Mixed-Use Building for Sale in Walled City, Nicosia

Description

Within the Walls of Nicosia, this mixed-use property with Approved Building Permit offers a unique investment opportunity in a city undergoing significant transformation.

Property Highlights:

Fully vacant and immediately accessible
Owned by a Limited Liability Company (Ltd) holding full rights

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

The asset currently consists of a ground level configured with 6 retail shop units and two additional floors above, each hosting 3 apartments, with every apartment featuring 3 bedrooms and uncovered verandas.

Renovations Year 2021: Building infrastructure upgrades, including plumbing, electrical systems, and roof maintenance

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)

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