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New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus

Sale price: £1,380,000.00 make an offer
Last update: 16.08.2013

Seller's location: Paphos, Cyprus
Sale type: Fixed price listing

Specifications, photos and description:

Sort By: For Sale
Private / Estate agent: Private
Property Type: Commercial
Location: Paphos
Building Feature: Detached
Construction Year: 2009

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New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus for sale

Current customer rating: current rating for this property (3.5789915966387) based on 122 votes
New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus Photo
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus
  • New-Build Restaurant / Commercial Shop Unit in Paphos, Cyprus

Summary of Sale Information 
On behalf of G&D Hotels Ltd of Cyprus. this is an eBay listing advertising the availability for sale of a 2009-completed. fully vacant. freehold restaurant / commercial shop property situated on the prominent junction of Tomb of the Kings Avenue and Aristarhou Street in Paphos city centre. Cyprus (Republic of). We are offering for sale the freehold of the property in question. and all reasonable offers will be considered.
Location and Planning Identity

The land upon which the restaurant is located is designated - Sheet 0. Plan 2-145-349. Block 4. Parcel 19 - according to the Paphos District Office of the Department of Lands and Surveys. and has a current developed area of approximately 3. 14 square meters. The north boundary has a frontage of approximately 120 meters on Aristarhou Street. and enjoys a frontage of approximately 30 meters on Tomb of the Kings Avenue which is directly opposite the main entrance to the Tombs of the Kings Archaeological Reservation – a UNESCO World Heritage site and an extremely popular tourist destination. The development includes a large detached restaurant at front. bordering the Tomb of the Kings Avenue. located just 40 yards across the road from the entrance to the archaeological site.  

The restaurant / commercial unit itself enjoys the following attributes:

The restaurant / shop complex is a detached building located with its frontage directly facing and placed upon the Tomb of the Kings Avenue. The building is located on the west side of Parcel 19. The building had a total covered area of approximately 422 square meters. It consists of a ground floor with covered area of 287 square meters and a mezzanine with covered area of approximately 135 square meters.  

The floors are covered with ceramic tiles. the windows are doubled glazed with aluminium profiles. and the doors are made of wood.  

Basement

The basement is situated underneath the Restaurant / Shop building and has a total covered area of approximately 710 square meters. The basement has an extremely high ceiling and offers multiple uses. This basement is ready-licensed for entertainment use or night club.  


Legal and Planning Characteristics

 

The property is located within the areas covered by the Paphos Local Plan. which governs the planning design and control for the city of Paphos. The Property has the following planning characteristics: 


As of 2013. the density and coverage factor for this property has been increased by the land registry. allowing greater development opportunity.

According to the provisions of the Paphos Local Plan. EB is a zone which is allocated for commercial development. and Ka7 is a zone which is allocated for residential development.


Planning Zone 

 EB

 Ka7

 Density Factor

 140%

80% 

Coverage Factor 

N/A

45% 

 Height (m)

11. 3

 10

 Floors Number 

 3

 2

Summary of Location

Paphos (Greek: Πάφος or Páfos) is a coastal city in the south-west of the island of Cyprus. and has its own administrative district (being one of the six officially recognised districts covering the island). called Paphos District.

There are four municipalities in Paphos District: Paphos. Yeroskipou. Peyia and Polis Chrysochous.

The area of the district is 1. 93 km2 which constitutes 15. 1% of the total area of the island. and the domestic residential population in the 2011 census was 88. 66[1]


[1] Republic of Cyprus Statistical Service. National Census 2011. Population – Place of Residence. 2011. (Version 25/4/13)


 Governance

The current Mayor of Paphos is Savvas Vergas. The operations of the Paphos town hall are conducted by a series of committees in a  fixed hierarchy – the foremost being the Municipal Council which is represented by the Mayor and 18 elected councillors from various parties[1].

European Capital of Culture 2017 

The city of Paphos was awarded the status of European Capital of Culture for the year of 2017 during an EU-wide annual competition. The Pafos2017 campaign. run by the local government. envisions that the award will bring unprecedented exposure of Paphos to the pan-European tourism industry as well as to investors seeking to include Cypriot real estateand industry in their portfolios. The main focus of the ongoing Pafos2017 campaign is to prepare the city for the annually-hosted event. and to promote the city overseas in the lead-up to the year 2017[1].

Tourism

Tourism arrivals for Paphos. on average. stand at around 800. 00 visitors per year[2]. thereby dramatically increasing on the census residential population.  According to the Cyprus Government Statistical Service. tourist arrival numbers has seen a generally strong average performance of between 2. 2 and 2. 4 million visitors to the country per year since 1995.

In the year 2012. Cyprus received 2. 464 million tourist arrivals[3]. with a vast majority of the tourists sourced from the Europe Union. Total arrivals by the main ports of entry in 2012 stood at 3. 872 million persons [4] (including excursion and connection travellers as well as immigration). indicating the extent to which Cyprus acts as a travel hub in the region.

