€45-Million Investment to Transform DN’s Former Headquarters into Luxury Flats

25 July 2018

Acquired about two years ago by Avenue, the project will begin soon, building luxury flats, including a penthouse.

One after the other, the city’s most historic and iconic buildings are being converted into luxury residential properties. This is again the case with the former headquarters of the Diário de Notícias, which operated there from about 1940 until the end of 2016. Purchased last year by the property developer Avenue, the five-floor building will now give way to 34 luxury flats and a ground-floor commercial space. Construction is expected to start in the third quarter of this year. The apartments will have prices starting at 560,000 euros.

The building located at 266 Avenida da Liberdade will undergo renovations in a project carried out by the real estate developer Avenue. The total investment is expected to reach 45 million euros, including the acquisition price of about €20 million. Aniceto Viegas, general-director of Avenue, explained that the facades would be preserved, as well as the “Diário de Notícias” sign. “We had to preserve a number of the original elements, architecture is a very strong element in this project,” he stated Wednesday, explaining that the licensing process “was not difficult, but it was long and time-consuming.”

The interior of the property will be renovated, preserving the stairs, handrails and frescoes by Almada Negreiros while adapting the building for housing. The project foresees the development of 34 premium flats, with sizes ranging from studios to five-bedrooms and areas between 45 and 410 square meters. Also, the ground floor will be a 1,300-square meter commercial space, together with private parking for 47 vehicles.

Eight apartments will be built on the first floor – four studios, two one-bedroom and two two-bedroom flats, with areas between 48 and 159 m2. There will be nine apartments on the floor above – three studios, three one-bedrooms, two two-bedrooms and a three-bedroom flat -, with areas varying between 50 and 182 m2. The third floor will have another eight apartments – one studio, three one-bedrooms, three two-bedrooms and one three-bedroom flat; together with eight other rooms on the fourth floor – two studio, two one-bedrooms, one two-bedrooms and two three-bedroom flats. Finally, the fifth floor will have a single apartment, which will be a kind of penthouse, with 408 m2, with a 416-m2 terrace.

As the real estate developer explained, the houses located in the central core of the building will have smaller dimensions, taking into account that they will get less light. In turn, the one- and two-bedroom flats will have views of Rua Rodrigues Sampaio and a “more contemporary reading”. The penthouse will face the same street and will have “more unique features”, namely two private terraces, one covered and overlooking the Avenida da Liberdade, four suites and independent elevator access.

Regarding prices, Aniceto Viegas said: studios will start at €430,000, one-bedroom flats at €560,000, two-bedroom flats will start at €1.1 million and three-bedroom apartments at €1.7 million. The five-bedroom penthouse, which Avenue’s CEO described as “the most special flat,” there are still no set values, but Avenue will “try to find a fair price that can match the demand.” However, the executive suggested that: “It could be one of the most expensive homes in Lisbon.”

Avenue has been acting in the Portuguese market for three years and currently has eight properties. Three have been finalised, four are in progress, and the most recent investment was in the EXEO Office Campus, an office project at Parque das Nações. 266 Liberdade will be marketed within a few months by JLL, and Porta da Frente | Christie’s, and construction is expected to be completed within 20 months.

Original Story: Economia Online – Rita Neto

Translation: Richard Turner