Nicosia municipality and PHC to sign old GSP deal

Nicosia municipality and restaurant operator PHC are expected to sign an agreement on Friday for the commercial development of the old GSP square, with a Caffe Nero billed as the largest in Cyprus among the planned outlets. According to Politis, the deal, once final pending issues are settled, will give the redeveloped site a stable commercial base. PHC won the concession for five premises after an open tender, the municipality announced in August. Mayor Charalambos Prountzos told the Cyprus Mail then that the company would have “up to 12 months” to activate the agreement and that he hoped the project would make the former stadium “a destination in Nicosia”.

The concession will initially run for 10 years, with extensions possible up to a maximum of 25. PHC is the largest restaurant and cafe operator in Cyprus, and its brands include Pizza Hut, KFC, Burger King, Wagamama, Caffè Nero and PAUL. Politis reports that the Caffe Nero would go beyond a standard coffee shop, with plans including sofas, areas for business meetings, space for small events or seminars and a large outdoor garden. PHC also plans a wine bar on an elevated part of the square overlooking the public space, while one of the smaller ground floor units is earmarked for a perfume shop. PAUL, Wagamama and Verde Caferesto are under consideration, and the choice depends…