The asset is a single storey listed house in Nempetchane, Nicosia close to Ledras Street. The asset has a land area of 181sqm. The house was once a traditional listed building and has partially collapsed. The facade and two arches remained intact.

The immediate area is within the Old City walls of Nicosia comprising listed buildings of residential and commercial use and is the traditional commercial center of Nicosia.

Listed Properties also benefit in three different ways:
Financial Incentives which is the direct sponsorship given by the State to the owner for the complete maintenance of the listed building. No incentives are provided for partial building maintenance.
Transfer of Building Factor which is on the one hand the utilization of development rights that are not used in the protected plot by selling a remaining building factor and on the other hand securing additional sponsorship in the maintenance cost by selling a given building factor. This incentive operates in the free market without state mediation.
Tax Incentives which are the tax exemptions and tax-free rental income that can be taken by the owner of a listed building that has maintained it according to the Conservation Principles.