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Kakopetria: Commercial building with the possibility of expansion and annual incomes up to …

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Kakopetria: Commercial building with the possibility of expansion and annual incomes up to ...

Great investment opportunity with income property which is available from Altamira Real Estate at the indicative price of € 560,000

Privileged commercial building in the center of the picturesque village of Kakopetria in the province of Nicosia, is for sale at the indicative price of € 560,000 by Altamira Real Estate, as part of a large campaign which includes 26 selected income properties with high returns.

Specifically, until November 9, the Company has for sale income properties, which maintain existing rental agreements with reliable and large organizations, ensuring future owners returns that can exceed 6% per year.

It houses a banking institution and is located in the center of the village

The building, located in Kakopetria, is adjacent to the central axis of the community and is close to all kinds of services and amenities. It consists of a basement, ground floor with a large store and a floor with the possibility of further development. The store and the basement have an area of 360 sq.m. and 200 sq.m. respectively and are rented by a banking institution, while the floor, covering 120 sq.m., includes meeting rooms. In addition, the basement has a significant number of parking spaces and can meet the needs of not only the staff housed in the building but also customers.

Kakopetria: Commercial building with the possibility of expansion and annual incomes up to ...

The property is built on the basis of modern standards, offers all the comforts to the tenants and the owner, while it is ideal for long term rent with relatively low maintenance costs.

Perspective of construction of agritourism accommodation

It is worth noting that the store on the ground floor and the basement, are rented to a banking organization for € 1820 / month until October 2023, bringing an annual income of around € 21,840, while there is a possibility of extending the contract for another 4 + 4 years.

At the same time, the fact that the building has an inexhaustible building factor, is a competitive advantage, as it allows the construction of an additional floor, after study and permission from the Department of Urban Planning, and after all the necessary static checks. The floor can be used, among other things, for the construction of five studio-type agritourism apartments, while the indicative cost of works is estimated not to exceed € 200,000, based on the construction price index of the Statistical Service.

In addition, there is the possibility to change the layout of the partial building on the 1st floor and create two additional one-bedroom apartments, with the indicative conversion cost ranging around € 50,000.

Kakopetria: Commercial building with the possibility of expansion and annual incomes up to ...

Revenue up to € 157,000 per year and a yield that will exceed 15%

In fact, according to research, similar type of agritourism apartments in the area, can be rented for € 60 and € 80 per night during the winter months, and for € 100 and € 120 per night during the summer season. Taking into account the number of people visiting the area, the occupancy of the accommodation can reach around 120 nights during the summer period (May – September) and about 70 nights for the remaining months. Therefore, with these data, the building could yield to its potential owner, up to € 157,000 total annual income.

The first bid opening will take place on Tuesday, November 9, 2021, at 10 am.

It is pointed out that according to the procedure of Altamira Real Estate, when it comes to indicative prices, the interested buyers have the opportunity to submit bids with a lower price than the one listed , with the property being awarded to the highest bidder.

Source: www.philenews.com

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