BelaOlhão factory has been sold by Olhão council to Carvoeiro Branco
The former BelaOlhão animal feed factory has been sold by the municipal council of Olhão to real estate developer Carvoeiro Branco. The news was confirmed by both parties on Wednesday (January 29).
Carvoeiro Branco added that the deal was completed following the takeover of the purchase position from a UK-based investment group.
“With an ambitious transformation plan in front of the Olhão marina, the former 20,000sqm factory will be redeveloped into a mixed-use project, incorporating residential and tourism components,” the company says in a statement.
The development will feature around 500 apartments and a luxury hotel unit, with a total construction area of around 70,000sqm.
The project has an estimated business volume of around €300 million and will be developed by Antrix, a sister company of Carvoeiro Branco. “This newly established real estate development firm aims to expand the group’s presence beyond the regional level, building on its 1,400 units already in the pipeline, to establish a strong footprint across the Iberian market. Antrix is already in negotiations to develop additional projects in Lisbon, Montijo, Setúbal, and southwestern Spain.”
“We are committed to creating a development that redefines standards of luxury and quality in Olhão, providing residents and visitors with a unique experience,” says Erik de Vlieger, CEO of Carvoeiro Branco. He added that the project is a “testament to Carvoeiro Branco’s dedication to the economic and social development of the region.”
The deal has also been celebrated by Olhão mayor António Pina, who highlighted the work that was carried out by the local council when it took over the property. “We are pleased to have completed what was a major challenge we took on around six years ago when we decided to buy that space, transform it, and create an anchor project for the development of the easter part of the city.”
The new development aligns with the council’s efforts to breathe new life into the area. “This project promises to reinforce not only the urban landscape but also the redevelopment efforts that the council has carried out in that area of the city, namely the renovation of Avenida 16 de Junho, which has expanded and enhanced the riverfront.”
As part of the agreement, 250 parking spaces will be granted to the municipality free of charge and without a time limit, addressing urban parking challenges and contributing to the city’s infrastructure.
The contract also sets a deadline for project completion, with the development expected to be finalised within 96 months (eight years) of the signing of the deed.
By MICHAEL BRUXO
michael.bruxo@portugalresident.com
