Mello RDC, the family office managed by António Ribeiro da Cunha, is investing €50 million to convert an office building in Benfica, Lisbon, into a residential development aimed mainly at the middle class. The property on Rua Alfredo Guisado was acquired from Grupo Ageas and will become the Panorama building, with around 11,000 sqm of above-ground space. The project is currently going through the licensing process with Lisbon City Council.
The scheme will have 85 one, two and three-bedroom apartments, designed by architecture practice Posto 9. The building has south-facing façades with views over Monsanto, and is close to two metro stations, the Segunda Circular ring road and the Radial de Benfica. Works are due to start in the second half of 2027, and the apartments will have a reference price of around €6,500 per sqm.
“We are very motivated to create a landmark project in the city, with all the conditions for families to enjoy a good quality of life. Like other projects we have developed, it will have quality spaces, large balconies, parking, storage rooms and amenities for exercise and for children”, noted António Ribeiro da Cunha, CEO of Mello RDC.
The investment will be funded with Mello RDC’s own capital and a group of family offices and private investors that back the company on its larger projects. “We like this business model of sharing risk and returns, which also allows us to have a larger team to handle the many different fronts we have at the moment”, explained António Ribeiro da Cunha. Mello RDC’s in-house team also invests in its projects on a small scale.
Panorama is part of Mello RDC’s strategy of refurbishing and converting existing buildings in Lisbon for residential use. “We believe there is a real market for converting office buildings from the 1960s, 70s and 80s in Lisbon, which no longer offer the conditions companies look for in offices for their staff. We are committed to converting some of these buildings into housing”, added the CEO. The company is currently assessing new conversion opportunities in the city across different asset types.
Its portfolio already includes FREEDOM, the conversion of a 1940s garage into a residential scheme for young urban professionals, which keeps the building’s original architecture. Of its 23 apartments, 19 have been sold. The company has also developed Quarteirão Inglês, the refurbishment of four buildings acquired from the UK Government, including the former Hospital dos Ingleses, the Estrela Hall theatre and the former Chaplain’s residence. The Estrela Hall theatre has been set aside for the future Estrela Health Centre.
Mello RDC is a Lisbon-based family office that works mainly as a residential developer and, occasionally, on mixed-use and office buildings.
