Under study in a central location with easy access to the highway and the sea, this commercial project comprises four floors.
The spacious and modern development in the Agios Athanasios area has an immaculate ground floor level, with a lobby area at the entrance and one basement.
A roof garden area will beneficially allow the employees and guests to enjoy the view while they work.
Each floor includes six offices and a reception area. There are 24 generously sized offices and 22 ample covered parking spaces.
Each floor is 181.30 m2 with a covered veranda of 42.18 m2.
The total covered area is 1,334.59 m2; the office covered area is 725.20 m2; the covered veranda is 168.72 m2; and the basement area is 440.67 m2.
The selling price is €5,200,000 + VAT.
INVESTMENT PROPOSAL
Home to thousands of multinational companies, Limassol is the corporate capital of Cyprus. More specifically, it’s the hub for many international businesses in technology and financial sectors.
Cyprus has become the most sought-after 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 (link: https://www.amazoncis.com/en/article/ipbox-cyprus-taxes-regime), and the New Strategy for Attracting Business.
More than 250 substantial global technology companies relocated to Limassol between 2020 - 2022. In the same period, more than 8000 developers (independent freelancers and employees) relocated to the city. Proportionally to the population of Cyprus, this is the greatest migration of developers relocating to a single country in the European Union.
This trend is expected to rise over the long term due to the amplification of international political issues and the introduction of new tax incentives by the Cypriot government.
Many multinational companies are now looking for new offices for their employees. There are approximately 50 companies that are inconveniently located across multiple locations and offices, looking for new headquarters in one building 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. Specifically, in the last four years, the price of new Class B commercial properties has been increasing annually by 12%.
The average selling price of Class B offices in the center of Limassol is €4,400 per sq.m. The co-financing of this project will enable Amazon Investments to complete it at the cost of €3,900 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%.
