Hotel in Larnaca

Hotel in Larnaca

Larnaca, Cyprus

For Sale

€7,900,000

  • MACKENZIE-2
  • MACKENZIE-1
  • MACKENZIE-7
  • MACKENZIE-8
  • MACKENZIE-9
  • MACKENZIE-3
  • MACKENZIE-4
  • MACKENZIE-5
  • MACKENZIE-6

Property ID :

 CYER-0000-38

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Bedrooms

35

Bathrooms

45

Area

2747 Sq M

Lot Size

background Layer 1 2747 Sq M

Description

Type and Location

The property consists of 35 tourist hotel apartments, located at Larnaca, Cyprus. The hotel apartments constitute a six-story detached building with sea view, 10 meters from the beach of Mackenzie popular touristic area. Access to the beach is separated by street, however nothing else can block the view to the sea as beyond the property is the protected zone of the beach. The property is located about 2 kilometers northeast of Larnaca International airport, about 200 meters north of the famous Mackenzie night bars and restaurants and about 2 kilometers south of the city Centre. The building consists of a ground floor reception with facilities, mezzanine and apartments on the five vertical floors.

External Shell of the building

The building is detached, six-story with a mezzanine, of the usual construction, with reinforced concrete frame and foundations (footing) in situ, brick infill walls with plaster and paint and aluminum framed windows and flat concrete roof.

Internal Space Description, finishes and quality

The hotel apartments are 35 in total, 25 one-bedroom apartments, 5 studios and 5 two bedroom apartments. On the ground floor there is a main entrance, with a reception, bar area, sitting area, service area, waiting, one administrative office, a TV room, a service entrance area, a staff room, a storage area, toilets and showers for men and female for staff, a second store room and a lift and common staircase servicing the floors above. There is an underground storage area with a boiler room which is accessible both from outside and through an internal staircase. On the mezzanine, there is an accounts office, a store room, a manager’s office, a one-bedroom apartment for the staff and one service room. On the five vertical floors you can find the 35 apartments which internally are identical. The apartments internally consist of a shower/w.c., a kitchen, a living room area, and one or two bedrooms with exit to a covered veranda. Internally all the rooms were identical, some with sea view and some with road view. All room consisted internally of an open space sitting area and bed with exit to a balcony and a private shower/W.C.. Almost all the apartments have sea view, except from one apartment on each floor that has a back view. Internally all finishes are of the basic quality and standards, like ceramic tiles in all the areas, all sanitary fittings are European standard type, all rooms are fitted with a/c split units and hot/warm water supply and wooden type kitchen counters with a sink.

External areas

On the ground floor, externally, there a children’s playground area, sitting area for coffee and extensive lounge areas.

Age and State of Repair

The property was built in 1980 and it is in a good quality of construction, with basic quality of finishes and at a good state of repair since it has been maintained at a yearly basis.

Covered areas of the hotel

Total Gross Internal Covered Areas (all floors)2,855 m2
Ground Floor Gross Covered Area430 m2
Mezzanine275 m2
1st – 5th Floors Gross Covered Area2,150 m2
6th floor Utilities25 m2
Covered Verandas200 m2

 

Covered Areas of the hotel in terms of the ground floor internal covered area

 

G.I.C.A.Total Covered AreaIn terms of G.I.C.A.Valued Extent
Ground Floor Gross Covered Area430 m2100%430 m2
Mezzanine275 m233%91.66 m2
1st – 5th Floors Gross Covered Area2,150 m2100%2,150 m2
6th floor Utilities25 m233%8.33 m2
Covered Verandas200 m233%66.66 m2
Total Valued Covered Extent2,747 m2

Local Market

The immediate area of the property’s location consists of the main tourist area of Larnaca.

The type of developments seen in the area are mostly tourist shops, restaurants, bars and tourist apartments as well as a lot of residential empty plots ready for development.

However, the current economic situation in Cyprus is somehow more complex, while the credit worthiness of the country is starting to improve with the upgrade of the Banking institutions by the different credit rating firms. The real estate market is becoming more and more a secure investment opportunity, however, the difficulty of being financed is the main reason that affect demand and local property values.

The Government has undertaken various measures to enhance property demand. For example, incentives for visas/ passports, the reduction of transfer fees, no capital gains tax for properties bought until the end of 2016, encouragements for building coefficients and enforcement of title deed issue for trapped buyers.

 

 

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