PROPERTY: Hellenic sells prime Paphos plot to Constantinou hotels for EUR 12.5 mln

Hellenic Bank said that its recoveries subsidiary APS Debt Servicing Cyprus, Real Estate Division, has sold a prime plot in Kato Paphos for a cool €12.5 mln to Constantinou Bros Hotels Group.

The plot, a field of 125,000 sqm, lies on the northern side of Poseidonos Avenue, literally across the street from Constantinou’s other properties, the 5-star Athena, the Pioneer Beach and Athena Royal Beach hotels, and the boutique 5-star Asimina Suites.

In the back, it leads all the way to the Spyros Kyprianou main road parallel to the coastal road, connecting Yeroskipou with Paphos.

The plot enjoys a building coefficient of up to two floors for hotels, resort and housing, with a 225m frontage onto Poseidonos Avenue and lies 220 meters from the sea.