1.200.000 €
Exceptional corner building for total rehabilitation, situated in one of the most emblematic and sought-after streets in Olhão, set on a corner between Rua 18 de Junho and Rua Gonçalo Velho. Located within the Urban Rehabilitation Area (ARU) of Olhão Centre, this asset represents an unmissable investment opportunity for developers looking for profitability and scale in the Eastern Algarve. The property features recent architectural studies and general drawings (V2 version from March 2026) that help visualise its enormous potential. It is important to emphasize that the property does not have an approved project, making it an excellent opportunity to develop your own project from scratch. According to the prior technical information from the Municipality of Olhão (Process no. 13/2025), the property falls under the structural spaces class I, providing viability for extension and reconstruction works, with a maximum permitted height of up to 5 floors. One of the building’s highlights is the 3 ground-floor shops with direct access to the patio, providing unique commercial and residential versatility. Additionally, there is fantastic appreciation potential with the possibility of creating a private terrace above the patio area. The preliminary project exemplarily safeguards the municipal requirement to preserve the main facades, enhancing the ceramic coverings of traditional colors and patterns and tiles of high heritage value. Main Features and Technical Data: Strategic Location: Corner building with two main facades (Rua 18 de Junho and Rua Gonçalo Velho), guaranteeing excellent sun exposure and visibility. Official Areas: Land registry with a total plot area of 293.5 m² (238.9 m² covered and 54.6 m² patio/uncovered) and tax registry with 300 m² of gross construction area. Constructive potential: Around 350 m² of estimated gross overall area, with 3 ground-floor shops connected to the patio, upper residential floor and attic, and potential for vertical development up to 5 floors. Tax Advantages (ARU): Access to municipal tax benefits and incentives associated with urban rehabilitation (such as reduced IMI property tax and reduced VAT rates). Book your visit now, check the floor plans and discover the full potential of this exclusive property! #ref:1769-02341