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• €20 million investment in the restoration and development of historic palace • 53 apartments, 2 luxury retail spaces, spa and gym facilities, and panoramic roof top bar and restaurant
A development project to turn the 500-year-old Palácio dos Condes de Lumiares into 5* Luxury Serviced Apartments has launched its sales efforts, led by real estate consultant JLL and advised by Bridgehead Capital Ltd.
The Lumiares luxury serviced apartments project includes the restoration of the façade of the historic family palace, the only element that remains from the original building that dates back to the 16th century, as well as a complete rebuild of the interior, incorporating all the 21st century design criteria of a top class apartment hotel to provide the comfort, security and amenities of a modern building. The refurbished building with a new interior will restore this historic icon to its original glory.
The project is being developed by Morningbridge Lda on behalf of the owner, Quick & Positive – Investimentos Imobiliários Lda. The sales effort will be structured and focused on selling apartments to international purchasers. The Brazilian, Asian, Scandinavian, French and South African markets are the primary destinations for the sales & marketing of The Lumiares, which is offering a 3 year rent guarantee at 4%, up to 6 weeks personal usage per year, a professional hotel management service and the prospect of good capital appreciation in a buoyant Lisbon property market.
The Lumiares will include a number of 5* facilities, including the hotel reception, spa and gym, roof-top Alto Bar Restaurant providing panoramic views over Lisbon and the river Tagus, two luxury branded shops and below ground private parking places and storage for apartment owners. The completed development will offer mainly one- and two-bedroom apartments priced competitively against the local market ranging from €260,000 to €1.1 million for the penthouse apartments.
The construction works began in late May/early June 2015 with a build programme of about 20 months; completion is scheduled for December 2016/January 2017 and The Lumiares will open in the 1st quarter of 2017.
The Lumiares is located on Rua São Pedro de Alcântara, at the top of the most famous funicular in Lisbon, the Elevador da Glória that connects the historic district of Bairro Alto to the commercial and retail centre of Lisbon, the Avenida da Liberdade.
The development affords the most spectacular views over the city in one of the most picturesque and lively neighborhoods of Lisbon, with a wide choice of restaurants and bars. It is just 5 minutes' walk to Chiado, the trendiest neighborhood of the city, with many diverse spots of historic interest, and is only a few meters away from Avenida da Liberdade, which has developed in the last few years into a destination of choice for leisure and top end branded retail.
Peter Lowe, managing partner of, Morningbridge Lda, says: "I'm excited at the idea of bringing this stunning landmark building back to life. It has taken a huge team effort to make sure that justice is done to this historical family palace, ensuring that during the design development process we kept all the charm of the building whilst bringing it into the 21st century, fit for a discerning international clientele".
Patrícia Barão, Head of Residential at JLL, says: "The Lumiares is one of the best investment opportunities in Lisbon for buyers attracted by the Golden Residence Permit for investment activity as well as for the markets where investors are motivated by the advantages of the Non-Habitual Resident Tax Regime in Portugal. The Lumiares will be developed into an attractive apartment hotel, restoring to life a much loved old family palace in Bairro Alto, that will benefit from all of the services and facilities of a 5* hotel; it will also offer to owners of apartments the security afforded by a professional hotel management service as well as a good return from letting the apartment as part of the hotel when the owner is absent". Barão adds: "from the perspective of those who visit Lisbon, The Lumiares is a destination that allows them to have accommodation close to the center of the city with 5* quality and at the same time have the charm and comfort of a beautifully refurbished old family palace, providing not just a mere stay, but a personalized experience".
Apartment sales have been encouraging in the first few months of this year and the sales momentum is expected to accelerate following today's launch in Lisbon. This follows a launch that took place in China and Hong Kong in April and showcase events which took place in Scandinavia in the spring.
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