RE Capital marks first completion in Portugal launching 42 luxury apartments in refurbished period building

RE Capital, the pan-European investment, development and asset management company, has completed its first residential property project in Portugal. Following the acquisition of a historic Estado Novo-period building, RE Capital and its partners have carried out extensive refurbishment works culminating in the launch of AAA23, an exclusive collection of 42 luxury apartments located in Avenidas Novas, one of Lisbon’s most enviable neighbourhoods.

RE Capital has unlocked the value of the Estado-Novo-period property as a result of 20-month-long renovation works. Led by acclaimed architecture studio ARX Portugal, whose renowned works include the Music Conservatory of Cascais, the building now combines impressive heritage features with 21st century finishes.

With an investment of €25m, AAA23 comprises a variety of apartment types across six floors, ranging from one to four-bedroom properties, including three four-bedroom duplexes with double-height ceilings, of which two have their own private swimming pools. Apartment sizes at AAA23 range from 52.6 sq. m to 199.6 sq. m.

After extensive cleaning of the main façade of the building, its decorative features were consolidated using original materials, helping preserve its elegant and imposing style. The windows have been reinforced with double glazing, and the old window frames were replaced with new lacquered frames, in the same colour code and design, resulting in better sound insulation and higher energy efficiency.

ARX Portugal has retained the original wooden staircase inside the building – a distinct period structure that leads up to the apartments. The interiors of the apartments, conceived by RE Capital and its creative team, have been finished using natural hues with elements of décor in contrasting colours, helping make the spaces more dynamic. All of the homes have wooden flooring, are equipped with the latest integrated SMEG appliances and feature striking marble bathrooms. Every property benefits from automated lighting and air-conditioning, facilitating lower energy consumption.

The apartments, of which 85% have been sold prior to completion, have been popular with both owner occupiers and investors, who can benefit from the professional property management services provided by Mirabilis Apartments.

AAA23 also comprises two commercial units, one of which has been leased to the Spanish bank ABANCA.

Located in Avenidas Novas, a minute’s walk from the Parque metro station, the AAA23 building is less than 15 minutes away from Chiado – Lisbon’s shopping and theatre destination, and home of the iconic Praça do Rossio and the lively riverfront. The El Corte Inglés department store with its selection of luxury brands, restaurants, supermarkets, cinema and shops is less than a five-minute walk away, while Marquês de Pombal – corporate hub and iconic historical square of Lisbon – can also be reached in less than 15 minutes. Eixo Norte-Sul and the Cascais motorway are easily accessed by car, and Lisbon Airport is only 11 minutes’ drive away.

Prices at AAA23 range from €500,000 for a one-bedroom apartment to €1.35m for a five-bedroom penthouse.

Olivier Hezelot, Director and Head of Europe at RE Capital, commented: “The completion of AAA23 is an important milestone for RE Capital, marking our first finished project in Portugal. Thanks to ARX and our experienced creative team, we’ve succeeded in reviving an unloved period building into an exciting residential offering in an outstanding location, by adapting it to modern needs while retaining its important heritage features. We look forward to creating many more inspiring places across Portugal, leaning on the combined expertise of our team and our network of partners.”

Nicola Vaughan-Scott, Head of Design at RE Capital, said: “AAA23 is a fine example of RE Capital’s ability to bring heritage assets to life by enhancing their original features and introducing modern elements to suit contemporary tastes and needs. Our team has managed to marry the classic elements of its original décor with 21st century finishes by working closely with Laskasas, a local brand renowned for its elegant and understated designer furniture handmade in Portugal. As a result, we’ve created spacious, airy and light-filled apartments, which honour the grandeur of the original building.”

Kerrie Barlow, CEO of Mirabilis: “Thanks to its fantastic location in one of Lisbon’s most sought-after neighbourhoods, stunning exterior and imaginative interiors, we expect AAA23 to be in high demand with home seekers, including both long and short-term occupiers. These properties offer residents a unique opportunity to get a taste of mid-century Lisbon from the comfort of a serviced apartment, with plenty of greenery and entertainment right on their doorstep, and we look forward to providing them with the best possible experience.”

  • 18/01/2022

  • 06/12/2021