Investment property with a pending project…

This residential & commercial, multi-purpose tri-building (with garage division) is a project that is currently under development. The current revised project has not yet been submitted to Sintras municipality. An initial PIP & project was approved to expand the property up to 1074 m2. Due to covid delays the initial project was suspended & a second, more improved project was realised for the property. The new project, when approved, intends to expand the existing area up to approximately 1250 m2. The project that is under development can either be for small, short-term rental apartments, a boutique hotel or a complex of 22 apartments, over 3 commercial spaces, with parking. At the moment the project is ready for submission to the Sintra municipality. The final project submission is pending, in case a future buyer wishes to make final amendments and changes to the project or the buildings. The property is a mixed-use building in the centre of the historical village of Sintra, located on a 690m2 plot of land with a building implantation footprint area of ​​463m2. It was originally a total of three buildings. They were combined together in one lot so that the future project, to be submitted to the Câmara Municipal de Sintra, will have the tax benefits of reconstruction. The 3 buildings consist of a commercial area on the ground floor measuring approximately 330m2, alongside a small adjoining building with a total area of approximately 20m2, including a patio, as well as a 360m2 residential building, comprising 3 floors with approximately 120 m2 each on each floor. Currently, the commercial space is actively utilised with the adjoining small building used as an office, storage & works area. The residential building is currently undergoing extensive restorative renovation works inline with a future vision of the current developer to resurrect and redevelop the 3 buildings into an updated, modern set of apartments or aparthotel. Some demolition, fortification of the stone walls - with the use of restoration techniques to restore the fundamental masonry and its decorative finishing in the visible parts of the interior - have commenced along with restoring stone windows, doorways and the reinforcement of the load/bearing walls on the ground floor. More information on the planned project is available on request.