Patriarch Grigoriou Street in Nicosia is named in honour of Patriarch Gregory (Grigoriou in Greek). This title has been held by several prominent leaders in the Christian Orthodox Church throughout history.

The proximity of Patriarchou Grigoriou Street to Saint Barnabas Church further emphasises the interwoven relationship between the religious history, culture, and daily life of the people in Nicosia.

It can be inferred that the street's proximity to Saint Barnabas Church likely made it an important location within the local community.

Having a mansion or business near a prominent religious institution, such as a church, may have been seen as prestigious due to the significance of the church in the lives of the community members. Additionally, the street's name, Patriarch Grigoriou, which pays tribute to an influential Orthodox Christian leader, could also contribute to the perceived prestige of the area.

In general, owning a mansion or operating a business in a historically or culturally significant area often carries prestige and status. This would likely be the case for properties and companies located on or near Patriarch Grigoriou Street in Nicosia, particularly given its close connection to Saint Barnabas Church and the broader religious history of the region.