The asset is a retail shop in the commercial center of Larnaca. The shop (423 sq.m. ground floor + 136 sq.m. mezzanine) has a front facade of 175 sq.m. and is currently divided into 2 units.
Unit 1: Occupies 81 sq.m. on the ground floor and 136 sq.m. mezzanine. 7m street facade. It is renter for 2000 per month and the rent will be increased to 2500 per month as from 1/6/2020. From there on the rent price will increase every year as follows: 2500 + CPI +1% per year.
Unit 2: There is a high demand for renting the shop but the vendors believe that for selling purposes is better to keep it empty. Should the buyer wish to rent it the rental price would be between 4500 and 5000 per month giving a rent return of at least 7%.
Larnaka is the international gateway to Cyprus, being its second port and having an international airport. It is one of the oldest continuously inhabited cities in the world, and has plenty of historical sightseeing on offer to complement its deep-blue sea, bright sandy beaches and reliably sunny skies. With its 400-berth marina, Larnaka is also a favoured destination for visitors with yachts. Land-based tourists enjoy the palm-lined harbor promenade and the city’s international caliber shops, inviting cafes and panoramic Mediterranean views.