The total number of nights spent by visitors in registered Paphos tourist establishments stood at 5. 57. 00 nights in 2011 (latest data) with one night representing a single overnight stay by one person. [5]

In 2012. total tourism revenue was estimated at 1. 27 million Euros for that fiscal year[6]. The total average length of stay per person was 9. 4 days with a total average expenditure of 786. 80 Euros per person during their stay. [7]

Tourism Attractions in Paphos

The range of tourist attractions available in Paphos are broadly categorised into the following major interest groupings –

·         Coasts and Beaches

·         Archaeological Sites and Museums

·         Places of Cultural. Ethnographic and Mythological Interest

·         Nature Trails and Wildlife

·         Winery and Food

·         Places of Worship

·         Sports Attractions and Wellness / Health

·         Events and Fiesta

 

Placing G&D Hotels Project 2 in the Context of Paphos

The project is situated on Tomb of the Kings Avenue. part of the area of Paphos situated close to the Kato Paphos south-westerly coastline and beaches that has seen rapid economic and tourist development from 1975 to the present day. Kato Paphos is one of four resorts in the district of Paphos that caters principally for tourism. the others being Coral Bay. Latchi and Aphrodite Hills. Kato Paphos is by far the largest and most diverse economy of these four local resorts. being situated close to both the beaches and to the Central Business District of Paphos.

The exact location of the project is placed on the corner of the highway junction between Tomb of the Kings Avenue and Aristarhou Street. The Tomb of the Kings Avenue is widely coveted as a centre of tourism and retail business in Paphos - and is currently in the opening stages of extensive road renovation as part of a local overhaul of the transport system to serve the 2017 European Capital of Culture event.

Tourism arrivals for Paphos. for the most part are brought in through Pafos International Airport. which is approximately 20 minutes by road from Kato Pafos. Situated on the edge of Kato Pafos. the development enjoys direct access to adjacent bus stops and the regular passing service of buses. regulated taxis and airport shuttles. The development is also extremely rare by Paphos availability. in that it was built with a large off-road and paved car park. with the ability to accommodate 40 covered and marked parking spaces. as well as up to 60 auxiliary uncovered parking spaces. inside a defined. walled perimeter. This generally equates to a provision of 2 parking spaces per apartment along with up to 28 extra spaces for visitors.

Of unsurpassed value to the development is its position directly opposite the main entrance to the Tombs of the Kings Archaeological Reservation – a UNESCO World Heritage site and an extremely popular tourist destination. The development includes a large restaurant at front. bordering the Tomb of the Kings Avenue. located just 40 yards across the road from the entrance to the archaeological site. Consequently. the new restaurant development is extremely well positioned to benefit from tourists in the immediate vicinity. with ease of crossing the road provided by a marked pedestrian crossing adjacent.


[1] Pafos2017 Official Campaign Website (Accessed 3/7/13)

[2] Pafos 2017 Official Campaign Website(Accessed 3/7/13)

[3] Arrivals of Tourists by Country of Usual Residence 1980-2012. Cyprus Statistical Service. Version 15/4/13

[4] Movements of Travellers 1980-2012. Cyprus Statistical Service. Version 24/1/13

[5] Tourist Accommodation and Overnight Stays 2000-2011. Cyprus Statistical Service. Version 6/12/12

[6] Tourism Revenue Monthly. Cyprus Statistical Service. Version 17/5/13

[7] Per Person and Per Day Expenditure of Tourists. Cyprus Statistical Service. Version 23/5/13


[1] Website of the Municipality of Pafos. Municipal Council (Accessed 15/5/13).

 

Further Provisions of Sale 

The area of frontage and land enjoyed by the restaurant / commercial unit for sale has a size which is subject to the local town planning authority for future development of the road system. This may slightly affect the size of the total area of land for sale. and alter the shape and layout of the road system from its current position.  The restaurant  / commercial unit for sale is fully vacant and contains no internal furnishings.  The restaurant / commercial unit is sold on the provision that Title Deeds will be supplied by vendor as soon as possible - subject to a written and legally binding contract that will be arranged between the buyer and vendor prior to purchase. Survey and Viewing Obligations 
We strongly advise any prospective buyer to contact us to arrange for a viewing of the premises. If you wish to conduct independent surveys or appraisal of the premises. you agree to do so at your own cost. As an ethical vendor. we will advise you to seek an independent legal representative in Cyprus to oversee the smooth transaction of property sale.  
Point of Contact 
Your point of contact is Nicholas Georgiou. C/O G&D Hotels Ltd (Cyprus). Please communicate any initial interest via eBay email and from there we can arrange the preferred method of communication of your choice. Please note that this is a DIRECT SALE. and that this is not an agency registered advertisement.  

 

Also published at eBay.co.uk

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