Floors: 2
Year of Construction: 1988
Furnished: Unfurnished
Basement: No
Status: Resale
Structure: Concrete
Facade: Concrete
Frames Type: Synthetic
Energy Efficiency Rating: C
Title Deed: Yes
Covered:683m²
Plot:364m²
Exclusive Investment Opportunity: Prime Residential Conversion Project in Larnaca City Center (3773)
@EUR 1.200.000
Property Overview:
Location: Prime area in Larnaca city, Cyprus (2 mins walking distance to the city center)
Total Buildable Area: 683m2
Ground Floor & Mezzanine: 202m2
1st Floor: 222m2
2nd Floor: 207m2
3rd Floor: 52m2
Plot Size : 364 sq.m
Building Coefficient: 180%
Current Use: Existing commercial building
Proposed Use: Residential conversion into duplex apartments, studios, and penthouse
Project Description:
Residential Units:
Ground Floor: Duplex apartments with mezzanine levels
1st and 2nd Floors: 1-bedroom, studio, and 2-bedroom apartments
3rd Floor: Studio penthouse with existing roof veranda
Parking: Additional parking spaces can be obtained from the city center Municipality at a discounted rate if required for planning permits.
Unique Selling Points:
Strategic location near the city center
Limited availability of prime properties in the vicinity
Potential to design 2-bedroom apartments as en-suite studios with a common living room for efficient management
Ownership Structure: Clean Special Purpose Vehicle (SPV) company, no VAT or transfer fees applicable
Additional Costs: Necessary permits and architect/engineer fees to be confirmed
Potential Returns:
Approximately 4-5 x 2-bedroom apartments
7-8 x 1-bedroom/studio apartments
1 small penthouse on the top floor
Important Notes:
The proposed plans and details provided are preliminary and need confirmation from an appointed architect/engineer.
Necessary permits are required for the change of use and renovation.
For further details and negotiations, please contact us.
