Under study in a central location with quick and easy access to the highway and the sea, this commercial project comprises four floors.
The development on Kolonakiou Avenue is a spacious and contemporary design with an immaculate ground floor and reception area, fitted with a shop with a mezzanine and a lobby.
An aesthetically pleasing roof garden will allow employees and guests to enjoy the cityscape while they work or attend business meetings.
Each floor includes seven offices and a lobby area. In total, there are 28 generously sized offices and 22 ample covered parking spaces.
The ground floor and mezzanine covers 234.05 m2. The covered area of the first floor is 276.92 m2, with a covered veranda of 89,29 m2.
The covered areas of the second, third, and fourth floors are 283.73 m2 with a covered veranda of 71.64 m2, and the roof is 16.20 m2.
The total area of the building is 1.802.76 m2.
The selling price of the building is €8,500,000 + VAT.
As the corporate capital of Cyprus, Limassol is home to thousands of multinational companies. Specifically, it's the hub for many technological and financial international businesses.
Cyprus has become the most attractive relocation center in the Middle East and Southern Europe since the introduction of the low corporate tax, the zero dividend tax, the IP Box Regime, and the New Strategy for Attracting Business.
Over 250 substantial global technology companies and more than 8000 developers (independent freelancers and employees) relocated to Limassol in the two years between 2020 - 2022. Proportionally to the population of Cyprus, this is the most significant movement of developers ever to relocate to a single country in the European Union.
The rising trend is expected to increase over the long term due to the amplification of political issues worldwide and the Cypriot government's introduction of new tax incentives.
Many companies are now looking for new offices for their staff members. Specifically, approximately 50 international companies are ineffectively located across multiple buildings and looking for a new headquarters to accommodate all employees. These employees require a higher standard of working conditions as high-paid individuals.
New Class B commercial properties in the center of Limassol have become extremely scarce and in high demand. The price of new Class B commercial properties has been rising annually by 12% in the last four years.
The average selling price of Class B offices in the central location where the property is based is €5,300 per sq.m. The co-financing of this project will enable Amazon Investments to complete it at the cost of €4,700 per sq.m.
The project can also be used as a rental business with an expected average net return of 8%, while capital appraisal is expected to produce an IRR of 22%.