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Commercial mixed-use building for sale in Panagia Quarter, Nicosia. The property is strategically located in the heart of the Panagia area, offering strong commercial and residential demand. The asset is corner, rectangular in shape, and features a smooth flat surface. Within the property there is a two-storey mixed-use building constructed around 1991, consisting of a basement, a ground floor with mezzanine, and two residential flats on the first floor. The basement, approximately 36 sq.m., is currently used for storage. The ground floor, with an internal area of approximately 211 sq.m., is divided into two sections: the northern part operates as a gym, while the mezzanine level of approximately 108 sq.m. has been converted into a utility room and restroom area. The southern part of the ground floor is currently used as an office, and it is noted that part of the original parking area has been converted into enclosed interior space. On the first floor, Flat No. 101 comprises approximately 137 sq.m. of internal area plus 9 sq.m. of uncovered veranda and includes an open-plan living/dining/kitchen area, a toilet with bathroom, covered verandas, and two bedrooms, one of which incorporates an office area. Flat No. 102 comprises approximately 84 sq.m. of internal area, a 10 sq.m. covered veranda and a 4 sq.m. uncovered veranda, and consists of an open-plan living room/kitchen area, a separate office room, a toilet with bathroom, covered and uncovered verandas, and two bedrooms, including a master bedroom with en-suite shower and toilet. The property offers the possibility for further residential and commercial development, as it falls within Urban Planning Zone ΕΖ-α (Eastern Commercial Development Zone – Outside the Walls) with a maximum building density of 200%, allowing significant development potential. The ground floor is currently rented for €1,700 per month, providing immediate rental income and enhancing the investment profile of the asset.
