Nicosia municipality and PHC to sign deal for old GSP square development

The Nicosia municipality and PHC Franchised Restaurants Public Ltd are set to sign an agreement on Friday, October 30, 2026, for the commercial development of the old GSP square. The concession, secured by PHC following an open tender, covers five premises within the historic site and will initially run for 10 years, with options for extensions up to a total of 25 years. Mayor Charalambos Prountzos noted that the company has up to 12 months to activate the agreement, with the goal of transforming the former stadium area into a major urban destination.

The development plan features several notable commercial outlets, including what is billed as the largest Caffe Nero in Cyprus. The facility will be designed for multi-purpose use, incorporating business meeting areas, space for small seminars, and an outdoor garden. Additionally, PHC plans to open a wine bar on an elevated section overlooking the square. Beyond these commercial ventures, there is a strategic objective to relocate a Citizens' Service Centre (KEP) to the site by 2027, addressing a long-standing demand from residents and workers in the capital's center. This project follows earlier redevelopment efforts and is expected to provide the square with stable commercial activity.