10 minute read
MEET LAZAROS PAPADOPOULOS, YIANNIS FARMAKIS & NICK SALATAS
PEACE OF MIND FOR YOUR RETIREMENT IN CYPRUS
Many residents of Cyprus, both locals and expatriates, share a common concern for their future during their senior years. While across the world, especially in the USA and UK, retirement villages are built in large numbers, this is a phenomenon that, until now, has not been available in Cyprus. This month sees the official launch of a new retirement project in Tsada called Lazaris Mill Retirement Village. The builders of the project are Cyprevico Ltd, who are based in Paphos. Lazaris Mill will be the first purpose-built project for retirement in Cyprus and has been a long time in the making. Lazaros Papadopoulos had the initial idea as he was concerned about how to look after his mother in her later years. The team at Lazaris Mill are offering apartments in a complex that will include everything you might need in your retirement, including, if necessary, 24-hour nursing supervised by one of Paphos’ leading hospitals. Property buyers need to be a minimum of 55 years of age.
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The management team at Cyprevico Ltd includes Lazaros Papadopoulos, Founder and Chairman, Yiannis Farmakis, CEO and Managing Director and Nick Salatas, Sales and Planning Director. The three of them together, have over one hundred years’ experience in the property industry. Lazaros Papadopoulos was born in Tsada, and Lazaris Mill had initially been his grandparents’ property. He played on the land as a young boy and spent his childhood there. His family have developed many projects in the area and have helped Tsada both historically and financially. He studied Economics at the University of Athens before returning to Cyprus in 1980. Initially, he ran a furniture factory where high volumes of furniture were designed and produced. In the 1990s his interest in property increased as he could see a positive future for Cyprus with joining the EU. He has built many significant developments in Paphos and the surrounding area. These include both commercial and residential projects. One of his residential developments was a villa which was built for a private client with an internal covered area of 2500 square metres! He lives between Paphos and Tsada with his wife of 45 years.
Yiannis Farmakis was born in Greece but went to the UK at the age of 17. He studied Business Administration before returning to Greece to do his national service. He relocated to Cyprus in 1992 when he was offered a position with a leading property developer on the Island. He progressed to senior management and took on real estate positions which included international travel all over the world. His whole career has been focused on estate agency and satisfying the needs of his clients. He lives in Paphos with his wife and is a father of two. Nick Salatas was born in London with a Cypriot father and British mother. His father had left Cyprus in 1949 as he wanted to leave Morphou and live in London. It was when his father came back 40 years later that Nick really appreciated the lifestyle in Cyprus and decided to relocate to the Island. He moved in 1991 and worked for a leading developer for over 16 years as their Sales and Marketing Manager. During this period Nick travelled extensively to Hong Kong, South Africa, Egypt and Jordan. When he left the developer, he set up a property company with Yiannis, which sold property in Cyprus and Greece. Nick has sold in excess of 1000 properties over the years and can see the need of Lazaris Mill Retirement Village for his clients who he is still in contact with. He lives in Tala with his wife. He is a father of two and grandfather of one.
HOW DID YOU BECOME INVOLVED IN THIS PROJECT?
Lazaros: I have been involved in the property market in Paphos for a long time, and it seems logical that the wave of buyers who bought so many years ago are now increasing in age and needing the back up of a retirement project like ours. It was initially a retirement expert who came to me with the idea and straight away I could see the benefits. My mother is increasing in age, and it is the perfect place for her. Somewhere she can enjoy the benefits of luxury living, but with a backup team to look after her in the event she should need it. Lazaris Mill is all about offering our clients, and in turn their family, peace of mind. While the idea had been formed, I would like to say that the project really came to life when I met Yiannis and Nick. Yiannis: I had heard about retirement projects through my travels, but when Lazaros explained the full benefits for all the residents, I knew this was a project that I wanted to work on. The three of us firmly believe in it. While the project is for all nationalities, it will undoubtedly appeal to residents of foreign countries who may not have family living on a full-time basis in Cyprus. By buying an apartment at The Mill, they will be able to extend their time in the sun as they will feel safe knowing that they have the full back up of our team. Nick: I was familiar with retirement villages from my time in the UK as there are many of them there. Having worked in the property market for such a long time in Cyprus, I also realised that there would be huge demand from my clients who have bought from me over the years. I always try to keep in touch with my clients and a lot of them have expressed interest in the Lazaris Mill as their next move. For the more senior residents and for individuals who are on their own, this is the perfect residential setting for them.
WHAT RESEARCH DID YOU DO BEFORE DESIGNING THE DEVELOPMENT?
