Nicosia awards commercial management of old GSP stadium to PHC

The Nicosia Municipal Council officially awarded the commercial management of five newly developed units at the old GSP stadium to PHC Franchised Restaurants Public Ltd. The decision, finalized on July 30, 2026, follows an open tender process that began on February 20, 2026, aimed at transforming the historic site into a vibrant hub for dining and retail. Although early reports suggested a consortium of three companies, the municipality confirmed that PHC, Cyprus' largest restaurant and cafe operator, submitted the sole successful bid.

The concession contract is set for an initial duration of 10 years, with options to extend it for up to 25 years total. The project includes the operation of cafes, restaurants, bars, and retail stores, alongside a planned Citizens’ Service Centre scheduled to open by 2027. Nicosia Mayor Charalambos Prountzos stated that the developer has up to 12 months to activate the agreement, with contracts expected to be signed in the coming weeks provided there are no appeals. This initiative is designed to ensure the site remains active throughout the day, serving as a primary urban destination for residents and visitors.