The asset is a former touristic complex (Orestis Hotel Apartments) located in Protaras, one of the key tourist destinations of Cyprus.
The property falls within tourist zone allowing the construction of touristic and residential developments. The asset is at a higher altitude than the land adjacent to the sea and enjoys unobstructed views of the surrounding area and the sea.
The existing structure has 4 floors and comprises of 56 units, of which 10 are studios and 46 are one-bedroom apartments. The complex has a number of additional amenities, such as a restaurant/bar, an outdoor swimming pool, a kids’ swimming pool, and a tennis court.
The total area of the land plot is 4,820 sqm and the built areas of the buildings are as follows: Main building ca. 370 sqm, Block A: 1,540 sqm, Block B: 1,525 sqm.
The neighboring area comprises of holiday houses, hotels, and other touristic establishments. The location is in close proximity to the main tourist district of Protaras, the center of Paralimni village and the vibrant tourist area of Ayia Napa.
The asset falls within planning zones T5α and Δα2, with characteristics as follows:
- For holiday houses in T5α: building density coefficient of 20%, coverage coefficient 20%, in 2 floors and 8.30 height.
- For tourist villages, villas, and hotel apartments in T5α: building density coefficient of 30%, coverage coefficient 20%, in 2 floors and 8.30 height.
- For protected zone Δα2: building density coefficient of 1%, coverage coefficient 1%, in 1 floors and 5.50 height.
The asset is owned by Fastflow Properties Ltd.
All urban planning features must be checked with the proper authorities. The Bank has the right to review the selling prices without any prior notice.
|Year of Completion
||Vat not Applicable