The property can be developed for residential development,office /commercial development,city hotel and utilising the adjoining listed buildings as the hotels communal areas.
Total building density allowed 1149 sqm.A traditional ,listed property,situated just off the famous Promenade of Finikoudhes.Suitable for bar ,restaurant,club,pub,cafeteria or any ather kind of commercial use. the reconstruction of the listed building a 40%-45% on the amount spend is given back to the owners as extra building coefficient which can be either used in the construction of the garden or to the part of the building which is not listed. Additionally to the above there is also the case where the extra building coefficient can be sold to a third party.
*due to the fact that it is a listed building in a Commercial Zone, with the reconstruction of the building the Cyprus government gives extra 1024 m2 which can be used in the construction of extra floors. The 1024m2 can be increased another 10-15m2.
*the construction of the garden and the outside can be made in 100% boundaries (NOT going back 3 cm)
*because it is a listed building there is no need for having parking space. This results in taking advantage the whole plot for commercial/ business use.
*regarding the garden and the construction which is not listed a 7 floor building can be erected * from a previous study made by a civil engineer in Larnaca it showed that approx 32-37 rooms can be build of 40m2 each excluding common spaces.
*an estimation made in the year 2012 showed that the reconstruction can cost approximately €500,000
*having a listed property and use it for business purposes has tax allowances
*additional info regarding listed buildings u can find in the page of Ministry of Interior of CY Government