Mixed use in historical center
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We are pleased to present an exceptional investment opportunity located in the heart of the Katholiki Quarter, within the Historic Center of Limassol. This two-storey, listed mixed-use building offers considerable potential for developers and investors looking to capitalize on a prime location in a rapidly developing area.
The property spans a land area of 596 m², with a building size of 731 m². Additionally, it has an extra 223 m² of building rights, with a building density of 140%. These features make the property ideal for a range of development options and provide flexibility for future expansion.
This property’s location in the historic center of Limassol makes it a highly desirable investment. It is ready for renovation, with all necessary permits already secured. The new owner has the opportunity to modify the existing permits and intended use of the building, making it suitable for various purposes such as retail shops, residential apartments, boutique hotels, office spaces, university accommodation, or a multipurpose open-plan space. The flexibility in its potential use makes it a valuable asset for anyone looking to invest in the heart of Limassol.
There are also significant financial advantages with this property. The new owner may be eligible for up to 40% reimbursement on renovation costs. Additionally, the excess 223 m² of building rights can either be sold or transferred, offering further development possibilities. The property is exempt from taxes on rental income, and it also benefits from a property tax exemption. Moreover, the government offers additional incentives, including the return of transfer fees, making this a financially attractive option for investors.
With approval for renovations and additional building rights in place, this property offers excellent growth potential and is poised for a significant increase in value once developed.
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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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