PHC wins concession for commercial units at redeveloped old GSP

Nicosia, Cyprus. PHC Ltd has been awarded the concession to operate five commercial units at the redeveloped old GSP site, where cafes, restaurants and retail outlets are expected to open. The agreement is part of the wider regeneration of the former stadium into a public space.

Concession agreement

The Nicosia municipality said PHC was awarded the concession following an open tender process.

Nicosia mayor Charalambos Prountzos welcomed the development, saying he hoped the project would establish the former stadium as “a destination in Nicosia”.

PHC will have up to 12 months to activate the agreement, Prountzos said. The units are expected to be used primarily by food and beverage businesses, alongside retail outlets.

Terms and next steps

The concession covers five premises at the redeveloped old GSP. It will initially run for 10 years, with extension options allowing the agreement to reach a maximum duration of 25 years.

If no appeal is lodged with the tender review authority, contracts are expected to be signed in the coming weeks. Interior works are due to begin shortly afterwards.

Wider redevelopment

PHC is Cyprus’ largest restaurant and cafe operator and manages brands including Pizza Hut, KFC, Burger King, Wagamama, Caffe Nero and PAUL.

The former GSP stadium closed in 1999 and was demolished in 2017 under plans to transform the site into a new public space in the capital. The redevelopment will also include a citizens’ service centre, expected to open by next year.