The property is located in the Portimão riverside area
Carvoeiro Branco Lda, in partnership with Sigmund Capital, has recently secured the purchase of the iconic São José Sardine Factory, situated along the picturesque banks of the River Arade in Portimão.
Following the successful development of Mabor and Feitoria in the Portimão area, Carvoeiro Branco initially “withdrew from further investment in this region”.
However, according to the developer, after “engaging in productive discussions with Mr. João Gamboa, the Head of Urban Development in Portimão, who astutely recognised the substantial potential of this project, the company decided to embark on this new endeavour”.
The acquired property boasts an impressive 8,000 square metres of land, with an existing building spanning 5,900 square metres. It is strategically located in the Portimão riverside area (zona ribeirinha), “an emerging area in the Algarve with promising growth prospects”, said the developer.
“Carvoeiro Branco Lda holds a strong belief in the potential of this Portimão region, and this project reaffirms their commitment to its development,” the company revealed in a press statement.
The vision for the São José Sardine Factory is to “transform it into a thriving residential community, offering modern and comfortable living spaces. The project aims to deliver a minimum of 15,000 square metres of residential area, accommodating an estimated 140 to 180 residential units”.
Founder and CEO of Carvoeiro Branco, Erik de Vlieger, states: “While we are eager to embark on this exciting journey, we anticipate that obtaining the necessary construction permits will take approximately 12 months from now.”
However, this timeline is subject to the urban development processes overseen by Portimão Town Hall.
At present, Carvoeiro Branco is overseeing more than 20 ongoing developments throughout the Algarve region and beyond.
“The team at Carvoeiro Branco looks forward to breathing new life into this historic site and contributing to the evolving landscape of Portimão.
“We believe that this venture will not only honour the heritage of the São José Sardine Factory but also bring modern, vibrant living spaces to this thriving area of the Algarve.”
The development project will represent an overall investment of around €52 million.
For video visit Historic São José Sardine Factory