Building for Sale in Pafos Town, Paphos

Description

The property is located right in the heart of the cultural, entrepreneurial and creative activity of Paphos. Its location is within the center of the historical city and could easily be established as a dominant choice for both businessmen, locals & tourists.

The mayor of Paphos and the president of the joint municipality, trade, traditional market and commercial area committee presented the plans to upgrade Paphos old town where the office building is located which will begin at the beginning of 2015. A substantial amount of funding is being approved from EU as a part of the structural funds allocated for the “Pafos 2017 European Capital of Culture” award. According to the President of the joint municipality, Makariou Avenue in Paphos and other small roads leading off this street will be turned into pedestrian areas.

Property Characteristics:

• The property has a valuation from the bank in 2013 for €1,000.000
• BUILDING COEFFICIENT: 180%
• COVERAGE COEFFICIENT: 140%
• Storey: 4
• Max Height: 13.10m
• Can build up to 852m2 Covered Areas plus Verandas
• Offices (Ground Floor)
• 3 bedroom apartment (First Floor)
• An additional 2 floors can be built
• The building could be turned into 17 suite hotel
• The owner will rent back the property 5% yearly from the selling price (bank guarantee)