Description
Discover an exceptional building in the heart of Funchal, located on the iconic Rua da Carreira, one of the city's most historic and vibrant streets. This four-story building offers outstanding potential for rehabilitation and adaptation, with the possibility of creating 6 to 10 spacious apartments, as well as an attractive commercial space on the ground floor.
Perfect for visionary investors, this property represents a rare opportunity to capitalize on Funchal's real estate market, combining a prime location with significant tax incentives.
Prime Location
Rua da Carreira is synonymous with historic charm and centrality, making it one of the most sought-after areas in Funchal. It benefits from high pedestrian traffic and close proximity to:
Exclusive boutiques, restaurants, cafes, and cultural spaces;
La Vie Funchal shopping center, the Marina, and the Se Cathedral (all just minutes away).
This premium location makes the property ideal for residential, tourist, or commercial use, ensuring high demand and market value appreciation.
Tax Benefits - ARU (Urban Rehabilitation Area)
Located within an ARU, this property qualifies for attractive tax benefits for rehabilitation projects, including:
IMI exemption for 5 years;
IMT exemption for rehabilitation projects;
Reduced tax rates on rental income and capital gains;
Financial incentives for modernization and revitalization.
Property Description
The building, with a solid structure and a historic facade in excellent condition, is currently being used as office space. It requires full rehabilitation to unlock its maximum potential.
Floor-by-Floor Layout:
Floor -1 (Basement):
2 large spaces (ideal for storage or technical areas);
1 WC and 1 shower.
Ground Floor (Floor 0):
Spacious reception area with large windows;
2 bright, open rooms;
Kitchen with window;
2 separate WCs.
Potential: Generous commercial space or conversion into 2 large apartments.
1st Floor:
4 large rooms with windows;
2 smaller rooms without windows;
1 WC;
Covered terrace overlooking the inner courtyard.
Potential: Creation of 3-4 apartments, ideal for rental or tourism purposes.
2nd Floor:
3 large rooms with windows;
2 smaller rooms without windows;
1 WC;
Spacious balcony overlooking the inner courtyard.
Potential: Space for 2-3 additional apartments.
3rd Floor:
Rooftop terrace with stunning views of the city and harbor.
Potential: Transform into a luxury terrace with a pool, barbecue area, or hanging garden; potential to add 2-3 more apartments.
Property Highlights
Historic facade with unique charm;
High ceilings and large windows offering excellent natural light;
Flexible terraces and balconies with unique views over the city.
Investment Opportunity
This property is ideal for those seeking a high-value-added rehabilitation project in Funchal's real estate market. With flexibility to develop residential, tourist, or commercial spaces, this building offers exceptional profitability in the medium to long term.
Don't miss this unique opportunity in Funchal's historic center! For more information or to schedule a visit, please contact us.
KW AREA MADEIRA is proud to share this property in a 50%-50% partnership system, licensed with AMI to ensure maximum transparency and professionalism.
Energy Rating: C
