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Mixed-use building in Omonoia, Limassol

Ref No: 5698

€ 2,700,000

Description

The property is a five-storey mixed-use building with a basement. It is strategically located on one of Limassol’s most commercial roads, Omonoia Avenue. The property offers great proximity to main commercial Avenues, the Limassol city centre, the Port of Limassol, the highway, as well as to various other amenities, making its location a desirable one for property rental. Additionally, thanks to a number of other projects in the area (the Limassol Marina, infrastructure projects, the opening of the 'City of Dreams Mediterranean' casino resort and the Limassol Greens Gold Resort), this makes the area even more popular.

The building consists of:

• A basement which is used as an open space parking area with a total area of 850sqm.
• A ground floor shop with a covered area of 230sqm and a covered parking area of 198sqm.
• A mezzanine with an area of 119sqm. Access to the mezzanine is achieved via an internal staircase from the ground floor shop area.
• The 1st floor consists of four studio apartments. Each apartment consists of an open space living area/bedroom with a kitchen and a bathroom. The studios have a total covered area of 155sqm, 3sqm covered verandas and 31sqm uncovered verandas.
• The 2nd floor consists of two office spaces, a 1-bedroom apartment and a 3-bedroom apartment. The floor is used as a unified office space with a covered area of 350sqm, 6sqm covered and verandas 53sqm uncovered verandas.
• The 3rd floor consists of three office spaces with a covered area of 322sqm, 2sqm covered verandas and 34sqm uncovered verandas.
• The 4th floor consists of seven studio apartments leased separately. It has a covered area of 275sqm and 38sqm of uncovered verandas.

The whole building is leased and offers an attractive yield.

Main Features

VAT
No
Occupancy Status
Occupied
Status
For sale
Floors
5

Other Features

Land Registry

District
Limassol
Community
Limassol Municipality
Reg. No.
3/60161
Sheet/Plan
59
Parcel
607
Zone
Eβ4, Κα4

Areas

Covered Area
1,332 m2
Total area
1,462 m2
Land area
1,150 m2
Covered verandas
11 m2
Uncovered verandas
156 m2
Mezzanine area
119 m2
Basement area
850 m2

Further Features

EPC
Energy Class E
Year of construction
1994

Town Planning

Town planning zone
Commercial
Building density
140 %
Coverage ratio
50 %
Max floors
4
Max height
17 m

Town Planning Secondary

Town planning zone
Residential
Building density
120 %
Coverage ratio
50 %
Max floors
3
Max height
13.50 m

Legal disclaimer

The asset was repossessed by Gordian Holdings Limited via auction pursuant to Part VIA of the Immovable Property (Transfer and Mortgage) Law of 1965 (L. 9/1965). The asset does not qualify for the 50% reduction of property transfer fees imposed or levied by the Department of Lands and Surveys (Fees and Charges) Law (Cap.219). We recommend that you seek independent advice regarding any applicable transfer fees.

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