370.000 €
*EXCLUSIVE* Occupying a prominent corner position on Rua Dr. Pádua, in the heart of Olhão’s historic Baixa, this substantial 2-storey property presents an exceptionally rare opportunity to acquire a distinctive renovation/ redevelopment project in one of the Algarve’s most sought-after locations.. Set over two floors with a 124m² footprint, the property combines striking architectural character, dual street frontage, and an expansive roof terrace - offering outstanding scope to create a truly exceptional private residence, mixed-use project, or high-value investment. The ground floor is currently vacant and reveals an impressive sequence of original brick-vaulted ceilings and exposed stone arches, creating a dramatic interior space rich in authenticity and atmosphere. The scale and architectural integrity of this space provide a remarkable foundation for a bespoke residential conversion, gallery, or commercial concept. The first floor 2- bedroom apartment is currently occupied and generating rental income, offering immediate revenue while plans for renovation or redevelopment are advanced. Above, a substantial roof terrace spans the property, offering excellent proportions and enormous potential to create a standout outdoor living space with panoramic views across Olhão’s iconic cubist rooftops and towards the Ria Formosa. The combination of preserved traditional features, generous internal volumes, dual street access, and a prime corner position makes this an outstanding opportunity for investors, developers, or private buyers seeking to create a landmark property in the historic centre. Located just a short walk from the seafront, municipal markets, marina, and an ever-growing selection of restaurants and cafés, the property enjoys one of the most desirable addresses in Olhão. A property defined by scale, character, and potential - an exceptionally rare opportunity to transform a historic corner building into something truly extraordinary. Positioned within the Urban Rehabilitation Area (ARU) of Olhão, it benefits from potential tax incentives and reduced renovation costs. Olhão, a historic fishing and canning town, is the perfect blend of authenticity, culture and tourism that is no where else to be found in the Algarve. Surrounded by the beautiful natural landscape and wildlife of the Ria Formosa Nature Reserve, it is best known for it’s cubist architecture, beautiful facades, narrow streets, fresh produce markets and collection of islands that offer protection from the sea. Only a 15 minute drive from Faro Airport, Olhão is increasingly becoming a destination for tourists and ex-pats who are seeking a more vibrant and authentic Algarve experience. An extraordinary place to live and visit thanks to a pleasant fusion of locals and foreigners making the most of everything Olhão has to offer. #ref:081/05-26