INSOLVENCY OF REAL ESTATE FUND AT AUCTION FOR 7.8 MILLION

The insolvency of a Real Estate Fund puts construction plots up for Electronic Auction, located in Óbidos. Bidding runs until May 27, 2024, at 6:00 PM here.

There are 6 Construction Lots, which include 20 plots of land with development potential. In this regard, the 6 Lots can be bidded on individually starting from €132,600.00. The overall valuation is €7,813,200.00.

The sale results from the insolvency of Costa Atlântica – Special Real Estate Investment Fund SA (8511/18.5T8LSB). LEILOSOC® is the appointed sale agent for the liquidation of the process.

The properties are located in the parish of Vau, with a view of the Óbidos Lagoon. Therefore, their strategic position on the Silver Coast is noteworthy. As a result, they are less than 5 minutes away from the Bom Sucesso and Lapinha Beaches.

Thus, the plots of land from the Real Estate Fund have the following characteristics:

• Lot 1 has a Total Area of 12,500.00 m² and allows for the construction of an eco resort. It is located in the quietest area, very close to the Lagoon.
• For Lot 2, there is a study with a favorable opinion from the Óbidos Municipal Council. This contemplates the construction of 33 Houses (up to 2 floors and with a minimum area of 350.00 m²). The Construction Lot has a Total Area of 27,030.00 m².
• Lot 3 has a Total Area of 1,536.00 m². Noteworthy is the panoramic view of the Estuary and the River.
• Lot 4 has a project with a positive opinion from the Óbidos Municipal Council. It projects the construction of 34 Houses (up to 2 floors and with a minimum area of 350.00 m²). These plots are located in the most privileged area of the entire Bom Sucesso. Positioned on the southern bank of the River Estuary, they are at an altitude of about 40 meters. Thus, they have a view of the Lagoon, the River Estuary, and the Sea.
• Lots 5 and 6 are part of a residential development and correspond to 2 Construction Lots for Houses. They have Total Areas of 1,003.00 m² and 850.00 m², respectively.

Furthermore, the properties benefit from exemption from the Municipal Transfer Tax on Real Estate (IMT) and Stamp Duty. This tax benefit is granted under Article No. 270, Nos. 1 and 2, of the CIRE.

The real estate assets presented at Auction represent an investment with enormous potential, given their unique location. It is likely that this is the largest unexplored Atlantic strip in the country. Located on the Atlantic Coast, it has an excellent setting in the natural environment in which it is situated. In addition, it offers services associated with housing (tourist or residential).

Learn more: Investing in the Silver Coast. Why?

Finally, these plots are ideal for the construction of several luxury tourist-residential developments. They are integrated into an area with associated golf courses, which constitute the main local attraction for tourists and residents.

Learn more: Demand for land registered a 24% increase in Portugal in the last 3 months.

The catalog with all assets can be consulted here.

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Article by Cloe Mattos by LEILOSOC® dated May 8, 2024