Motor Park launches race track apartments.jpg

Motor Park launches race track apartments

A marketing campaign to promote the new tourist apartments at the Algarve Motor Park has been launched, offering buyers a package of perks as well as guaranteed yearly income for the first three years.

The Track Apartments comprise 160 apartments in seven blocks with leisure areas and outdoor swimming pools, solarium, tennis courts, games courts and a reception.

Forty-eight are one bedroom apartments, 74 have two bedrooms, 36 have three bedrooms and two are three bedroom duplex properties.

Paulo Pinheiro, CEO of the Motor Park, told the Algarve Resident that work on the apartments has restarted, with 33 having been sold within 15 days.

“We now manage everything directly and have an exciting package for owners, many of whom are British, Irish and German,” he said.

As part of the package, property owners can make use of all the communal infrastructures at the Algarve Motor Park, as well as benefit from paddock access tickets for races, VIP passes with access to boxes, race driving courses, karting courses and taxi experiences.

Other benefits also include discounts for extra tickets, discounts in the shop and merchandise, VIP parking as well as privileged access to the golf courses around the motor park.

In addition, each apartment block is also given one day per year of the race track itself, for 10 years, for its property owners to use exclusively.

According to a statement from the motor park, the investment also gives a guaranteed yearly income for the first three years, with eight to 10 per cent annual profitability of the capital invested.

 “The Algarve Motor Park is one of the most innovative projects in Portugal, having received more than 500,000 spectators for events at the track in 2009,” said the statement.

A five-star Radisson BLU hotel with 194 rooms is also due to be built within the luxury tourist complex.

The motor park also won Motorsport Facility of the Year at the Professional Motorsport World Expo Awards 2009, which recognises the best teams, personalities, technologies and infrastructures in the world of motorsport.