Building for refurbishment in front of the Arade River

Old, detached house for full renovation, with stunning views over the Arade river and the so-called “zona-ribeirinha” (river-front promenade) of Portimão. This excellent opportunity is also inserted in the designated “ARU” zone (Urban Recovery Area), well identified by the Portimão Town Hall, and on the main artery of the city, when coming from the “old bridge”. Although registered under a single Urban Article at the Finance authorities, this house has got two separate areas, being the ground-floor a commercial space with 185m2 and the 1st Floor, with independent street access door nbr 20, a habitational space, a 4+1 bedroom flat with 163m2, each one with independent usage (Commerce and Habitational). This property dates from “prior to 1951” and needs a total renovation (or refurbishment). Due to its strategic location, the Town Hall of Portimão has issued several benefits for the properties located inside the “ARU”, like exemption of IMT (Art. 45) on the purchase sale of the property, reduction of VAT (2.23 of List 1) from 23% to 6% on all civil works involved in the renovation and exemption from IMI in the first 3 years after works are completed, besides other capital gains advantages (Source of info: Town Hall of Portimão WebSite, under “ARU”, Year 2018). It offers a spectacular location, splendid views over the Arade River and it is within very short walking distance to the most famous sardine restaurants and leisure areas on the waterfront and to the city centre, where services, commercial spaces and the no less famous fish and seafood restaurants of this city abound. Parking places (free and paid parking) are available on the street right in front. Undoubtedly, a unique opportunity for those wishing to invest in an area in constant appreciation and very sought after by both residents and tourists.