Commercial Property for Sale in Albufeira

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€4,500,000 EUR

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Ref 2108214 | Albufeira, Faro | Business

Currency services provided by International Currency Exchange (IFX) 4,500,000 EUR  |  Approx.£3,874,950 GBP  |  Approx. US$4,815,900 USD
  • Type: Commercial Property
  • Location: Albufeira
  • Province: Faro
  • Country: Portugal
  • Bedrooms: 0
  • Bathrooms: 0

A unique opportunity to purchase a substantial 3 * Bed and Breakfast/Pensao  which has been run by the same family for 34 years building up regular clientele and a reputation with UK  Holiday companies. Situated on the Cerro Grande with stunning views over the Bay of Albufeira (Fisherman’s Beach) and the old Town, in a residential area close to the Old Town, the new Marina and with shops, bars and resaurants all within walking distance. This unusual property has a total of 41 rooms each with a private bathroom and split as 32 twins, 2 singles, 6 triple/family rooms and 1 studio giving a total of 88 beds. There is also a Bar and Restaurant, staff apartment,  laundry, adjoining hairdressing salon (leased), Reception and Office.  The gardens have mature Mediterranean plants and you can enjoy sea views from the large sun terraces and swimming pool deck. A well maintained, older property with many unique features, the rooms are all of a good proportion, with basic furnishings. The plot is approximately 4,000 square metres (to be confirmed). The Bar has traditionally been run in the manner of an English Pub and can seat 80 people, previously open to both residents and the pubic and has two bathrooms and satellite tv. The Restaurant can seat around 45 people and has a small catering kitchen.  Both the Bar and Restaurant are now closed. Unfortunately the business has had to close due to ill health and is no longer trading, however both Thomson and Thomas Cook have expressed interest in continuing with their previous contracts. The property is privately owned, and a mortgage may be available to suitable applicants from a local bank who has knowledge of the historic good standing of the business. This is an excellent proposition for those looking for a business venture in an excellent area for the holiday trade.  It can easily be upgraded and refurbished.  Or an opportunity to redevelop the existing building into apartments in this popular area of Albufeira. Note:  some of the photo images are taken from tour operator brochures.

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