The Cypriot foreign ministry is moving to Strovolos temporarily while their usual headquarters undergo renovations. The ministry will occupy the old Laiki Bank building, offering practical benefits and continuity of operations during this interim period, pending final approval and budget allocation by the Strovolos municipality and the House finance committee.
Why is the Cypriot foreign ministry relocating to Strovolos?
The Cypriot foreign ministry is relocating to Strovolos as a temporary measure while its usual headquarters near the presidential palace undergo renovations. The ministry will occupy the old Laiki Bank building, offering practical benefits and continuity of operations during this interim period. The relocation awaits final approval and budget allocation by the Strovolos municipality and the House finance committee.
The Cypriot government is gearing up for a significant transition as the foreign ministry prepares to shift its base of operations. In what’s being described as a provisional move, the ministry will settle into the old headquarters of Laiki Bank, situated conveniently in Strovolos.
Final Approvals and Financial Considerations
Before the relocation is set in stone, the Strovolos municipality must give the green light. The government’s plan includes the purchase of the property from its current owner, the Bank of Cyprus, with a substantial sum of €18.5 million on the table. Moreover, an advance payment accounting for €3.7 million is also on the agenda.
Temporary Measures During Renovation
As the usual headquarters near the presidential palace undergo refurbishments, the entire workforce and operations of the foreign ministry will take up residence in the Strovolos building. The change of scenery is not just a mere shift but a well-thought-out move, considering the practical benefits that the new location offers.
Budget Allocation and Property Valuation
The House finance committee is poised to deliberate on this topic shortly. Interestingly, funds have already been earmarked within the 2024 state budget explicitly for this property acquisition. The initial valuation from the land registry set the market value at €16.5 million, while a private valuation soared to €21.1 million. However, after thorough discussions and consultations with the relevant technical committee, the agreed-upon price was deemed fair and justifiable.
The Emblematic Building’s Attributes
Regarding the selection process for the new temporary headquarters, several factors were weighed in. The building’s emblematic stature and prime location in the outskirts of Nicosia were significant considerations. Despite its age, the building is lauded for maintaining compliance with modern construction standards and is in excellent condition. The immediate availability of the building was another critical factor in its favor, especially in a market where constructing a new building of comparable size and in a similar location would incur greater costs.
A Look Back at Laiki Bank’s Legacy
Laiki Bank’s legacy is notably marked by its collapse following the financial crisis in 2013. In the aftermath, its properties, including the building in question, came under the ownership of the Bank of Cyprus.
Essential Services and Departments on the Move
Once the move is finalized, with all bureaucratic hurdles cleared, the foreign ministry’s day-to-day functions will see a seamless transition to the Strovolos building. This initiative is set to pave the way for efficient ministry operations while its permanent location receives a modern facelift.
This strategic relocation represents a pivotal moment for the foreign ministry, balancing continuity of service with the inevitable evolution of its physical workspace. With the impending discussions and final approvals, the stage is set for a new chapter in the ministry’s long-standing history of diplomacy and international engagement.
Quick Recap:
- The Cypriot foreign ministry is relocating to Strovolos temporarily while their usual headquarters undergo renovations.
- The ministry will occupy the old Laiki Bank building, offering practical benefits and continuity of operations during this interim period.
- Final approval and budget allocation by the Strovolos municipality and the House finance committee are still pending.
- The government plans to purchase the property from the Bank of Cyprus for €18.5 million, with an advance payment of €3.7 million.
- The building in Strovolos was chosen for its emblematic stature, prime location, compliance with modern construction standards, and immediate availability.
