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Income Producing Retail Units In Kallipoleos Avenue, Nicosia

  • Auction
  • Cyprus
  • Retail
  • Commercial

Invited Opening Bid €195.000

Bidder Security €4.500 *fully refundable if unsuccessful bidder
Auction Date 31 July
Bidding Opens 10:00 (GMT+3)
Bidding Closes To be Confirmed

Property Viewings

Viewings have not yet been scheduled for this property.
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Property Summary

  • Retail units on Kallipoleos Avenue, in the Municipality of Nicosia.
  • Extending to approximately 218 sq. m. of enclose area, as a single ownership unit.
  • Within walking distance to the University of Cyprus
  • Subject to two tenancy agreements with a total ROI of approximately 5.5%.
  • This property has a minimum conditional price subject to confirmation (STC). The highest offer is subject to approval by the vendor, who has a maximum of 2 working days to respond. In the meantime and in case of approval by the vendor the highest offer placed will be mutually binding. You will find more information in the Terms and Conditions. 

Contact Us

Yiannis Karagiorgis
Yiannis Karagiorgis
Property Agent, here to help.
Themis Portfolio Managment
Vendor's Solicitor

Contact Us

Yiannis Karagiorgis
Yiannis Karagiorgis
Property Agent, here to help.
Themis Portfolio Managment
Vendor's Solicitor

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Property description

  • Retail unit on the ground floor of a seven-storey building named “Megaro Fotini”.
  • We have been informed that the asset under study has been separated into two units:
    • Western Unit (Kallipoelos Avenue):
      • The western unit has an area of approximately 100 sq. m. and currently operates as a coffee shop.
      • Internally it comprises an open plan area for customers and service, 2 toilets, a support room for staff, an office area, a storage room and an exterior sitting area.
    • Eastern Unit (Federiko Garcia Lorka street)
      • The eastern unit has an area of approximately 118 sq. m. and currently operates as a coffee shop.
      • Internally it comprises an open plan area and toilets.

Location

  • The asset is located in the Agion Konstantinou kai Elenis parish, within the Municipality of Nicosia, Nicosia District, under Land Reg. No. 4/1252.
  • The asset is primely situated on Kallipoleos Avenue a very busy and commercial street in the centre of Nicosia. The property also benefits from frontage on Ethnikis Frouras Street and Federico Garcia Lorca Street.
  • The asset is located approximately 100 meters west of the University of Cyprus (Old Campus), approximately 75 meters north of the A’ Technical School of Nicosia and approximately 330 meters east of the Landmark Nicosia Hotel.
  • The immediate area is well developed with mixed use buildings.

Tenancy

  • Subject to two tenancy agreements with a ROI of approximately 5.5%. For lease information please refer to the table below.

Accommodation

The property was not internally inspected or measured by BidX1. The information was provided by the Vendor. We are informed that the property provides:

  • Retail unit separated into two shops
  • Interested parties are recommended to undertake their own inquiries to confirm property measurements.

Additional Details

Unit

Rent per Month

Lease Length

Termination Date

Rental Increases

Western Unit

€535

15 years

31/05/2034

Yes

Eastern Unit

€400

5 years

31/12/2025

No

VAT

VAT not applicable - Interested parties are exclusively responsible to verify and/or ascertain whether the sale of the Property is not subject to VAT.

Helpful links

*Terms & Conditions

Islanders Estate Agencies Ltd (as a licenced Estate Agent), T/A BidX1 Cyprus Sales, Registration No. 1251, Licence No. 625/E. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.

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