CBRE to advise on strategy for EUR 540m marina resort

Commercial property consultant CBRE has been appointed as the global strategic adviser for the EUR 540 mln Limassol Marina resort in Cyprus.

The company behind the mixed-use project has appointed CBRE in London to assist in the long-term strategic options for the commercial elements of the Mediterranean’s newest super-yacht marina.

The shareholders of Limassol Marina, a group of international developers and construction companies, are nearing the completion of the resort, which includes a 640-berth marina with a capacity for yachts up to 115 metres, 55 luxury retail, restaurant and leisure units, 248 private apartments and villas and car parking for over 1,300 vehicles.

By its completion in the second quarter of 2013, it is expected that 90% of the commercial areas will be pre-let. To date, over half of the units have been leased or reserved, while sales of released residences have already reached EUR 80 mln.

'Marinas in Cyprus reached their capacity in 1992 and the country has been crying out for a venue that not only meets the demand for berths, but reflects the ever increasing high end visitors and residents,' said Chris Lacey, head of mixed-use and funding at CBRE.