Limassol Blu
May 13, 2014
Santa Rosa Tower
November 6, 2014

Nicosia City Center

  • TaskGeneral Project Advisor, Strategy Advisory, Market Studies, Concept Formulation, Brand Strategy, Debt & Equity Sourcing, Brokerage Services
The project is located in the most central and prestigious part of the Capital – right across from the Nicosia Hilton Hotel. It is adjacent to the Government / Qatar mega mixed use development in excess of Euro 10 billion in development value. The project is flagged by two main commercial roads with major high street exposure.

The most innovative mixed-used tower in the heart of the Nicosia business district aiming to attract multinational corporate tenants and high-end commercial retail brands. The tower is being designed by Benoy, UK a living design and architectural firm worldwide.

Project Overview

Project Highlights

€‘ MM
Gross Development Value 34
Total Development Cost (excl. Land) 11
Rental Revenue Offices (2016), €/sqm/month 18
Rental Revenue Retail (2016), €/sqm/month 32
Total Rental Revenue (2016, 95% occupancy) 1,8
Annual Rental Increase 4%
Project debt to equity 60/40
Loan interest 6%
Inflation, p.a. 3%
Project Infrastructure In Place
Project Fair Enterprise Value, MM 14,3
sqm
Total Nicosia City Center (GBA) 13,808
Covered Balconies 1,695
Offices (GLA) 5,568
Retail (GLA) 1,622
Parking 3,963
Utility Area 960