Listed Mix Use Building in Old City, Nicosia
| Commercial Building | DP-CY17853
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Not Subject to Vat
Description
A preserved (listed) mixed-use building located in the heart of the Old City of Nicosia, right next to the Agora and in immediate proximity to Faneromeni and the Nicosia Municipality. The property consists of 109 sq.m. on the ground floor with three retail shops, 109 sq.m. on the first floor, 120 sq.m. of basement space, and a large rooftop terrace with strong potential for further utilization.
The building has an issued building permit, submitted and approved architectural plans, a town planning permit, and an approved government grant for the completion of the renovation and restoration works, with a minimum amount of €325,000, which may increase. Renovation works have already commenced, including the installation of an elevator connecting the basement to the rooftop terrace.
According to the approved plans, a mezzanine level will be created in one of the ground-floor shops, intended for use as a snack bar, with the potential to also utilize part of the adjacent pavement, subject to the relevant approvals. The first floor has already been partitioned and can be configured either into residential apartments or office spaces.
This is a prime investment opportunity in an area that is expected to become the focal point of Nicosia in the near future, due to the ongoing and planned developments in the surrounding area.