Insider Business Conditions set before former Stephanides headquarters gets to host new Jumbo

Conditions set before former Stephanides headquarters gets to host new Jumbo

The Town Planning Authority is setting a number of conditions before it gives the green light for the former headquarters of the Stephanides Group near the Mall of Cyprus in Nicosia to host a new Jumbo store.

The land and buildings which hosted the Group are now in the hands of Banks of Cyprus. And the lender’s special unit managing foreclosed property has reached agreement with Jumbo Trading Ltd – the Greek Group’s subsidiary in Cyprus.

In a reply to a written question submitted by Green Party MP George Perdikis, Interior  Minister Constantinos Petrides said that a relevant urban planning application for additions to the premises could be approved if commercial, environmental and traffic assessment studies are submitted before a Special Committee.

This is composed of the Permanent Secretary of the Ministry of Commerce, the Director General of the European Programmes Directory, the Director of Town Planning Authority, the Director of Public Works, and the head of Town Planning Board.

On the anticipated problem of traffic congestion in the area, the Minister said that this will be examined within the context of any application for a planning permit which will also include a traffic impact assessment study.

A letter sent from the Town Planning Authority to Introserve Properties which owns the specific property, notes that the proposed new use may come under the category of a “supermarket”.

However, the proposed development deviates from the policy under covering supermarkets in the Local Plan. And it is also not included in those permitted within the Special Area OP5, in accordance with the provisions of the capital’s Master Plan.

Nonetheless, the Town Planning Authority may approve the development if it follows a procedure provided for in the Local Plan. The company, along with the application, should also submit Commercial, Environmental and Traffic Impact studies.


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