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Funchal’s Golden Gate Building on Auction

10 September 2018

The deadline for submitting written proposals for the purchase of the Golden Gate building in the centre of Funchal passed last Thursday, without any interested parties having submitted bids to the Regional Government – as was reported in regional government’s official gazette. The public property will now be sold at a public auction tomorrow, Tuesday, at 10:00 am, in the auditorium of the Secretariat of Equipment and Infrastructure (Campo da Barca). The base bid was set at 12.6 million euros.

The nine-story building Golden Gate is located in the most sought-after area in Funchal, “facing Avenida Arriaga (north), Zarco Avenue (west) and Rua das Murças (south)”. The upper floors have a spectacular view of the harbour and Funchal’s amphitheatre. Currently, the building houses a number of public services that will be transferred to another public building once the sale is completed.

According to the gazette, the Regional Directorate for Property will hold another auction on September 19 to sell another seven public properties. Those assets include, for example, a warehouse in Sítio da Ponta, with a base value of 529,000 euros, a property on Rua de São Lourenço (Caniçal) for 240,000 euros and a plot of land in the Villa in São Vicente for 214,000 euros.

Original Story: Diário Imobiliário

Translation: Richard Turner