P62 - Office building in the central area of Limassol

A beautiful contemporary design for a spacious building with six floors and an iconic rooftop. This property is delivered with a top standard finishing, offering the best use of common spaces and individual offices for a productive and efficient work environment.

The project is right in the heart of Limassol town surrounded by retail shops, cafeterias, restaurants, law firms, banks.

Other specifications:

• Fully-finished offices
• Raised floors
• High-Ceiling
• Advanced technology provisions
• Impressive exterior
• Cooling and heating with VRV systems
• Common facilities include a reception area and roof garden

The property has been leased entirety for 15,000 EUR monthly (or 180,000 EUR per annum) for a period of 5 years (primary period) and the tenant has the option to renew the tenancy for an additional period of 5 years. Rent increases by 2.5% annually, hence year two monthly rent is 15,375 EUR (184,500EUR p.a), year three - 15,760EUR (189,120EUR p.a), year four – 16,150 EUR (193,800EUR p.a) and year five – 16,560 EUR (198,720 EUR p.a). Total rent received in the first five years - 946,140 EUR.

The tenant is an online gaming company with offices in Russia and Limassol, employing more than 250 employees. Payments are made every 4 months in advance and the owner holds a two-month deposit guarantee.

The property represents a 6.4% rental yield (on year 1). The property is owned by an SPV, therefore the buyer will NOT bear any VAT nor transfer fees, as the buyer can acquire the shares of the company.

The Project has EPC certificate with "B" Energy Efficiency Rating.