Discover an exceptional opportunity in the heart of Funchal with this versatile building, ideal for developing a boutique accommodation, residential apartments, or a charming small hostel. Situated in the sought-after Santa Luzia neighborhood, adjacent to Santa Luzia Park, this property benefits from a prime central location surrounded by amenities, shops, and excellent transportation links. The street is currently undergoing revitalization, including a prestigious new development project by a renowned construction company, enhancing its dynamic appeal. The building is positioned within the ARU (Urban Rehabilitation Area) zone, offering attractive incentives and tax benefits for renovation and development. Featuring a complete structure in excellent condition with no major structural issues, the property offers significant potential for up to five short-term rental units or residential apartments. It boasts a private Rear patio accessible from one of the units, and currently includes a leased commercial space, adding immediate rental income. The property sits on a plot of 146 m², with an implementation area of 126 m², a gross construction area of 378 m², and a private gross area of 252 m². Given the scarcity of such properties in Funchal’s city center, this offering represents a prime investment with strong prospects for appreciation. Please note, the property does not currently hold a habitation license and is eligible for sale under the Simplex program. Don’t miss the chance to explore this promising property—schedule a visit today to see its full potential firsthand.

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Data source: https://www.rightmove.co.uk/properties/164148263?currencyCode=GBP#/?channel=OVERSEAS