What the Egyptian investors are planning for the former Varkiza shopping center
What the plans foresee for the redevelopment of the “Varkiza” shopping center and the story of its former owner, Giorgos Koutroulias -an iconic figure of Athenian nightlife.
Work is currently under way on the construction of luxury apartments with a swimming pool on the site where the “Varkiza” shopping center once stood. The shopping center, which belonged to the Koutroulias family of the “Palmie Bistro” restaurant chain, had been put up for auction and was acquired in May 2024 by the Egypt-based company AG Marina Group, owned by the Abdelmasih business family.
The company is proceeding with the redevelopment of the former shopping center located at 3 Afroditis Street in Varkiza. The complex that will be created will include 27 holiday residences with surface areas ranging from 40 to 60 square metres, distributed across the building’s three floors. The total buildable area of the building will amount to 1,605 square metres, while it will also include 28 parking spaces to serve residents’ needs. It should be noted that the price at which the Egyptian investors of AG Marina Group acquired the property through the auction process amounted to €1.62 million.
Indicatively, the characteristics of one of the properties in the Marina View complex in Varkiza clearly reflect the footprint of modern residential developments that combine functionality, construction quality and a privileged location close to the sea.
The features of the properties to be developed
This is a ground-floor apartment with a total surface area of 52.6 sq.m., with an internal layout extending over ground-floor and mezzanine levels, facing an internal courtyard. The property includes an open-plan living room–kitchen area, one bedroom, a bathroom on the ground floor and a second bathroom on the mezzanine level, as well as a private veranda measuring 2.5 sq.m. As far as technical and quality features are concerned, the residence has pretreated wooden flooring in the main areas, a kitchen with lacquer or equivalent finish, large-format ceramic or granite tiles in the bathrooms, thermally insulated aluminium window frames with glazing, laminate interior doors and a reinforced security entrance door.
The equipment is completed by a concealed air-conditioning and heating system, a solar water heater, a full electrical installation with provision for internet and television, as well as built-in kitchen appliances and a washing machine. According to its current owners, this is a property aimed both at those wishing to purchase it for owner-occupation and at those looking to utilise it as an investment, in one of the most sought-after areas of the Athens Riviera.
Giorgos Koutroulias: the story of one of the founders of Athenian nightlife
The building’s trajectory under the Koutroulias family is inextricably linked to the course, achievements and challenges of recent years for Giorgos Koutroulias, who for more than fifty years left his mark on both the nighttime and daytime life of Athens. Through the businesses he created, he largely shaped the evolution of dining and entertainment in the Greek capital, influencing entire eras.
Giorgos Koutroulias and members of his family continue to maintain an active presence in the all-day café-restaurant business through the “Palmie Bistro” group. Over time, the group evolved into their main business vehicle. However, successive financial and social crises did not leave their business “territory” unaffected either, which over the past two years has been under severe strain as it has faced auction proceedings.
Despite the difficulties, Giorgos Koutroulias is considered one of the people regarded as founders of Athenian nightlife. Originally from Evrytania and raised in a family with three younger siblings, he was forced from an early age to fight for survival. In 1962 he settled in Athens with just 950 drachmas in his pocket, a fact that marked his entry into an entirely new world—a world in which he would go on to leave a strong imprint through food and entertainment.
Before reaching that point, he worked in many different jobs. It is indicative that within his first year in Athens he changed approximately 30 professions, starting out at “Zacharoplasteio Karra.” The decisive turning point came when he was offered a position first as an assistant cook and later as head of the kitchen at “Athinaia.” There, the first major milestone of his career took place: at just 23 years old, he was not only a chef but also a partner in the business, essentially discovering the path he would follow in life.
A second significant milestone followed when he participated as a shareholder in the historic “9 Mouses,” a venue that left a strong imprint both in central Athens and at Astir Vouliagmenis.
Shortly afterwards, he moved on to his first purely personal venture, opening the French restaurant “Le Foyer” at Caravel Square. This restaurant evolved into a point of reference and a favourite meeting spot of cosmopolitan Athens. Subsequently, his name became associated with a series of iconic dining and entertainment venues, such as “Eirinikos,” “Le Grand Foyer,” “San Lorenzo,” one of the country’s first discos, as well as the legendary clubs “Mercedes,” “Bora Bora,” “Prison,” “Empire,” “Must,” “Vareládiko,” “Galea,” “Boca,” “Guzel,” “Tango,” and many others.
The creation of Palmie Bistro and the fall during the crisis
Over the years, and thanks to his foresight, he recognised the need for a new, hybrid model that would bridge the boundaries between restaurant, café, bar and patisserie. Thus was born the idea of “Palmie Bistro,” an innovative-for-its-time concept that combined food, coffee, dessert and drinks throughout the day, in a carefully designed space with affordable prices.
“Palmie Bistro” establishments became meeting points for every moment of the day. The first store, at Caravel Square, next to the hotel and on the site where “Le Foyer” had previously operated, formed the base for the creation of the chain and the reference point for its development. Investments followed for new stores in many areas of Attica and beyond. Around 2010, the “Palmie Bistro” network had exceeded 20 locations in Athens, expanding its activity to other cities as well, such as Heraklion in Crete, Karditsa and Loutraki, as well as abroad, with a presence in Bucharest and Skopje.
However, the economic crisis significantly weakened the resilience of the Koutroulias business family. The company found itself exposed to a series of auctions for its assets, in relation to outstanding debts it maintained. One such case was the Varkiza shopping center.