Land with Listed House with a license to renovate and build office space for Sale in Chrysopolitissa Area, Larnaca (3468)

@EUR 1.300.000

This land parcel, spanning 726m², is situated in the sought-after Chrysopolitissa area of Larnaca. It is located on a registered road and enjoys a corner/premium position.

The area offers easy access to main roads and is in close proximity to shops and services. This is an excellent opportunity to build your dream home in one of Larnaca's most desirable neighborhoods.

The area of the plot based on data collected from the Land Registry and the planning parameters are as follows:
•Maximum no. of floors 4 (including ground floor) *
•Maximum height of building 17 m*
•Maximum allowable Density 140 % enclosed spaces, covered patios/ verandas not included
•Maximum allowable Coverage 50 % (building footprint)

The number of floors and the height of the building may be negotiated with the Planning Authority during the design stage in order to utilize all of the available density.

•Area of Plot no. 139= 726 m2, Maximum allowable density 1016 m2
•Enclosed Area of Listed Building (existing density)= 180 m2
The remaining allowable Building Density is therefore 836m2 (1016-180=836m2).

Now, the preliminary estimate of the gifted density allowance in accordance with the Listed Building Regulations (K.IJ.n. 102/2012} is as follows.
1. Preliminary Renovation Cost for the listed Building €300.000.
2.Total Government Subsidy: 50% or approximately €150.000
3.Maximum Government Cash Subsidy: €90.000. The difference is therefore: €60.000 which can be given as a gifted/ transferable density. The value of the transferable density in the recipient area is approximately €400/m2 so it is expected that a total density of 150m2 can be gifted which can either can be sold or utilized on this site.

Based on the above, the total allowable density (enclosed spaces) is estimated at approximately 986m2 (836+150=986m2), over and above the 180m2 area of the listed building.

OUTLINE PROPOSAL

The plot is located in an area where residential uses prevail and it is within short walking distance to the commercial/ historical centre of Larnaca.

Alternatively a city/boutique hotel is also an option to seriously be considered due to its short walking distance to the commercial/ historical center of Larnaca.