 1931. The extension of the classrooms, a Science Block, Physics Theatre and the Priest’s Quarters followed in quick succession.
As early as 1934, St. Peter’s under the captaincy of Shirley Illesinghe and ably coached by Mr. Herbert Wittachy, won the Tarbat and Jefferson Cups at the Public Schools Athletic Meet. In 1935, again under Shirley Illesinghe, St. Peter’s were Rugby Champions repeating it in 1936 under Archibald Perera. In a matter of a decade St. Peter’s had made its mark in no uncertain terms. From 1922 to 1943 Fr. D. J. Nicholas Perera had laid a solid foundation at St. Peter’s and he brought lustre to the College with his geniality, experience and scholarship. On 9th November 1943 Fr. Nicholas Perera handed over the reins of Rectorship to Rev. Fr. Basil Wiratunga.