Edificio residencial a la venta en Limassol

Hotel Apartment building for sale in the touristic area of Germasoyia, Limassol (7495)

Price: €3,800,000

The hotel apartment building has 25 rooms and is situated 10 minutes walk away from the beach in Germasogeia tourist area, builted in 1989.

It sits on a plot of 3,600 sq.m with a building density of 60%. Possibility to add another 12% with an extra cost. Total buildable sq.m. can be around 2.592.

The whole building area at the moment is 1.260 sq.m, it has a basement, (storage room) ground floor (kitchen, store rooms, restaurant, reception, w.c's, office, and 3 rooms) and 2 floors of rooms.
The establishment needs a major renovation, and the new owner can either make it a very nice boutique hotel, build another 2 floors on top with another 23 - 25 rooms, or to transform the whole project into residential apartments.

The establishment has also installed a photovoltaic system of 25 kwa.

Hotel rates in the area are high considering the value of the area the easy of access, and transportation, but in order to achieve this high rates, the project needs to be turned into a very high standard hotel establishment.

There are also various fundings from E.U through the Ministry of Tourism in order to upgrade the project. One of the funding is focusing on medical tourism, and is based on the idea of turning the hotel establishment into a rehabilitation center.

Good rehab centers, can have a minimum charge of 3,500 per room per month and rising even more than 6,000 per month, per room, depending on the room facilities and medical treatments to be provided.

On the other hand if the investor decides to turn the whole project into residential apartments then the prices in this area for apartments are starting from 240,000 - 300,000 for a one bdr apartment, from 550,000 - 700,000 for a two bdr apartment and from 750,000 to up to a million or even more for a 3 or 4 bdr apartment.