Property 10055 Engomi, Nicosia / B-64155

This is an ideal investment opportunity located in the prime area of Egkomi, near the University of Nicosia. The property on sale is a whole building of 4 storeys, approximately 40 years old. Each of the 1st, 2nd, and 3rd floors are covered with 186m2 inside, plus 30 sq.m. of covered verandas. With the right renovation, this building can be transformed for a variety of uses, promising a high annual yield. It could be converted into a student campus, complete with facilities like a cafe, communal kitchen, bathrooms, laundry room, and library. Alternatively, it could be transformed into office spaces or large luxury flats. The ground-floor shop, with 189sq.m. of inside space and 27sq.m. of verandas, could be turned into a modern showroom or a student's cafe. Another option would be to convert it into parking spaces for the apartments above. Given the building's location, it has high demand potential for retail business. The building already has 4 floors, including one commercial floor, as allowed by the building factor back in the 80s. The buyer will need to consult an architect for changes in plans and for securing a new building license necessary for transformation. The building will be delivered empty upon transferring title deeds to the new owner.