Lisbon apartment for renovation
Golden visa properties for sale in Lisbon Portugal
There is no other company who delivers a fully managed service like we do. BUY – RENOVATE – RENT
A sunny 2+1 bedroom penthouse apartment with outside space and river views, located in Alfama by the Panteão Nacional and the São Vicente Gardens & Church.
The duplex apartment with 91,44 m2 (roughly 70,00 m2 of living space) is located on the 2nd and 3rd levels of a character building set on a tranquil street no more than 100 m from the renowned Flea Market (which happens twice a week), fresh-fruit market and main square, lined with fantastic restaurants, coffee shops and antique stores… where one can indulge in the local gastronomy and culture.
The property is to be completely renovated and everything will be brand new, including the electrical, water and sewage infrastructures. The historical features in the apartment, including tiles, wooden floors, shutters and ceilings are to be retained during the comprehensive renovations works. Any elements which cannot be restored shall be replaced with the same (new) materials and craftsmanship. The works shall also include pre-installation (pipes and ducts) for air-conditioning throughout.
The lower level of the apartment will comprise: bright living room with open-plan kitchen, guest bathroom and a multi-purpose room, which can be used as an office, dining room or the 3rd bedroom, depending on the usage given to the property and the new owner’s taste and requirements. The living room has two floor-to-ceiling windows, from where one can contemplate the beautiful river views, and which afford the apartment, the sought-after Lisbon natural light and also a sense of outside space. The kitchen will be fully equipped with all the appliances. Please refer to preliminary floor plans with the foreseen layout, for a better understanding of the proposed layout.
The upper level will comprise: guest bedroom, bathroom and master bedroom, which will include outside space (two balconies) and river views. Two mansards, much like the ones on the neighboring building, will be added in the area which is to be the future master bedroom. These new mansards will create the outside space (balconies) and increase the usable living area (height and depth) of the apartment. Skylights are to be added throughout the roof, to allow the much sought-after natural to flow into the upper level too. In the attached floor plans, there are 2 options for the upper level. The first option is to have 2 bedrooms as per the description above (for improved rental yields) and the 2nd option is to have single room or suite which would occupy the entire upper level. At this point in time, it is still possible to decide which option you prefer. Please refer to the attached floorpans.
The facades of the building are to be renovated shortly and the roof will be intervened as well, to create the two mansards, referred to above, and to remove remnants of the old roof which is still visible in the photographs, which makes the ceiling height feel lower than it actually is. The quality of the renovation works will be truly remarkable. No detail shall be overlooked, or cost spared to deliver a brand new high-quality property in Alfama – Lisbon’s oldest historical neighborhood. This experienced developer has rolled out many such renovation projects over the years (possible to arrange views to see previous projects), some of which entailed Golden Visa applications under the 350K threshold program… so you will be in the very best hands!
This is also a rare opportunity for you to influence the finishing’s or even the final layout of the apartment… something which is not always possible. It is also the best, if not only chance, to get a “better deal”, before the property is exposed to the market and other savvy buyers.
In fact, we are in a position to offer you an exclusive but limited offer valid through June 30th 2018. If the property is reserved and deposit paid by the above date, the developer shall include a basic furniture package in the current off-plan asking price.
The licensing requirements for potential Golden Visa buyers (preparing plans and submission) are also to be included in the asking price of 380.000 €.
In terms of the rental potential of this property, you can realistically expect an average annual income of roughly 50.000 €, which translates to a gross rental yield of 13,15% per annum! If you than consider 30,00% for property management and rental costs associated with renting out the property on a short-term rental basis (recommended for higher yields), you would rake in an impressive 9,21% net rental yield per annum. This means that you would literally claw back your entire investment in just over 10 years. It does not get any easier than this!
If you would like to consider snatching up this unique investment opportunity, before it is officially launched in to the market this coming week, please contact one of our consultants.