New Use for an Old Palace

A 500-year-old palace in Portugal's capital is about to be transformed into something a bit more practical.

A $22 million investment in the restoration and transformation of the 500-year-old Palácio dos Condes de Lumiares is set to transform the property into a luxury apartment complex. JLL recently announced that presales have begun for units at the property, with the company acting as real estate consultant for owner Quick & Positive – Investimentos Imobiliários Lda. Morningbridge Lda will handle development duties on the owner’s behalf.

Set to be transformed into a 53-unit, five-star luxury serviced apartment property, The Lumiares will only keep the old façade of the historic palace, which will be restored. The property’s new interior will include 21st century design features, and will be fitted with high-end fixtures and amenities. The refurbished property’s new facilities will include a reception, spa and gym, roof-top Alto Bar Restaurant, views of the Portuguese capital, as well as two luxury brand shops and underground private parking spaces and storage facilities. The luxury units will be available in one- and two-bedroom floorplans, with pricing estimated to start at around $300,000 for one-bedroom apartments, while penthouse units will hit around $1.2 million.

Morningbridge Lda is set to start construction on the project this month, with the process having a 20-month schedule. The opening of The Lumiares is scheduled for the first quarter of 2017. The property’s location is one of its main selling points, the Rua São Pedro de Alcântara being set atop the Elevador da Glória, the most famous funicular in the Portuguese capital. The property is also located in the proximity of the Bairro Alto commercial and retail center.