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There is particularly increased interest in buying properties that are ideal for the construction of high-rise commercial buildings. Admittedly, the descent of foreign companies to our island has sharply increased the demand for large office space.
Considering the above, we have identified in the centre of Nicosia and the Municipality of Strovolos, four remarkable opportunities for commercial plots that are ideal for large developments.
The properties are for sale by Altamira Real Estate through its website, www.altamirarealestate.com.cy, are an excellent investment choice since their large surface area and high building factor allows for the construction of up to an eight-storey building, which can ensure returns in excess of 6%.
Unique choice near Digeni Akrita Avenue[/B]
In the parish of St. Constantine and Helen of Nicosia Municipality, a commercial plot with an area of 1,091 sq.m. stands out, which is adjacent to Larnakos Avenue with a face of about 25 meters and is located very close to Digenis Akritas Avenue.
It is suitable for the construction of a seven-storey commercial and/or mixed-use building, with shops on the ground floor and offices on the floors. It is noted that the property has been issued a Planning Permit for the construction of a seven-storey building with shops on the ground floor and offices on the upper floors. It is for sale at a price of €1,200,000.
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[/P]Plots of land ideal for the construction of an 8-storey building
In the parish of Agios Antonios, just 120 meters from the intersection of Digeni Akritas and Larnakos avenues, interest is piqued commercial plot with an area of 573 sq.m, triangular shape and a face of about 49 meters.
The property falls within the Commercial Development Zone EZ-a and has a building factor of 200%, which allows the construction of an 8-storey building. It is worth noting that the plot can secure an additional building factor - through urban planning incentives - which can reach up to 450%. It is sold at a price of €820,000.
In addition, in the parish of Panagia, just 200 meters from the Athenitis supermarket and close to Larnakos Avenue, is located commercial plot which has an area of 633 sq.m. It faces Markou Drakou Avenue with a face of about 24 meters and falls within the commercial zone EZ-a which allows the construction of a building of up to 8 floors. It is worth noting that the property can benefit from various urban planning incentives as it falls within the Nicosia Centre Area Plan. Moreover, it is not subject to VAT as there is a ground floor building within the property with no construction value. It is for sale at the price of €660,000.
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Opportunity for commercial development near the Aretaio Hospital
In Strovolos Municipality, on Andreas Avraamidis Street and in close proximity to Athalassa and Joseph Hadjiyosif avenues, is located commercial plot with an area of 595 sq.m. and a face of about 20 meters. The property, located in extremely close proximity to the Aretaio Private Hospital, is suitable for the construction of a four-storey commercial and/or mixed-use building, and can yield a return to the potential investor in excess of 6%.
It is worth noting that the plot is not subject to VAT, as there is a ground floor building within the property with no construction value. It is sold at a price of €600,000.
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The selected properties are located in attractive and popular locations in the municipalities of Nicosia and Strovolos, where there is intense commercial and residential activity. These areas have experienced a sustained increase in demand over time and enjoy excellent accessibility. They also offer a wealth of services and amenities to their residents, such as restaurants, cafes, supermarkets, public services and large department stores.
They are suitable for the construction of a high-rise building that can house apartments, shops and office space for a variety of professionals, such as lawyers, accountants, doctors and teachers. They are an ideal choice for land developers and private investors.
Interested buyers can submit their offer through Altamira Real Estate's appropriate procedure, with a lower price than the indicative price indicated on the website.
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Views & opinions expressed are those of the author and/or Cyprus Times
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