Mixed-use building in walled city, nicosia
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Within the storied walls of Nicosia, this mixed-use property offers a unique investment opportunity in a city undergoing significant transformation. The Walled City is currently experiencing a resurgence, with over €28.8 million allocated for revitalization projects aimed at attracting young residents, fostering economic activity, and enhancing the urban landscape.
Key developments include:
• Educational Expansion
• Cultural and Creative Hubs
• Recognition as a City of the Future
Property Highlights:
Location: Tampakhane, Pericleous Street, and Paleon Patron Germanou Street, Nicosia
Building Type: Mixed-use (Shops & Residential)
Total Plot Size: 279 sqm
Total Covered Area: 694 sqm
Total Uncovered Verandas: 46 sqm
Walking Passage: 60 sqm
📜 Zone: Ka-a Density Factor: 140% Coverage Factor: 70% Building Height: 8 m Floors: 2
Ground Floor: Total Area: 260 sqm, Shops: 6 units (200 sqm total), Walking Passage: 60 sqm
First Floor: Total Area: 278 sqm, Apartments: 3 units (88 sqm each, 3 bedrooms), Uncovered Verandas: 15 sqm
Second Floor: Total Area: 262 sqm, Apartments: 3 units (77 sqm each, 3 bedrooms), Uncovered Verandas: 31 sqm
🔧 Renovations Year 2021: Building infrastructure upgrades, including plumbing, electrical systems, and roof maintenance
💰 Current Monthly Income: €4,660, Shop & Residential
📈 Development Potential:
✅ Remodelling Plan: Convert 6 apartments to 15 studios (33 sqm each)
✅ Approved Building Permit
✅ Planned Use: Business travellers (Airbnb) & Student Housing
✅ Approved Licenses: Renovation, Business Operation (Hotel)
• Evacuation Terms:
o Residents: 2 months' notice
o Shops: 3 months' notice
💸 Projected ROI After Renovations: Anticipated to exceed 15%, reflecting a lucrative investment potential
This property offers a unique opportunity for investors seeking high returns through residential and commercial leasing, along with potential as a boutique hotel or student accommodation.
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Technical inspection:SQUARE ARCHITECTSp.panayi@cytanet.com.cy+357 99 592 218
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Legal inspection:CTA LAW FIRM C.T. Antoniou & Co LLCinfo@ctalaw.net+ 357 22 516 838
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Technical inspection:HOME CHECKandreas.chrysos@hotmail.com+357 96 504 296
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Legal inspection:M.PARASCHOU LAW Advocates & Legal Consultantsinfo@paraschou.com.cy+357 22 622 262
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Technical inspection:HOMESURVinfo@homessurv.com+357 22 377 004
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