Incomplete six-storey mixed-use building in strovolou avenue, nicosia

An excellent development opportunity in a mixed-use building, situated in one of the highest traffic areas of Nicosia, Strovolou avenue.

The building consists of six floors with a basement parking area and is in an incomplete stage of construction ready for refurbishment/renovation.

The ground floor and mezzanine levels were previously used as shops, floors 1st-5th have been used as offices and the 6th floor have been used as 2 three bedroom apartments.

The ground floor consists of two open plan shops, each having 2 toilets, 2 kitchenettes, 18 parking spaces, and mezzanines with a toilet and a kitchenette.

1st to 5th floors are identical and consists of reception areas, offices, 6 toilets and 2 kitchenettes.

The 6th floor when finished will consist of 2 three bedroom apartments with walk in wardrobes and en suite showers.

Title deeds for the property can be issued subject to acquiring the relevant permits and licenses and fulfilling any obligations.

There is a distribution agreement in place and any inexhaustible building density and coverage (Density calculated at 1,717sqm - Coverage calculated at 583sqm) benefits the subject share.

There is a lease agreement, dated 30/07/2020, for 10 years from 01/08/2020 – 31/07/2030 with the right of renewal, nevertheless, there is an ongoing legal proceeding regarding the tenancy agreement and the asset remains vacant.

The property is located on Strovolou Avenue, with a road frontage of approximately 42 sq.m. east of Pediaios River, approximately 100 meters southwest of Athalassis Ave. and Strovolou Police Station, approximately 80 meters southwest of the junction that connects Strovolou and Athalassis Ave. and approximately 350 meters south of the roundabout (known as `Proedrikou Megarou`) which connects Strovolou, Dimostheni Severi and Kyriakou Matsi Ave.

The property falls within Zone Eβ3, with a building coefficient of 160%, coverage of 50%, and permission for 6 floors (24m) of construction.