Cushman & Wakefield was exclusively instructed to sell a portfolio of 3 Caixa Geral de Depósitos (CGD) properties in Lisbon, one of which is the emblematic CGD block at Rua do Ouro. The 2 other properties consist of land for development in Areeiro and Telheiras.
The CGD block on Rua do Ouro is a magnificent example of downtown Pombaline architecture. Having been practically fully rebuilt in the 60s decade of the last century, the building, which totals around 13,000 sq m, is in excellent condition and constitutes a rare opportunity to promote an iconic luxury project – for residential or tourist development – with dimension, in a privileged location and increasingly strategic point of the historical city centre.
The second property of the portfolio is a land plot for promotion located on Avenida João XXI, next to the headquarters building of CGD. The 1,264 sq m land is classified as Central and Residential Area in the Lisbon PDM and could thus allow for the construction of a residential project with more than 7,000 sq m of construction above ground. Avenida João XXI is one of the most important axis of the city centre, connecting the new avenues area to the eastern part of Lisbon. It is also a benchmark residential location for the upper and upper middle class offering, in its surroundings, a wide range of commerce and services as well as an integrated public transportation network.
Finally, the land in Telheiras, located in front of the Hospital da Marinha facilities, totals around 8,100 sq m. It is integrated into a Central Urban and Residential Area to Consolidate and may allow, in the future, for a residential project of significant dimension in an area of the city equally of reference for residential projects of medium high to high range.
The structured marketing processes that kicked off this month foresee the sale until October 2018.
According to Ana Gomes, Associate and Director of Promotion and Rehabilitation of Cushman & Wakefield in Portugal, "this is a rare opportunity to, on the one hand, rehabilitate a remarkable building given its position and setting in the historical centre of the capital; and on the other, to constitute a grant of future promotion with huge potential for residential development in strategic locations of the city. The market is very keen on high quality real estate acquisition opportunities whose conversion or promotion may result in attractive projects, creating new dynamics and activities for the benefit of residents and visitors."