Landmark Building for Sale in Saripolou Square, Limassol Old Town: Income Producing with Boutique Hotel Potential

Rare commercial investment opportunity in Limassol Old Town, located directly on Saripolou Square, the most vibrant entertainment and business hub in the historic centre. The property is surrounded by restaurants, bars, offices, retail shops, and constant pedestrian activity, while being within walking distance to Limassol Marina and the seafront.

The asset sits on a 450 m² plot and comprises a building of approximately 1,200 m² total covered area (including verandas).

The property is currently configured with a combination of office spaces and retail units and already generates approximately €150,000 in annual rental income, providing immediate cash flow while evaluating redevelopment plans.

Boutique hotel / serviced apartment development potential
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Due to its prime Old Town location, the building offers excellent potential for conversion into a boutique hotel or serviced apartment project.

A feasible concept includes approximately 36 units (studios and one-bedroom apartments). With an estimated Average Daily Rate (ADR) of around €250, the project could generate gross annual revenues of approximately €2.5M – €3M depending on occupancy and operating model.

Value-add investment potential
Estimated renovation cost: €1M – €1.5M

Total project cost:
Purchase price: €4.2M
Renovation: €1M – €1.5M
Total investment: approximately €5.2M – €5.7M

Based on a stabilized operational model and conservative net margins typical for boutique hospitality assets, the project could achieve an estimated ROI in the range of approximately 12% – 16% annually.

Additionally, after renovation the building’s market value is estimated at around €5,500 per m², implying a potential resale value of approximately €6.5M – €7M.

This represents a prime value-add real estate opportunity in Limassol city centre, combining existing rental income, strong hospitality potential, and long-term capital appreciation.

Asking Price: €4,200,000

An exceptional opportunity to acquire a landmark investment property in Saripolou Square, Limassol Old Town—one of the most desirable locations for hospitality, tourism, and mixed-use developments in Cyprus.