It is the first church founded in the settlement of Nea Kokkinia by the first refugees in 1922. It operated in a tent given to the refugees by N. Plastiras and was erected on the eastern side of the square of Ag. In 1923 the foundation of the church was laid by the Archpriest Commissioner of Kokkinia, Sevastia Yervasios. The church was completed in 1928 - 1929 with the contributions of the residents and was consecrated by Metropolitan Yervasios of Sebastia in 1930. The temple's iconostasis is carved from walnut wood, in folk style, and Christian symbols are represented, such as birds, vine and the theme of Cain and Abel (which is an important detail), etc. The current Epitaph of the church is also carved in wood, which was created by the woodcarver Georgios Gregoriou (donated by the Terkesidou household) and is a copy of the Epitaph of St. John Chrysostom of Nicosia, which was carved in Asia Minor.

The temple's tabernacle was transferred piece by piece from the holy church of St. Stephen of Nigd in Cappadocia with the help of Gervasios during the exchange in 1923, as well as the pulpit, the despotic and two shrines. In 1947, the Holy Synod officially established the feast of the city on the feast day of the 318 Divine Fathers of the First Ecumenical Council in Nicosia. The church was later hagiographed by the Soutsos brothers under the supervision of the academic Byzantinologist Anastasios Orlandos.

The church is trinitarian and is dedicated to the memory of St. Nicholas, the Holy 318 Theophany Fathers who formed the First Ecumenical Synod in Nicosia and the Assumption of the Virgin Mary. The first priest was Vasilios Papadopoulos, who was the first priest to lead the construction of the church. The first Metropolitan of Nicaea, George Pavlidis, was buried in the church's precinct (Holy Metropolis of Nicaea, Nicaea, Theology, Culture 325 - 1987, Nicaea 1988, p. 356 - 357, Archontia Papadopoulou, Attica Nicaea. Historical study, 4th edition enriched, Lexypn, Athens 2023, p. 182 - 188).