An opportunity to take over a property in a tourist area of Cyprus has come to market, with planning permission for a new 16-bedroom boutique hotel.
The property is located in the heart of Kato Paphos, within easy walking distance from all amenities, opposite two luxurious 5-star hotels, 150 meters away from the nearest blue flag beach and only 800 meters away from the picturesque Paphos harbour and the Unesco archaeological site.
It is situated very near the sea-shore pedestrian area and the main cycling routes. The property is well connected with public transport and it is within easy reach from the airport either by private or public transport. Adjacent to the property there is a large private car park area.
Theseas property was built in 1980 and was previously run as a family business proving to be highly profitable.
The owners were providing personalized service and special attention to their regular clientele, who returned year after year. In 2002 when the owners retired, the property was leased. As the lease contract terminated, the property was recuperated and remained closed, as the owners decided to apply for modifications in order to take advantage of the new building regulations that were approved by the Council of Ministers.
The new architectural plans for refurbishment have been filed to the appropriate authorities and all licences have now been granted.
The property plans have now been redesigned to meet the quality standards of an All-Suite Boutique Hotel. It will include 16 suites, breakfast area, restaurant and coffee shop, small exhibition hall, gym and wellness, games area, terrace and swimming pool, with auxiliary areas such as kitchen, storerooms, boiler room etc. Thus, four points of sale on the ground floor with amazing potential.
First and second floors will accommodate 8 suites, three studio suites with the possibility to use them together as a three bedroom suite that sleeps 2-9 persons, four one-bedroom suites that sleep 2-4 persons, and one two-bedroom suite that sleeps 3-6 persons therefore with a total capacity of 34-60 beds. There is also the potential to operate a separate roof-garden as a top-up venue in the area.
The property enjoys a high building coefficient compared to new buildings in the area; the architectural plans have been redesigned with great care and attention to detail to meet all the requirements of the authorities according to current laws. This is a freehold property with ‘clean’ title deed (i.e.no mortgage burdens) for immediate transfer.
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