Sin­gle bid­der clinches 10-year Old Li­mas­sol port deal for 26 mln

Financial Mirror (Cyprus) - - FRONT PAGE -

A Cypriot ex­pa­tri­ate with busi­ness in­ter­ests in the U.S. was the sole bid­der for the Li­mas­sol Old Port fa­cil­i­ties, clinch­ing the ten-year ten­der for an an­nual lease of 2.6 mln eu­ros, 300,000 eu­ros more than the min­i­mum of­fer.

The Cyprus Ports Au­thor­ity had given out to ten­der the ground fa­cil­i­ties of the old port in June, which was re­cently ren­o­vated at a cost of 17.8 mln eu­ros, more than dou­ble the ini­tial cost of 8 mln that was planned in 2010.

The old port, that in­cludes 18 new build­ings and two that were re­cently ren­o­vated, cover a com­mer­cial space of 5,800 sq.m. and was of­fered in an open ten­der for a ten-year lease up­wards of 2.3 mln a year, with an op­tion to re­new for a fur­ther ten years, De­spite sev­eral lo­cal in­vestors ex­press­ing in­ter­est CPA chair­man Alec­cos Michaelides said that it re­ceived a sin­gle bid by a Cypriot in­vestor in the US.

The bid will be as­sessed by a com­mit­tee ap­pointed by the Au­thor­ity’s board, hope­fully by the end of Au­gust.

The new in­vestor will un­der­take to rent out the fa­cil­i­ties to third par­ties, but also to main­tain and re­pair the build­ings.

One of the two ren­o­vated build­ings will house a win­ery and the other will be used for ex­hi­bi­tion pur­poses. The 18 new build­ings will house four restau­rants, bars and cafés, three tav­er­nas, three snack bars, 17 shops and seven floors of of­fice space.

The old port project also in­cludes a build­ing that houses the Fish­eries De­part­ment, as well as a fish­er­men’s cove as the fa­cil­ity will con­tinue to op­er­ate as a fish­ing har­bour and fish mar­ket. The Fish­eries Dept. will be re­spon­si­ble for the an­chor­age of the fish­ing and other ves­sels.

The project area also in­cludes a pi­azza-square, park­ing spa­ces and a deck and pub­lic bridge from where pedes­tri­ans can look onto the har­bour area, as well as the ad­ja­cent newly built Li­mas­sol Ma­rina.

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