Public auction for Braga factory fails to attract bidders

Public auction for Braga factory fails to attract bidders

A public auction to sell the building that once housed the old Confiança factory in Braga failed to generate buyers’ interest.

The factory, designed by architect José da Costa Vilaça and opened in 1921, produced perfumes and soaps until 2005.

The starting price for the building was €3.6 million but failed to attract interest from bidders, stated a source at Braga City Council.

However, the property lot did elicit some questions for information even if it went unsold. Given the result, Braga Council has decided to rerun the auction at a later date to allow closed bids to be made which will have to be delivered by March 10.

The auction will be held on March 11 at a time and place to be decided and the starting bid will still be €3.6 million, said Mayor Ricardo Rio.

“This has been a process surrounded by a lot of fuss and we believe that accepting closed bids could create a more comfortable situation for possible interested parties instead of a public auction,” said the Mayor.

The Mayor added that “from the type of questions asked at the auction, there would be an advantage of giving more time to would-be investors to weigh up their decision.”

From an urban planning point of view, the council is convinced that the sale process for the former factory is “advantageous, legally correct and incontestable”.

The auction starting bid will be the same amount paid by the Council for the building in 2012.

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