FULLY RENOVATED BUILDING IN LARNACA CENTER

Building of total covered areas of 1323 square meters (including the covered verandas), which consists of 13 apartments, 1 supermarket, and basement with 13 parking spaces. The apartments have the provisions to be converted to 20 units. The supermarket is currently rented and has an income of €20,440/year and the rest of the building is currently rented for the amount of €160,000/year, plus VAT with a 4% increase every 2 years. The land is 1,063 sq.m, and the plot falls within 2 zones Ko4 (49%) and Eβ1 (51%), with building density of 120% and 200% respectively. In addition to the existing renovated building, the issued planning permit also authorizes another 5 floors further construction of another 11 apartments above the current renovated building, which would add a further 1,377 sq.m of covered areas (these 11 apartments can also be converted into 23 units). The asking price for the purchase of the fully renovated building is €4,300,000 (with 13 key ready apartments, the basement, the supermarket, plus 1,377 sq.m preapproved unused density. For further details, please contact us.