Commercial Building In Agios Spiridon, Agios Spyridon, Limassol

Description

Great Opportunity for Investment

Commercial building with yearly revenue 6%.

The Building consists of 7 connected shops, which is currently being rented from a big company as one large shop. The internal area is 394sqm, plus 197sqm mezannine and another 690sqm for basement which can be used as a parking space for 17 cars or as a storage. As the land registry gives 100% density and allowance for 3 floors, new owner can build another 2 floors of total area apprx. 393sqm. There might be an opportunity, upon request to the government, a licence to be received for an extra floor. More parking space on the ground floor for another 6 cars (2cover and 4 uncovered).
Plenty more parking space in front of the shop.

For further information and to book a viewing you can contact the agent.

Property Details
* For Sale
* Property Type: Building
* Property Subtype: Commercial
* Property Label: Investment Property and Development Property
* Location: Limassol, Agios Spyridon, Cyprus
* Internal Area: 394sqm
* Mezzanine: 197sqm
* Price: €1,650,000
* VAT: N/A
* Loan Installment: €8,088

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: €1,650,000

Own Contribution (30%): €495,000

Loan Amount (70%): €1,155,000

Interest rate: 3.2%

Years of repayment: 15 years