By 2018-06-12 InPortugal
 

State prepares to sell 630,000 sq metres of prime riverfront

With five international consortiums reportedly interested, the government is finally advancing with its sale of 630,000 sq metres of prime riverfront south of Lisbon.

The sale of the “Margueira dockland” site, formerly owned by boatyard Lisnave, is expected to bring in at least €50 million.

It will require investment of up to 30 times that figure for the “water city” real estate project already approved.

Earlier this year, various reports claimed five major consortiums could be bidding for the land, among them American, British and Chinese companies.

The huge site will be sold in one lot, with the time-scale for redevelopment set at 10-15 years.

Estimates for the investment required to create what will be a kind of South Bank water city range from 1 – 1.5 billion euros.

natasha.donn@algarveresident.com


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