Three storey commercial building for sale in Petrou kai Pavlou area
For Sale / EUR 1.400.000
The property is a three-storey building situated in Apostolos Petros and Pavlos parish, Limassol municipality, Limassol. The total internal area is 620sqm. The ground floor area is 230sqm, the first floor 230 sqm and the second floor 160 sqm. The land area is 412sqm.
The asset falls into the Commercial planning zone Εβ4 with building density 140%, coverage 50% on 4 floors and maximum height 17 meters.
The owner of the property offers the option to refurbish this building and turning it into its regional offices.
The intention, if they decide to proceed with the above (it has been a priori approved by management), is to lease it under the following terms:
Lease term: 8 years (c) Term certain: 5 years (d) Termination: Tenant's option to terminate on year 5 onwards with 6 months' notice (e ) Rent: Eur 120,000 VAT per annum
The initial asking price, with the property refurbished and leased under the above terms, is Eur 2,200,000 (i.e. initial yield of c.5.5%).
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