Dorita Yiannakou
The commercial operation of five premises at Nicosia's Old GSP redevelopment has been awarded to Catercom Catering, part of PHC Franchised Restaurants Public Ltd, following a decision by Nicosia Municipality.
The agreement will initially run for five years, with the possibility of extensions bringing the total period to up to 25 years.
Its international franchises include Pizza Hut, KFC, Burger King, Taco Bell, Wagamama, Caffè Nero, PAUL and Jamie Oliver Restaurants.
Under the terms of the open tender for the right to use the five premises, the minimum acceptable offer was set at €5 per square meter. Catercom was the only bidder, submitting an offer of €5.55 per square meter.
The five venues are expected to be up and running within 12 months of the contract being signed.
Nicosia Municipality is expected to sign the agreement with the operator shortly. Catercom will then take over the preparation and interior fit-out of the premises, with the aim of opening them within the agreed timeframe.
One operator for all five venues
The agreement places all five premises under a single operator, responsible for their operation and management, with the aim of giving the Old GSP development a more consistent commercial and overall identity.
The spaces can be used for restaurants, cafés, retail outlets, kiosks and prepared-food catering, as well as services connected with property management.
Catercom Catering is part of PHC Franchised Restaurants Public Ltd, Cyprus' largest restaurant and café group, rather than the owner of PHC. The wider group operates and franchises more than 110 outlets across Cyprus, bringing together major international and local brands. Its international franchises include Pizza Hut, KFC, Burger King, Taco Bell, Wagamama, Caffè Nero, PAUL and Jamie Oliver Restaurants.
Operators will design the interiors
The Old GSP premises will be handed over to Nicosia Municipality as a "cold shell," meaning the basic structures will be completed but the interiors will remain unfinished. This will allow the operators of the shops, restaurants and cafés to design and fit out the spaces according to their needs.
Nicosia Municipality described the successful tender process and Catercom's decision to take on the commercial operation of the Old GSP premises as an important success and a strong vote of confidence in both the development itself and the city center.
According to the municipality, bringing the site to life under an established operator is expected to contribute significantly to the revival of the surrounding area, generating more commercial activity and attracting more visitors to Nicosia's historic center.
The development is part of the wider regeneration plan for the Old GSP area and was delivered with a budget of approximately €27 million through the THALIA 2021-2027 Cohesion Policy Programme, with co-financing from the European Union.
