Bazaraki
Property 6331348
Nicosia · EUR 682,000 · 3
The property is a commercial building located inStrovolos, Nicosia. The property consists of a two-storey mixed-use building strategically positioned in a prime location, offering strong potential for future residential redevelopment. The asset currently generates rental income, providing immediate cash flow while allowing the purchaser to pursue planning and permit applications for redevelopment. The property occupies a land area of 614 sq.m. The ground floor comprises a shop on the west section at the front of the building and a split-level shop on the east at the back, currently used as office space. The front shop includes four rooms and two toilets, while the back shop has an open-plan working area, kitchenette, and toilets. The first floor consists of an office occupying the entire level, with an entrance lobby, open-plan working area, conference room, separate office rooms, kitchen, and toilets, and is currently rented. Covered verandas total 8 sq.m. The sites planning parameters make it highly suitable for the development of modern residential apartments in a location with strong demand and excellent accessibility. The property is situated on the east side of Thermopylon Street, approximately 50 meters south of Armenias Avenue, 100 meters northeast of Agios Demetrios Primary School, and 400 meters west of Limassol Avenue. The area is well-established, centrally located, and considered prime for residential development, providing immediate access to main roads, schools, services, and commercial amenities. The property is held within a Special Purpose Vehicle (SPV), meaning that acquiring the company shares incurs no transfer fees and no VAT.
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