Incomplete Residential Development in Pyla, Larnaca

Description

The asset comprises of a three storey incomplete residential complex located in Pyla village.

The asset is located approx. 2km north of Larnaka-Famagusta motorway and approx. 2km southwest of the center of Pyla and Uclan University. The building is being erected on the southeastern part of the field and on a land area of approximately 4240sqm whilst the remaining land area (approximately 7,180sqm) still remains vacant.

The construction of the building commenced around 2008, planned to comprise a total of 26 apartments with a total covered areas of approx. 2,777sqm. The construction of the building has been completed by approx. 35%-45% whilst on the date of inspection, the building was found on an average state of repair and maintenance with some of its parts revealing notable signs of wear and tear due to the building's prolonged exposure to natural hazards. The building has commenced construction based on the Planning permit and Building Permit, however, the permits have expired due to the prolonged incomplete stage of the asset.

In order for the completed units/apartments to get final approval the green area/parking spaces and public equipment over the northwestern part of the asset that were left undone from Phase 1 of the project must be completed. Therefore the listed area on the title deed of 13,268sqm will have a net land area of 11,180sqm The immediate area is mainly characterized by residential developments most of which are used as holiday homes by British expats.