Twins House Center
The details of the property are the following:
a. 477 sq. meters of a whole ground floor building with name Twins House Center in Petrou & Pavlou area PLUS
b. 492 sq. meters of the mezzanine (whole floor) PLUS
c. 6 underground parking places, which operate as a warehouse PLUS
d. Exclusive right to use the lift (separate from the lift in common areas) PLUS
e. Exclusive right to use stairs (separate from the stairs in the common areas)
The building is situated in the center of Limassol with mixed use (residential and commercial). It is very close from the main commercial road of Limassol, namely Arch Makarios Avenue (200 meters). 3 sides of the building have road access and therefore it is easily accessible.
The property operates as a licensed supermarket of a well-known supermarket chain, name Sklavenitis. Sklavenitis is the biggest and most successful supermarket company in Greece (see their website http://www.sklavenitis.gr/profile/#/slide/1 ).
The said company (Sklavenitis) has recently signed a rental agreement with the owners, based on which it has undertaken to pay the following monthly rent:
a. Between 1/7/18-31/12/19: €8.000 plus 19% VAT (total €114.240 per year including VAT)
b. Between 1/1/20-31/12/21: €9.000 plus 19% VAT (total €128.520 per year including VAT)
c. Between 1/1/22-30/6/23 : €10.000 plus 19% VAT (total €142.800 per year including VAT)
d. For every following 2 years both parties will appoint a valuation expert to assess the fair rent. If the difference between the 2 valuations is less than 5% then the difference between the 2 valuations will be taken as the basis of the monthly increase. If the difference between the 2 valuations will be more than 5%, then the parties will appoint mutually a single valuation expert and they will accept his valuation based on which the monthly rent will be increased accordingly. It is agreed that if based on the valuations it appears that the fair rent is lower than the current rent payable, then the rent will continue as it is based on the current rent. If the difference between the valuations will be more than the current rent, then the rent will be increased by a maximum of 8%. This method will be followed every 2 years and the parties undertake to conclude an agreement on this point 1 month before the expiration of the 2 following years.
It is noted that Sklavenitis operates the building as supermarket for the last 14 years.