The Tomás Ribeiro 89 residential project, at Avenida Tomás Ribeiro 89–91 in Picoas, Lisbon, has been sold in a deal advised by Dils and CBRE. Neither the parties nor the price have been disclosed.
The original building dates from the 1920s and is in the heart of Avenidas Novas, between Saldanha and Marquês de Pombal. It is part of the Ressano Garcia Urbanisation Plan and is listed in Lisbon’s Municipal Heritage Charter. The project, designed by ARX Portugal, involves refurbishing the building while keeping its three original façades, and extending it with basement parking.
The result will be a low-density residential condominium with six apartments of two to five bedrooms over seven floors above ground. It will also have 20 parking spaces on two basement levels and an 895 sqm landscaped garden with a swimming pool, gym and garden pavilion, a rare set of amenities in central Lisbon. All permits have been approved and the scheme is ready to build.
The property is a few minutes’ walk from the Saldanha and Picoas metro stations and close to main roads such as Avenida da República, Avenida Fontes Pereira de Melo and Avenida da Liberdade.
“This is a rare opportunity in central Lisbon: a fully approved, ready-to-build project. There is a shortage of product that meets the requirements of the luxury segment, with generous units and a large garden. Lisbon is increasingly establishing itself as a destination with all the conditions to attract this type of client and asset”, noted Gonçalo Santos, Head of Development, Living & Capital Solutions at Dils Portugal.
Miguel Gonçalves Ferreira, Director of Residential Capital Markets at CBRE Portugal, added: “The success of this deal reflects investors’ growing selectivity, as they favour projects with a high degree of maturity and low execution risk. With the supply of fully approved, ready-to-build residential projects in Lisbon still limited, assets such as Tomás Ribeiro 89 remain highly attractive to capital, benefiting from a unique combination of location, product quality and clear visibility on project delivery”.
