Mixed-Use Building in need of renovation for sale in Pano Paphos (Ref: S-15181)

Nestled in a desirable location, this mixed-use building offers a unique investment opportunity for both residential and commercial purposes. With its solid structure and prime location, this property, although in need of some attention, promises great potential for those looking to make a strategic investment.

This building features a balanced mix of residential and commercial spaces. The residential section includes four spacious three-bedroom apartments, ideal for families or rental opportunities. Out of the four apartments, three are fully constructed, while one remains partially completed, presenting a blank canvas for customization.

On the ground floor, two commercial shops offer potential for retail businesses, service providers, or office spaces, making it an attractive option for entrepreneurs seeking a strategic location.

A standout feature of this property is its large basement, designed for parking or additional storage. This space is a valuable asset in urban settings, providing convenience for tenants and customers alike. Additionally, the building has ample parking space in front, ensuring ease of access for residents, shop owners, and visitors.

Land and Legal Status

The property sits on a generous 586 square meter plot, for which a title deed is available, ensuring clear ownership. However, potential buyers should note that while there is an urban planning permit or building permit in place, the building lacks final approval, and there are no separate titles for the individual apartments. The process for obtaining these permits and titles will need to be revisited by the new owner, which presents both a challenge and an opportunity for those willing to navigate the process.

Despite the building’s age, it stands as a testament to quality construction. Built with durable materials and the correct methodologies, it offers a strong foundation for future development. However, the property is in need of a complete renovation to bring it up to modern standards. This aspect may appeal to investors looking to personalize the property or developers seeking to upgrade it for contemporary use.

This property holds significant potential for those looking to invest in a building with a solid structure and versatile use. The mix of residential and commercial spaces, coupled with the need for renovation, allows for a variety of development possibilities. Whether it’s updating the apartments for rental income, refurbishing the shops for business use, or even repurposing the basement for additional revenue streams, the opportunities are vast.

In summary, this mixed-use building, though in need of some work, offers a promising opportunity for savvy investors. With a strong structural base, ample space, and a prime location, it’s poised to become a profitable venture. While the process of obtaining final approvals and separate titles may require effort, the potential rewards make this property a noteworthy option in the current market.