Beach Road, Esentepe
We are pleased to release a new development in the rapidly expanding residential area between Kyrenia and Esentepe.
The site is close to the new 18 hole Golf Course. It has main road frontage and is a mixed project of commercial and residential real estate.
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The site is on the main north coast road, which hugs the coastline between Kyrenia and Esentepe. The site has excellent main road frontage. The majority of the land is on the south side of the road, with an area of some 2 donums (2,500) square metres on the northern side.
The location is at the centre of a burgeoning ribbon development of villas and apartment blocks which have followed the course of the new north coast road.
The total land size is some 20 donums or 26,880 square metres. However, this has been reduced to just under 16 donums due to the construction of the new coast road which runs through the land.
The build density will be some 20%, and this will give a covered build area of around 4,000 square metres.
It is planned to build -
1. A restuarant on the parcel to the north of the road. The restuarant will be approximately 200 metres from the sea with spectacular and uninterrupted views. The covered build area will be around 150 square metres.
2. A supermarket of some 1,000 square metres.
3. Some 13 smaller retail units averaging 115 square metres each = 1,500 square metres.
4. On the elevated section of the land, there will be an exclusive series of 4 apartment blocks with a total of 18 apartments each at 80 square metres. Total build will be around 1,400 square metres. The apartments will be tiered to follow the natural incline of the land. Each will have a north facing balcony with excellent sea views.
Wellington Estates Ltd will acquire the freehold title to the land and will provide a range of infrastructure services including electricity and water, together with car parking.
Investors are invited to participate in the project. There is, at present, a great deal of flexibility in the building plans for the site and investors can select any of the 4 types of development opportunity outlined above.
Indicative build costs are in the region of £450 ($864) per square metre.
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