After numerous attempts to find a new owner for the former Orphanides supermarket building in Nicosia, REMU has withdrawn it from sale.
It has been decided that the large building, worth €34 million, will be given to the Bank of Cyprus. It is expected that the headquarters of the island's main financial institution will soon be located there.
It should be noted that the building, with a total area of 59,437 m2, is located at the entrance to the capital of Cyprus, in the Strovolos district. It has been vacant for many years. However, in the near future it will be renovated and the building will be radically transformed. According to the agency, the cost of renovating and maintaining the building, which is to be the headquarters of the Bank of Cyprus, will be several million euros.
In addition, transport links in the area are likely to have to be upgraded as the 500 or so staff who currently work in the Agia Paraskevi Street building will be relocated to Stravolos. This will put additional pressure on the existing road network.
It should be remembered that Orphanides was the largest supermarket chain in Cyprus.
Its stores were located in every town and district on the island. Laiki Yperagora Orphanides Limited was established in November 1986 and its shares were traded on the Cyprus Stock Exchange from December 1998. However, in 2013 the company went bankrupt and the shops ceased to exist. They are not currently operating in Cyprus, but the signs on many of the buildings have not been removed while they 'wait' for a new owner.