Lazaros: We have all visited many locations to see what best suits our own development. We have also had experts visit our proposed site to access the suitability of the project. Personally, I have visited retirement villages in Germany, Austria, UK and the Netherlands. Yiannis: I have seen the developments in the States, UK and Ireland, some of which are like 5-star hotels. We have recreated certain aspects at Lazaris Mill. Nick: We have made three research trips to the UK and Ireland to look at other projects and also to speak to the experts there. We have also attended conferences on creating retirement projects.
WHO IS DESIGNING THE PROJECT?
Lazaros: The whole project has been designed by Vangelis Mavronicolas, who is a very well-known architect. Many of his projects are multi-award-winning. He was born in Paphos but studied Architecture in Greece and has designed several small and large-scale projects in Cyprus, Greece, Lebanon and France. He has been working on the designs for Lazaris Mill for many years.
WHY DID YOU DECIDE TO BUILD A HOTEL AND CLUBHOUSE?
Yiannis: For us, this is central to the whole project. It gives a focus and a meeting point for all the residents. It will also offer many facilities that the residents will want to use, such as, outdoor and indoor swimming pools, bar, restaurant, gym, spa, movie and large function room. These are all things that we feel will benefit the residents on a day-to-day basis. Obviously, the benefit of the 24-luxury suite boutique hotel is that family can stay when they visit. This will enable residents to spend valuable time together. The restaurant and coffee shop in the Club House will be a huge benefit for the community and visitors.
WHY DID YOU SELECT TSADA AS THE LOCATION FOR YOUR FIRST RETIREMENT DEVELOPMENT?
Lazaros: I have lived in Tsada all my life and know the climatic benefits of living 600 metres above sea level. We believe that it offers the perfect climate to live in, especially during the hot summer months. We will have a minibus which will take residents on a daily basis to Paphos and will also be available for other trips.
TELL US ABOUT THE MEDICAL CENTRE ON THE DEVELOPMENT.
Nick: We are working with one of Paphos’ leading private hospitals who will provide the staff so we can offer this medical assistance 24/7. We will have doctors regularly visiting so that it is easier for our residents if they need this specialist help. To give people peace of mind, all the apartments will be linked to the onsite medical centre via our touch panic button.
TELL US ABOUT THE SELECTION OF PROPERTIES FOR SALE.
Yiannis: These range in price from 133,000 euros and we have a selection of apartments with studio, one, two and three-bedroom apartments available. They will all have a high-tech security system installed. In each apartment, there will be a tablet which connects to a centralised system. This will keep our residents up to date with all activities and allow them to communicate directly with each other. It will also be linked to the reception and medical centre. Nick: All properties have been designed to be energy-efficient as well and will have solar panels. All walls are fully insulated. We estimate that the running costs of the homes will be low. The selection of internal finishes will be of the highest level, and there is a selection of finishes for clients to select from if they buy off-plan. The whole area around the hotel and apartments will be professionally landscaped to create a beautiful environment which our residents can relax in.
“TO GIVE PEOPLE PEACE OF
TOUCH PANIC BUTTON.”
WHAT IS THE TIMESCALE OF THE PROJECT?
Yiannis: We are conscious that we do not want our clients to be living on a building site. Therefore, it has been decided that the project will be built in one phase and completed in 27 months. Lazaros: We are looking forward to launching the event on Friday 20th March at Alexander the Great Beach Hotel in Paphos. We will be doing presentations between 12 - 3 to show any interested parties the project and answer any question they may have.
WILL THERE BE HIGH SERVICE CHARGES?
Nick: Service charges will be charged according to the size of a property. We do not want the costs to be prohibitive to any potential buyers, so we are trying to keep this to a reasonable figure. The service charge will include: building insurance, external upkeep of the property, professional communal gardening, servicing of lifts, 24/7-night porter/concierge, emergency response system, health club membership, onsite village manager, window cleaner and the minibus service. Additional services which will not be included, will be house cleaning, laundry and ironing, shopping, meals, hotel services for visitors, restaurant and coffee shop facilities.
HOW DO PEOPLE FIND OUT FURTHER DETAILS?
Lazaros: We invite anyone who may be interested to attend our launch event on Friday 20th March. This will be the first time that the apartments have been available for sale. We are offering our buyers the chance to reserve an apartment by paying a deposit. Obviously, the early buyers will have the pick of the development. Most importantly, the launch day is for us to tell people all about the project so that they are in the position to make an informed decision. “LAZARIS MILL IS ALL ABOUT OFFERING OUR CLIENTS, AND IN TURN THEIR FAMILY, PEACE OF MIND.”
