€ 750,000

Listed Heritage Building in Limassol Historic Centre – Restaurant Proposal, Government Grant & Transferable Development Rights

A particularly interesting investment opportunity in the historic centre of Limassol, situated within the traditional core of the city, in an area with strong commercial, tourism and leisure activity.

The property comprises a listed heritage building which is currently in a condition requiring substantial renovation and restoration. It consists of two separate title deeds, with a total land area of approximately 236 m².

At the rear of the building, there is a small courtyard, which formed part of the former residence.

The owner has prepared architectural plans and has secured a planning permit for the conversion and use of the building as a restaurant. The proposed design makes the best possible use of the available space, in accordance with the permitted development and the approved planning permit.

Due to the property's listed heritage status, specific terms and requirements apply regarding restoration works, additions and alterations. Any works must be carried out in accordance with the approved plans and relevant permits in order to meet the requirements for the applicable government grant, where eligible.

In addition, the property has unexhausted/transferable development rights, which, together with the applicable grant relating to the listed building, are intended to be made available for the benefit of the purchaser, subject to the applicable terms, conditions and procedures.

The property falls within Planning Zone Πα6 , with a building density coefficient of 180% and a coverage coefficient of 70%. The area is particularly attractive for uses other than purely residential, with a strong presence of restaurants, bars, cafés and other food, entertainment and leisure establishments.

The location is a major advantage, being within close proximity to the Limassol seafront and Limassol Marina, in an area experiencing significant daily movement from both locals and visitors. The area is particularly lively during the afternoon and evening hours, as well as throughout the weekends.

The existing building is partially demolished internally, and therefore requires extensive restoration and renovation. At the same time, the availability of an existing development proposal and an already secured planning permit for a restaurant provides the new owner with a clear basis for the property's redevelopment.

Architectural plans and indicative images of the proposed development are included in the listing, based on the planning permit secured by the current owner.

Although the existing proposal is for the creation of a restaurant, the future owner may also consider another permitted form of development, such as the construction of apartments or another use, subject to the necessary approvals and permits.

The restaurant proposal presented in this listing is the current owner's development proposal and does not constitute a limitation on the property's potential uses or development options.

A property with distinctive character and strong investment potential, located in a prime position within Limassol's historic centre, offering significant advantages including its listed heritage status, secured planning permit for a restaurant, potential government grant and transferable development rights. These features make the property particularly attractive to investors and professionals in the hospitality, food and property development sectors.

No VAT is applicable to the purchase of the property.

For further information or to arrange a viewing, please contact us.