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Residential - Retail - Hotel Project Portimao

Portimao, Portugal

Property ID: 131
Viewed 3870 times

Details

Price
24 000 000 EUR
Type of investment
Project developments
Location
City
Plot Size
99250 m2

Description

Portimão – The area

Portimão Municipality is divided into several areas of economic and touristic interest, namely Alvor and Rocha beaches, Portimão’s residential and commercial area, various golf courses, including Penina Golf Course, Alto Golfe, Morgado and Álamos, Portimão’s Marina, the International Algarve Racing Circuit, Portimão’s Underwater Park – Ocean Revival, as well as the Arade River and its Riverside.

The Rocha Beach, only 5 minutes way from the project, is one of the most famous beaches of the country, with a huge sand extension, a total area of about 146.000 m2, with a coast 1,5 Km wide. In 2012, it was elected the 5th best world beach by the renowned TripAdvisor travel site, which has more than 50 million monthly viewers. Rocha Beach was described as “Huge, clean and marvellous”.

As a reference zone of the European golf, in 2013 Algarve was considered the best golf destination of Continental Europe due to its optimal price/quality ratio, winning the “Today´s Golfer Travel Awards”. Algarve represents more than 45% of the domestic golf offer with 36 golf courses having organized, over the last three years, one of the most important world golf tournaments – Golf Masters Cup. Penina Golf Course, situated at only about 10 minutes way from the project, was considered, in 2012, the best European golf resort by the World Travel Awards.

The Algarve International Racing Circuit (Autódromo Internacional do Algarve), 15Km away from the project, welcomes several motor racing events, such as the Superbike World Championship, GP2 Series, A1GP, F1 Test Driving, Le Mans Series, FIA GT, WTCC, International GT Open and much more. Max Mosley, former FIA’s President stated that the Algarve’s track was one of the world’s best tracks.

The Plan

The Detailed Plan of Horta do Palácio is to be developed in a central noble area of Portimão, where important Spaces, Municipal Facilities and Services are located, such as the Municipal Library, Movie Theatres, the Sports/Gym Pavilion, the Auditorium, the Court, the Police Station, EMARP, the Municipal Nursery Greenhouses, the Tennis Club, the City Hall and the Municipal Stadium, among others.

The development of the Detailed Plan of Horta do Palácio arises from the common desire of the Portimão’s City Hall and Porticentro to requalify the intervention area, allowing for a much desired territorial uniformization, within the city’s most services oriented zone.

The Detailed Plan foresees 10 new plots. Porticentro owns 6 of those, giving it the right to construct in 65.000 m2 above the ground, 42.560,13 m2 underground and more 34.250 m2 in outdoor covered spaces, with a total construction area of 141.810 m2. The remaining 4 plots belong to the Municipality and will accommodate diverse infrastructures related to sports, culture, public services and green areas.

Parking slots wise, the project will comply with article 48 of the P.D.M, within the related plots. Adding to the parking facilities established in the Portimão’s P.D.M., 300 additional public parking spaces are foreseen and carefully distributed and integrated in the basement of some of the future buildings, with the exploitation rights being conceded to their respective owners.

The land has a location of utmost importance concerning the enhancing of Portimão’s downtown, where several important municipal facilities/services are located. Thus, the execution of the Plan offers a unique opportunity to reclassify that noble area of the city.

The Detailed Plan foresees the creation of 4 performance units, which were carefully outlined based not only on the transformation of land ownership structure, but also in its fulfilment, having into account the various conditions involved in the procedure:

Performance Unit 1 – UE1: It covers a large part of the land, consisting of the buildings which were part of the former Porticentro License 6/80. This land will be transformed into 4 plots (Plots 04, 05, 06 and 07);

Performance Unit 2 – UE2: It covers the area currently occupied by the Municipal Nursery Greenhouses and part of Portimão’s Tennis Club facilities, and will be transformed into 3 plots (Plots 01, 02 e 03);

Performance Unit 3 – UE3: It covers the remaining central area of the PCH facilities, namely the Municipal Stadium, Portimão’s Tennis Club, the Municipal Auditorium, the Sports/Gym Pavilion and Portimão’s Movie Theatre. This area will be part of Plot 09;

Performance Unit 4 – UE4: It covers the built-up area boarded in the North by the Pé da Cruz Street, where the PCH services can be found – Plot 10, and that extends to East including the urban buildings that will become Plot 08, which is intended for underground parking.

The Performance Units numbering is merely indicative and is not related to any chronological order of the Plan’s development.

Total Construction Area: 141.810,0 m²

Specific division areas upon request.

The project allows a “clean” building area of 65.000m2 or a “gross” building area of 99.250m2 above the ground, and an area of 42.560m2 under the ground, resulting a total of 141.810m2. Its flexibility may be analysed in an available table, which presents fundamental data such as the maximum of 53.000m2 for collective housing, the maximum of 17.000m2 for retail, the maximum of 45.760m2 for hotels and the maximum of 33.760m2 for health care area. Taking into consideration the maximum areas allowed for each type of building, several scenarios may be drawn, depending on the market and the promoter’s purpose.

The exploitation of the 300 foreseen private and public parking spaces adds value to the project, as the land is situated near important services and facilities. The understandable high parking demand is sure to be transformed in considerable revenue.

Procedure

Project reference value: EUR 24,000,000. (Current reference value of the building rights).

After a NDA we have more information available.

ADDITIONAL INFORMATION

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