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Pestana to Convert Former Brewery in Funchal into Luxury Flats
22 September 2020 – The Pestana hospitality group announced that it would invest in a closed condominium in Funchal, renovating a former brewery in Funchal that it has owned for more twenty years. The Apartments & Lofts Factory, which is located in the city centre, will consist of 25 flats with areas between 66 and 354 square meters.
According to Paulo Prada, the Corporate Director of Pestana Hotels for Madeira & Azores, “There are no new flats on sale in the centre of Funchal. We thought it was a good opportunity and, therefore, we decided to take on this development.”
The apartment tower will include three shops and 25 one to four-bedroom flats. Each apartment will also have between one and three parking spaces. The project, which should be completed by early 2022, will have flats offered at an average price of 2,500 euros per square meter and market sources say that Pestana will invest between seven and eight million euros in the renovation.
Original Story: Economia Online – Rita Neto
Translation/Summary: Richard D. Turner