Discover a remarkable opportunity in the heart of Funchal with this historic four-storey building, offering immense potential for development and versatile use. Strategically situated on Rua da Carreira, one of the city's most revered and historic streets, the property enjoys proximity to a vibrant pedestrian zone renowned for its diverse architecture, boutique shops, fine dining establishments, cafés, and cultural venues. This prime location guarantees high foot traffic, making it ideal for both commercial ventures and residential conversions. Within minutes, you'll find the La Vie Funchal shopping center, the marina, and the iconic Sé Cathedral, adding to its exceptional appeal.

Nestled within the designated ARU Zone (Urban Rehabilitation Area), this property benefits from attractive fiscal incentives, including a five-year exemption from IMI (property tax), IMT (transfer tax) relief for renovation projects, and additional municipal financial incentives designed to foster modernization endeavors.

The building’s flexible layout presents numerous possibilities: the basement offers two large rooms suitable for storage or technical purposes, complemented by a WC and shower. The ground floor features a spacious, light-filled reception area, two sizeable rooms, a kitchen, and two separate WCs—perfect for retail, restaurants, or transforming the space into two generous apartments. Each upper floor hosts large, naturally lit rooms, smaller rooms, WCs, and accessible terraces and balconies overlooking an inner courtyard. These levels hold potential for creating multiple apartments, ideal for vacation rentals or long-term residential use. The rooftop terrace offers breathtaking views of the city and harbor, providing an excellent setting for a luxurious outdoor lounge, pool, BBQ area, or additional living spaces with expansion options.

The building boasts an elegant façade, high ceilings, large windows that flood interiors with natural light, and versatile terraces suitable for various functions. Currently used as office space, the structure is sound with a well-maintained façade, offering a solid foundation for full redevelopment to meet contemporary standards.

Investing in this property means securing a rare piece of Funchal’s historic core—an area celebrated for cultural charm and economic vitality. Its strategic placement within the ARU Zone enhances its long-term appeal, offering substantial tax advantages and financial incentives to facilitate renovation and modernization. Whether developing a portfolio of 6 to 10 spacious apartments or integrating commercial and residential spaces, this property delivers exceptional flexibility. Its central location ensures high demand for both tourist accommodations and commercial ventures, making it a highly promising and lucrative investment opportunity. Act now to capitalize on this distinguished property and realize its full potential in one of Madeira’s most coveted districts.

Block of apartments

Data source: https://www.rightmove.co.uk/properties/157289759?currencyCode=GBP#/?channel=OVERSEAS