As part of its development plans for Eleftheria Square, Nicosia Municipality has announced that it is looking for eager entrepreneurs who want to create bars and coffee shops at the location. The proposals and ideas for the new venues will be evaluated by the municipality and the winners will be announced in January 2021.
Working on developing key parts of the city
Nicosia’s Eleftheria Square is set to receive some major upgrades as the city’s government seeks to make it more attractive to visitors. The municipality’s efforts in this regard will boost the site’s productivity and development options and will give those who are looking for opportunities to create new businesses or expand their existing ones the perfect chance to do so.
The new cafes and bars will be located right under the Square’s bridge, where the municipality will also erect a playground in order to further beautify the area. When considering the applications, entrepreneurs must keep in mind that the monthly concession must not exceed 60,000 euros. Furthermore, should the newly created establishment register an annual turnover of over 600,000 euros, it will have to pay 6% of its monthly income to the local government.
Thus, all who are eager to become the owners of new cafes in the heart of Nicosia can apply – so long as they do so by 2 November. The main criterion for selection will be the financial viability of the proposed projects. After being selected, the winners will sign contracts with the local government in February which will have a duration of 5 years with a possibility for extension for another 5.
The opportunity presented by Nicosia’s authorities is essential for the economic development of the Cypriot capital as it struggles to cope with the aftermath of COVID-19. Giving small business owners a new lease on life is perhaps precisely what is needed in these circumstances.
Source: TheMayor.EU
