Investment Commercial/Residential Opportunity in the Heart of Nicosia.

Property Choice is happy to present to you this exclusive plot of 744sqm in the prestigious city center of Nicosia presents an unparalleled investment opportunity.
This privileged plot is in a prime location at the heart of the city center amidst the Embassy of Greece, the American Academy, the 360 tower in Makarios III Avenue, alongside the ongoing multi-million transformation of the old GSP area, opposite the historic building of St Paul’s Anglican church, next to the State Theatre, the Ministry of Finance Complex and the Ministry of Interior and very close to the bustling commercial hub, the Parliament, the Supreme Court, the Municipal Theatre, the old and new Archaeological Museums and the Venetian Walls of Nicosia.

Premium Commercial/Residential Investment Opportunity at the heart of Nicosia

A. The proposed plot which offers excellent connectivity and unparalleled potential has the following characteristics:

· 744sqm area

· Building Zone ΠΕΖ (city center planning)

· Affected Percentage 100%

· Basic Density 2,50:1 (subject to considerable increase according to the building zone’s special benefits)

· Coverage 70%

Special Benefits of Building Zone :

1. According to page 196 of Table 14 of the City Center Plan, the basic building factor of the plot can be increased by 0,4952:1 without any cost for a wide range of Desirable Developments such as offices, commercial stores, single business offices, cultural activities – theaters, cultural centers, event halls, educational institutions, research centers, social spaces, leisure and hospitality facilities – as well as hotels and cinema complex.

2. In the event of the plot being developed exclusively for residential use, while the ground floor and mezzanine may be of commercial use, the basic density is increased by 50% (1,25:1) in the form of free additional development right.

3. In accordance with Council of Ministers Decision (75.172) a further increase of the density by 30:1 may be offered for substantial developments in the commercial zones of the capital. n this instance the cost amounts to 50% of the sqm to be provided and is calculated on the basis of the most recent estimates of the Department of Lands and Surveys. 4. In addition to the above benefits, a further increase of the density may be purchased at a cost of €550 per sqm with the amount destined for upgrading the public environment of Nicosia Central.

Therefore this plot offers ample scope for commercial development or construction of a residential building and gives developers maximum flexibility in designing their project for maximum ROI. B. Complementing the special advantages of the plot, the property features a two-storey building designed by a well-known Cypriot architect. It consists of four apartments (two on each floor) totaling 592sqm of covered area, with 85sqm of covered verandas, 99sqm of uncovered verandas, three covered semi-underground parking lots, a front garden and a rear yard. Built in mid-1950s and mid-1960s, these apartments, with some repairs, can provide additional rental income while awaiting future development.

Overall, whether you seek to capitalize on the valuable land or the income-generating apartments, this exceptional opportunity is not to be missed.
Property Choice remains at your disposal for any additional information and viewing in order to enable you to unlock the potential of this investment gem.