The former BelaOlhão animal feed factory building, located in the industrial zone of Olhão in the Algarve, opposite the fishing port, has been sold for €9.5 million, the local council announced in a statement. The new owners, Carvoeiro Branco, plan to develop a mixed-use project on the site—covering 20,000 square metres—which will include both residential and tourism components, representing a €300 million investment.
“This development will feature around 500 apartments and a luxury hotel, with a total construction area of approximately 70,000 square metres. The project, with an estimated turnover of around €300 million, will be developed by ANTRIX, a sister company of Carvoeiro Branco,” the company stated.
“This newly established real estate developer aims to expand the group’s presence beyond the regional level, consolidating its position in the Iberian market. ANTRIX is already in negotiations for new projects in Lisbon, Montijo, Setúbal, and southwestern Spain,” it added.
The project also includes the permanent and cost-free allocation of 250 parking spaces to Olhão City Council, which will create an additional public parking area in the city, according to the council’s statement.
Quoted in the release, Erik de Vlieger, CEO of Carvoeiro Branco, whose company has 1,400 units in the pipeline, described the development as one that redefines “the standards of luxury and quality in Olhão, offering residents and visitors a unique experience.”
Meanwhile, António Miguel Pina, the mayor of Olhão, commented that the project “will not only enhance the urban landscape but also contribute to the ongoing regeneration efforts” the council “has been carrying out in that part of the city, particularly the renovation of Avenida 16 de Junho, which has expanded and improved the waterfront.”
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