Mixed use building in nicosia - ww29129
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Ideally located in Strovolou & Tseriou avenue, this mixed-use building offers a great investment opportunity with a ground floor shop currently being rented and generating a steady income whilst benefiting from high foot traffic and excellent visibility. The shop, which has approximately 53 sq.m. of internal areas and a mezzanine of approximately 17sq.m., has a rental agreement that will expire on 31/03/2030. The rest of the mezzanine has a two bedroom apartment of approximately 70 sq.m. of internal areas. On the first floor there is a four bedroom apartment of approximately 113 sq.m. of internal areas and a 14 sq.m. covered veranda. On the second floor there is a 92 sq.m. apartment with a 14 sq.m. covered and 21 sq.m. uncovered veranda. On the third floor there is a 53 sq.m. flat with a 30 sq.m. (front) uncovered veranda and a 23 sq.m. (back) uncovered veranda. Each flat is spacious and suitable for residential or even office use, subject to acquiring the relevant permits. With some refurbishment, these units can attract high-quality tenants, substantially boosting the property's overall yield. The location is considered ideal as it is situated opposite the tax department, in Chryseleousa, Strovolos, Nicosia and abuts Tseriou and Strovolou Avenue. The property provides immediate income from the shop and substantial growth potential through the leasing of the flats, ideal for investors seeking a mix of stable returns and high-yield potential. The market rents estimated are the following: 2 Bedroom Flat on mezzanine : €455 p/m 4 Bedroom Flat on 1st Floor: €765 p/m 1 Bedroom Flat on the 2nd Floor: €655 p/m 1 Bedroom Flat on the 3rd Floor: €445 p/m Totaling approximately estimated €34.400 per year together with the Ground Floor meaning that potentially could produce 7.25% yield. The property falls within Zone Eβ4, with a building coefficient of 140%, coverage of 50%, and permission for 4 floors (17m) of construction.
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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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