Nicosia’s Old GSP square is expected to gain a new commercial identity, with the municipality and restaurant operator PHC due to sign an agreement on Friday for the development of five premises at the site.
The project is expected to include what is being billed as the largest Caffè Nero in Cyprus, alongside other food, drink and retail businesses.
According to Politis, the agreement is close to completion, with some outstanding issues still to be settled. Once finalised, it is expected to provide the redeveloped site with a stable commercial base.
Five premises awarded to PHC
PHC secured the concession for five premises following an open tender, as announced by Nicosia Municipality in August.
The concession will initially run for 10 years, with possible extensions taking the total period to a maximum of 25 years.
Mayor Charalambos Prountzos stated that the company would have up to 12 months to activate the agreement. He also expressed hope that the project would turn the former stadium site into a destination in Nicosia.
PHC is Cyprus’ largest restaurant and cafe operator, with brands including Pizza Hut, KFC, Burger King, Wagamama, Caffè Nero and PAUL.
Largest Caffè Nero planned for the site
According to Politis, the planned Caffè Nero would be considerably larger than a conventional coffee shop.
The proposals include sofas, areas for business meetings, space for small events and seminars, and a large outdoor garden.
PHC is also planning a wine bar on an elevated section of the square, overlooking the public space. One of the smaller ground-floor premises is being considered for a perfume shop.
PAUL, Wagamama and Verde Caferesto are also among the brands under consideration. Their inclusion will depend largely on the buildings’ capacity and licensing requirements.
Citizen service centre and calls for a pharmacy
The municipality is also aiming to reopen a citizen service centre at the site next year, following the closure of its previous facility on Makariou Avenue.
The redevelopment would include such a centre, which was expected to open by next year.
Residents of Nicosia’s walled city have also called for a pharmacy to be established in the area, where none currently operates.
From former stadium to commercial destination
The GSP stadium closed in 1999 and was demolished in 2017. The site was originally intended to become a green space in the capital.
The planned commercial development marks a new direction for the former stadium grounds, combining retail and hospitality businesses with public services.
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