Vanguard will invest about €15 million in the rehabilitation of an iconic building in Lisbon. With an area of around 3,000 square metres, the property is expected to have between seven and 15 flats.
Vanguard Properties will invest about €15 million in the rehabilitation of an iconic building in Lisbon, where about a dozen luxury flats will be built, with prices ranging up to €3 million.
At number 89 of Rua Tomás Ribeiro, in Lisbon’s Avenidas Novas neighbourhood, is a 1920s building recently acquired by Vanguard from a group of owners. The property developer will invest about €15 million in its rehabilitation, transforming it into a luxury building.
With an area of around 3,000 square metres, the property is expected to have between seven and 15 flats, although the project is not yet finished, Vanguard CEO José Cardoso Botelho told ECO. The building is expected to have a terrace on the fifth floor and a semi-underground basement intended for housing.
Due to its characteristics, says the property developer in a statement, “this rehabilitation project is aimed at the Belgian, French, Swiss and Portuguese public, who are looking for charming buildings in premium locations”. Prices for the flats range from 1.5 to €3 million.
“We are going to transform this beautiful 19th-century building into a luxury property, taking advantage of the beautiful façade and high ceilings, to develop an exemplary project for the city of Lisbon,” says José Cardoso Botelho, adding that the construction work will start next year.