The CPA will essentially sub-let the premises to investors and collect a rent fee, set at a minimum of €2.3m per year (not including VAT).

The tender is for a 10-year contract, with an option for a 10-year extension.

Procurement officer at the CPA, Andreas Parmaklis said the contract would be awarded to the highest bidder, provided the tender’s specifications are met.

The submission of offers opens on August 1, and the assessment period will take around two months. The contract award and signing of an agreement will take place three months after the first date of submission of tenders.

The premises at the old port – some 5,800 square meters – will feature cafeterias, restaurants, bars, shops and office space.

The revamping of the old port – to make it suitable for commercial development – cost around €17.8m.

Known as the old Limassol port, the site used to be the city’s main port between its construction in 1956 up until the delivery of the new port in 1973. Its original foundations were laid during the British occupation of the island in the late 19th century.

With time, it changed from being a cargo and passenger terminal to its current use as a leisure, fishing boat and coast guard shelter.

Source: Cyprus Mail