The old GSP is set to become a new dining, retail and public services hub after PHC Ltd secured the contract to operate five commercial units at the redeveloped site, with cafes, restaurants and shops expected to open.

Speaking to the Cyprus Mail on Thursday, Nicosia mayor Charalambos Prountzos welcomed the development, saying he hoped the project would establish the former stadium as “a destination in Nicosia”.

The municipality announced that PHC had been awarded the concession following an open tender process.

Prountzos explained that the company will have “up to 12 months” to activate the agreement.

He said the commercial units would be used primarily for food and beverage businesses, together with retail outlets.

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

The concession covers five premises within the redeveloped old GSP and will initially run for 10 years, with the option of extensions taking the agreement to a maximum of 25 years.

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

The commercial element forms part of the wider regeneration of the former GSP stadium, which was closed down in 1999 before being demolished in 2017 as part of plans to transform the site into a new public space within the capital.

The redevelopment shall also include a citizens’ service centre, which is expected to open by next year.