Commercial property 701 m² in Strovolos, Cyprus

Excellent opportunity for development in a multifunctional building located in one of the busiest areas of Nicosia, on Strovolu Avenue.

The building consists of six floors with underground parking and is in the unfinished stage of construction, ready for reconstruction or renovation.

The first floor and mezzanines were previously used as shops, floors 1 to 5 were used as offices, and the sixth floor consisted of two three-bedroom apartments.

The ground floor includes two open plan shops, each with 2 toilets, 2 kitchens, 18 parking spaces and mezzanines with a toilet and kitchen.

From 1 to 5 floors are identical and include reception, office space, 6 toilets and 2 kitchens.

After completion of work on the 6th floor will be located 2 three-room apartments with dressing rooms and showers with bathroom.

Ownership of the object can be formalized upon receipt of appropriate permits and fulfillment of obligations.

There is a distribution agreement, and any unused building density and coating (density is calculated as 1,717 sq.m., covering 583 sq.m.) benefit the facility.

There is a lease agreement from 30.07.2020 for a period of 10 years, from 01.08.2020 to 31.07.2030 with the right to extend, but the lease agreement is litigation, and the object remains vacant.

The property is located on Strovolu Avenue, with a facade on the road about 42 sq.m. east of the Pediaios River, about 100 meters southwest of Afalassis Avenue and Strovolu Police Station, about 80 meters southwest of the intersection connecting Strovolu Avenue and Afalassis, and about 350 meters south of the roundabout (“Presidential Palace”) connecting Strovolu Avenue, Dimospheni Severis and Kiriaku Matsi.

The property falls into the Eβ3 zone with a building coefficient of 160%, a coverage of 50% and a building permit of 6 floors (24 m).

The asking price of this object is discussed.