Cushman & Wakefield (C&W) has recently announced the completion of the sale of Unilever Jerónimo Martins’ emblematic plant located in Sacavém, just outside Lisbon, Portugal.
The 33,234.05m² site holds several industrial buildings that included office, warehouse and manufacturing space as well as support areas that total 17,748m². The property has further development potential.
The disposal of this industrial unit resulted from the restructuring of Unilever Jerónimo Martins’ activities in Portugal that implied an increase in the production of food products in the Santa Iria da Azóia plant.
The property was bought by Ambigroup – a local developer that intends to improve and convert the existing buildings into a mixed use office, retail and services scheme. The new project is well underway and should have units occupied and open until the end of this year.
According to Ana Gomes, associate and head of C&W’s industrial & land team in Lisbon, “the market continues on the look out for acquisition opportunities such as this one that may allow the reconversion of good quality, emblematic and extremely well located properties with relatively low development costs. The Unilever Jerónimo Martins factory boasts a privileged location in the Sacavém city center and it is situated at the crossroads of several routes to and from Lisbon. It is also positioned at the entrance of Parque das Nações, an area that is increasingly seen as a city within the city of Lisbon and an example of modernism offering a wide range of retail, leisure and cultural activities.
“This is truly a fantastic property that has stood out in the market because of the excellent conditions it was in and because of the development potential that it represented. It is also a superb example of how outdated properties can be turned around and transformed into new projects permitting the regeneration of urban areas and creating new activities and opportunities for local communities” concluded Ana Gomes.