This investment is setup as a renovation rebuild project. The current property is a terraced house right in the center of Faro. There are not many frontline properties like these available. The house comes with two addresses. The top half and the bottom half. The owner has made sure to apply for a rental licence for both of the addresses.
In addition to the rental yield, this property offers a great potential for a renovation rebuilt. The property has a granted option to add another floor on top. This means, more sea views and also an additional 75m2 to the already significant 170m2.
The current owner is an architect. He has developed a project for this house that consists of two apartments. Seeing as this property already has two addresses and sufficient space. This project would be very doable if your thinking of building your holiday home or creating revenue through rental income.
Furthermore, this property is one of the few properties that lays within its right to add more stories if planning is within reason and accepted. This could go up to 11 stories, this also depends on the possibilities for parking as that determines the scope of the operation.
An amazing opportunity on a great location. Within crawling distance to the Faro marina and a one of a kind frontline property. We would be happy to show you the potential. So book a visit and we will see you soon.
With any questions, give us a call. We will talk you though any questions you might have.
– REF: 23-06-FA-1
