A new 300-berth marina for yachts up to 25m (82ft) is to be a key part of a new €110m mixed-use waterfront development at Paralimni Municipality in the Famagusta District, Cyprus. UK marine leisure consultancy, Marina Projects, has won a 125-year concession to develop and operate the marina.

The concession agreement was signed yesterday by the Minister of Energy, Commerce, Industry and Tourism, George Lakkotrypis, and PMV Maritime Holdings Ltd. Paralimni Marina will be developed by PMV Maritime Holdings in association with Marina Projects who have been working alongside the directors of PMV since the announcement of the concession contest in June 2015.

Marina Projects produced the concept design for the winning bid and will be actively involved as the development is taken through the detailed design and construction stages. Following completion, Marina Projects will also be engaged for the ongoing management and operation of the marina.

The Paralimni Marina scheme is a mixed-use waterfront development incorporating 195 apartments, 27 commercial units, a yacht club and visitor facilities together with the marina. Due to be fully operational in 2021, it will be the first dedicated leisure marina to be located on the Protaras coastline and will benefit and support the growth of nautical tourism in the region.

The Paralimni Municipality estimates that some 600 jobs will be created during the construction period.

Geoff Phillips, executive chairman of Marina Projects Ltd, says: “I am delighted that the concession agreement was signed yesterday by the Minister and we look forward to working closely with PMV Maritime Holdings on this exciting project.”