Portugal: Sales of serviced residences in the converted Palacio dos Condes de Lumiares in Lisbon have begun.
The €20 million project is being developed by Morningbridge Lda
on behalf of the owner, Quick & Positive - Investimentos
Imobiliarios Lda, with sales led by JLL and advised by Bridgehead
The 500-year old palace will be restored and converted to include 53 apartments, two luxury retail spaces, spa and gym facilities, and a panoramic roof top bar and restaurant.
The project also includes the restoration of the facade of the historic family palace, the only element that remains from the original 16th century building.
The sales effort will focus on the Brazilian, Asian, Scandinavian, French and South African market, offering a three-year rent guarantee at four per cent, up to six weeks personal use per year, and professional hotel management service.
Prices range from €260,000 to €1.1 million for the penthouse apartments.
Construction works will begin in late May/early June 2015 with completion scheduled for December 2016/January 2017.
The Lumiares is located on Rua Sao Pedro de Alcantara, at the top of the Elevador da Gloria funicular.
Peter Lowe, managing partner of, Morningbridge Lda, said: "I'm excited at the idea of bringing this stunning landmark building back to life. It has taken a huge team effort to make sure that justice is done to this historical family palace, ensuring that during the design development process we kept all the charm of the building whilst bringing it into the 21st century, fit for a discerning international clientele."
Patricia Barao, head of Residential at JLL, said: "The Lumiares is one of the best investment opportunities in Lisbon for buyers attracted by the Golden Residence Permit for investment activity as well as for the markets where investors are motivated by the advantages of the Non-Habitual Resident Tax Regime in Portugal. The Lumiares will be developed into an attractive apartment hotel, restoring to life a much loved old family palace in Bairro Alto, that will benefit from all of the services and facilities of a 5* hotel; it will also offer to owners of apartments the security afforded by a professional hotel management service as well as a good return from letting the apartment as part of the hotel when the owner is absent".