Nicosia municipality to sign commercial development deal for old GSP square

On Friday, October 30, 2026, the Nicosia Municipality and PHC Franchised Restaurants Public Ltd are scheduled to sign an agreement for the commercial development of the old GSP square. This deal follows an open tender process conducted in August, in which PHC secured the concession for five premises at the site. The initial agreement will last for 10 years, with the possibility of extensions up to a total of 25 years. Mayor Charalambos Prountzos noted that the company has a 12-month window to fully activate the agreement.

The project aims to transform the former stadium area into a major urban destination. Planned outlets include a flagship Caffè Nero—billed as the largest in Cyprus—which will feature dedicated meeting spaces, booths, and an outdoor garden. Plans also include a wine bar on an elevated section of the square. Additionally, reports indicate that the municipality aims to relocate a Citizen Service Centre (KEP) to the site by 2027. While some final technical details remain under negotiation, the agreement is expected to provide the square with a stable commercial foundation, enhancing its appeal as a recreational and professional hub in the heart of the capital.