The piece of land where SODAP’s wine factory was operational for many years in the past, in the area of western Limassol known locally as Karnagio (between the old harbor and the new port), has been put on sale by Altamira. The lower selling price for this prime property, as decided by Altamira is €30 million. The property is viewed as a reference point for the area, where there has been a strong investment interest in recent years. Ideally situated between the port and the marina, it is adjacent to the sea shore, with a total frontage of 220 meters. Within the property, there are listed buildings with total area of 7,500 sqm, while the total land area is 38.827 sqm.
Moreover, the SODAP property is a flagship complex of industrial installations, which was since 1947 the seat of the Cooperative Organization for the Distribution of Viticultural Products and is considered one of the most important examples of industrial heritage in Limassol. Altamira Asset Management has taken over the property management from the Cooperative Asset Management Company and the Limassol Carob Distribution Association. Interested buyers were able to bid through Altamira’s online platform until Tuesday this week (December 10).
At the same time, the area, and the development zone, where the property is located may qualify for the high-rise building policy. Given that this is a large-scale property, potential buyers could benefit from a relevant Incentives scheme, which has been extended to 2021. The decision to implement the Master Plan for the area is pending and will further stimulate growth.
According to the Area Plan, the property can be utilized for tourism, leisure and culture-related sectors. In this context, it is possible to build a hotel and residential units as well as catering and leisure centers. The Area Plan is expected to be submitted by the Town Planning Board for approval by the council of ministers. The Leptos Group has already announced the launch of work on the Limassol Blu Marine which, includes three multi-storey towers, while Chinese investors are also planning to erect towers on property they acquired by wine producer LOEL.
