Investment || An iconic but rundown building along the Portimão riverfront is set to receive a long-awaited facelift thanks to private investment from a Dutch family who describe the project as a case of “love at first sight”.
Built around 100 years ago and severely damaged by an earthquake in 1969, the ‘Pneus Mabor’ property on Rua Serpa Pinto is set to undergo a €5 million renovation that will see it become an attractive residential building including shops and offices, which are expected to bring a much-needed boost to this long-forgotten area.
Despite the idyllic location facing the Arade River with its metallic bridge and the Visconde Bívar gardens – and just metres away from the city’s popular seafood restaurants – this historic part of Portimão has received a lot of bad press in recent years due to drug dealing and prostitution.
But it is hoped that once the derelict building is revamped, this historic quarter will again become a much sought-after area for homeowners, businesses and tourists alike. This is the hope of Dutch investors from the De Vlieger family.
For the full story, see the printed of the weekly Algarve Resident newspaper, on sale in paper shops July 17.
