Investment Opportunity in Old Nicosia

SALE
  Nicosia city centre, Nicosia MunicipalityNicosiaCyprus Provinces  |  House

Description

The asset under consideration, consists of 2 adjacent listed residences (held under an SPV), located at the junction of Aischylou & Sapfou streets, in the heart of Old Nicosia. The mansion fronting Aischylou street, dates back to 1893 and has been fully renovated to its former glory in 1996. Today, this rare gem, remains in an excellent condition and features 195 sq.mts of habitable residential space extended over 2 floors. The restoration, tastefully made, not only preserved the Property’s traditional character & warmth but also incorporated contemporary touches and catered for the needs of modern living. The ground floor space opens to the view of the grand marble staircase and the floor area is mainly subdivided to the living area (with a fireplace) and a separate fully equipped kitchen. The second floor is subdivided into 4 spacious bedrooms, 2 en-suite and one duplex, with a landing leading to an exterior staircase and ultimately to the 30 sq.mts roof terrace, which offers commanding views of Nicosia’s Rooftops as well as to some of the capital’s Medieval landmarks. Internally, it features high ceilings, woods &/or marble floors, A/C units as well as storage heaters and ceiling fans. The mansion is located within the city’s Venetian walls, 200 meters from Onasagorou street & a short walk to Makarios Avenue. The Regional Planning zone applicable, allows for both Commercial & Residential use at a building density of 160% over 3 floors (11.5meters height). The facade of the property will be renovated, complementary, by the Municipality of Nicosia, since Aischylou street is currently being upgraded & the mansion is also eligible for new renovation funding from the Master Plan of Nicosia for an amount of €90.000. The second listed building fronting Sapfou street sits on a plot of 261 sq.mts & the planning zone is similar to that of the property on Aischylou street, therefore guaranteeing a building density of 160% and coverage of 70% over three floors. Particular structure needs full renovation for which again there is a grant of €90.000. For this property there is an additional incentive by virtue of 10% extra density (to be verified by the Regional Planning Authority) offered free, which can be used OR sold. The combined asset presents a unique opportunity for the highly sophisticated investor to capitalize on the enhanced potential of the 2 combined residences as well as the generous Government incentives offered. The asset can be transformed into a multipurpose building featuring one or a combination of, a boutique hotel, gallery/exhibition space, a grand residence OR even exclusive offices &/or retail spaces.
Published date: 27/01/2020

Attributes

Property Area
200 m²
Bathrooms
3
Bedrooms
4
Parking Spaces
-
Area Configuration: Fixed Walls
Build Date: 1893
Building Floors: 2
Condition: Good Condition
Coverage: 160 %
Covered Verandas: -
Density: 70 %
Floor: Ground Floor
Furnished: Unfurnished
Land Area: 390 m²
Parking Area: -
Renovation Date: 1996
Storehouse: 10 m²
Title Deeds: Yes
Total Rooms: 7
Uncovered Verandas: 30 m²
Zone: Residential

Available Rooms

Attic
Bathroom
Dining room
Double Bedroom
Guest Toilet
Guestroom
Kitchen
Laundry
Living Room
Master Bedroom
Office
Shower
Single Bedroom
Sitting Room
Storage Room

Features Inside

Air conditioning
Ceiling Fans
En-Suite Toilet
Fireplace
Granite Work Surfaces
Hob/Oven
Stairway
Suspended Ceilings
Water Pressure System

Features Outside

Balcony
Corner Building
Facade street
Private Terrace
Roof Garden

Other Features

Asphalt Road Access
Electricity Available
Water Available

Property Location

Undefined Location

Surrounding Area

Near City Center
Near Coffee Shop
Near Intercity Bus Stop
Near Public Park
Near Pubs
Near Restaurants
Near School
Near Shopping Area
Near University

View

City View

Property Video