Commercial Development Opportunity in Strovolos, Nicosia
| Commercial Building | DP-CY17873
Description
This property represents a high-value redevelopment opportunity in the heart of Strovolos Municipality, within the Chryseleousa Quarter of Nicosia.
Although the site currently comprises an older detached ground-floor house of 97 sq.m., the highest and best use of the asset lies in its prime commercial zoning and strategic location. The total land area extends to 336 sq.m., offering strong development potential.
A key advantage of this opportunity is that a demolition permit has already been issued, valid from 16/10/2025 until 16/10/2028.
As the existing structure is a single-storey building, demolition costs are expected to be relatively low, allowing for a smooth and cost-efficient transition to the construction phase.
The property falls within the Εβ4 Commercial Zone, which allows for a building coefficient of 140%, coverage of 50%, and development of up to four floors with a maximum height of 17 metres, while there is potential for a fifth floor through applicable planning incentives. This zoning provides significant flexibility for vertical development.
The asset is ideally suited for a modern mixed-use project comprising ground-floor retail units and four whole-floor premium apartments above.
It is strategically positioned approximately 60 metres from Strovolos Town Hall, about 112 metres from the Tax Department, and roughly 800 metres from major schools such as Pefkios Georgiadis and Agiou Vasiliou.
The property also benefits from immediate access to the commercial centre of Nicosia and is within walking distance of a wide range of amenities and services.
There is a separate title deed for this property.