After the Chinese, Russians too seem to be throwing an investment threw anchor in what is rightly seen as the one of the most promising area of Limassol, the so-called "golden mile". This is the area between the marina and the port of Limassol, which aspires to develop, in due course, into the city’s leading business centre. The sale put up by Altamira for SODAP's (wine industry) prime property in the area did not take long to find a buyer. The company received a bid exceeding €32 million, as against a lowest asking price was set of €30 million. The property is a reference point, a flagship factory complex, headquarters of the Cooperative Vineyard Products Organization since 1947 and is considered one of the most important examples of Limassol's industrial heritage.
The offer came from Russian investors who plan to engage in massive construction activity in the area, with high-rise buildings and other high-profile facilities. The proposal is currently under consideration and is expected to receive the green light for completion within days. Ideally located between the port and the marina, the property is adjacent to the sea shore, with a total frontage of 220 meters. Inside the property, there are listed buildings spanning over an area of 7,500 square meters, while the total land area is 38,827 square meters.
The Bank of Cyprus had earlier sold the LOEL (wine industry) plant in the same area to Chinese investors for €33 million, the latter planning a multi-storey development with three 35-storey towers. Preliminary plans are already with the Limassol Municipality, but applications for the necessary permits will be submitted after the publication of the Limassol City Centre Plan, which is expected to be approved by the Council of Ministers later this year. The first large-scale development in the area is already in progress by the Leptos Group. This is Blu Marine, a mixed development that will consist of four multi-storey buildings that combine office space and luxury apartments.
As for KEO compound in the vicinity, that too can be in for major changes, especially after moving production units to a new brewery being prepared by the company to the south of Limassol’s 1st Industrial Area. Part of the historic complex of the factory will be preserved, whereas in the area that will be freed, high-rise buildings with apartments, offices and shops will be erected.
