This gem of Limassol’s historical center was an abandoned night club for over 5 years. The property was initially constructed in 1923 and belonged to one of the wealthiest families of the town. The property was secured in December 2019 and we immediately started renovation works to transform the property into a modern office space.
During renovation we managed to complete the sale of the property to the largest European real estate private equity group, in order to host their Cypriot HQs.
Location: 1 Athinon Street
Strategy: property secured on a long lease, including a call option with sublease rights
Renovated and sublet to a gaming company. Sold to a pan-European private equity firm after exercising the call option.
Internal Area: 400sq.m.
Roof Terrance: 80sq.m.
Project completed in 10 months and fully rented and sold during renovation.
Equity Multiple 3.2X
Renovated, rented and sold in less than 10 months.