Commercial Building In Agia Zoni, Limassol

Description

The building brings a beautiful contemporary design to Limassol's old town with another iconic

development.

Our award-winning architects and designers,have thoughtfully created a spacious building with six floors and a rooftop. This property

is delivered with a top standard finishing, offering the best use of common spaces and stunning individual offices for a productive and efficient

work environment.

An desirable by anyone. It is right in the heart of Limassol town surrounded

by retail shops, cafeterias, restaurants, law firms,

banks etc.

The building features 800sq.m. of covered area plus c. 80 sq.m. of roof top space.

Covered internal -756 sq.* Covered extetnal - 211 sq.* Uncovered external - 22sq.* Covered internal - 41sq.* Covered external - 123sq.

* Uncovered external - 22q.

The building has been leased in its entirety for 15,000EUR monthly (or 180,000EUR annually) for a period of 5 years (primary period) and the tenant has the option to renew the tenancy for an additional period of 5 years. Rent increases by 2.5% annually, hence year two monthly rent is 15,375EUR (184,500EUR p.a), year three - 15,760EUR (189,120EUR p.a), year four - 16,150EUR (193,800EUR p.a) and year five - 16,560EUR (198,720EUR p.a). Total amount received from leasing in the first five years 946,140EUR.

The tenant is Well established online gaming company with offices around the world, employing in excess of 250 employees. Payments are made every 4 months in advance and the owner holds a two-month deposit guarantee.

The asking price for the property, represents a 6.4% rental yield (on year 1). The property is owned by an SPV, therefore the buyer will NOT bear any VAT nor transfer fees, as the buyer can acquire the shares of the company.

Property Details
* For Sale
* Property Type: Building
* Property Subtype: Commercial
* Location: Limassol, Agia Zoni, Cyprus
* Internal Area: 800sqm
* Uncovered Verandas: 80sqm
* Price: €2,800,000
* VAT: N/A
* Date Available From: 14th April 2021
* Loan Installment: €13,725

If you wish to borrow from a bank, please find above indication of the loan installment with the assumptions used below.

Loan Installment Calculations:

Assumptions:

Closing Price: €2,800,000

Own Contribution (30%): €840,000

Loan Amount (70%): €1,960,000

Interest rate: 3.2%

Years of repayment: 15 years