Portuguese real estate company Larfa Properties is investing €77 mln in the redevelopment of the Beato Convent in Lisbon.
Of this amount, €20 mln have already been spent on the rehabilitation of the historic building from the 16th century to enable it to host events of up to 5,000 people.
The roof of the cloister was completely replaced, the air conditioning system was improved, and a new parking area with 80 spaces was added.
Another €51 mln will be destined for the construction of the Beato Quarter upmarket residential project that aims to increase the housing supply in this emerging area of the city with great cultural and artistic potential.
Finally, €6 mln will be invested in the rehabilitation of the church located on Alameda do Beato.
Stéphane Delplancq, CEO Larfa Properties Group CEO, said: ‘Our goal is to position Beato Convent as a modern and attractive venue to host any type of event. To achieve this, we have installed new equipment and implemented the necessary improvements for its operation, without, however, depriving the convent of its characteristics and absolutely remarkable spaces from a patrimonial and architectural point of view. The Beato Quarter will give a new life to one of Lisbon's most interesting urban complexes, with its buildings from different eras and architectural styles.’
Targeted at a young and cosmopolitan population, the Beato Quarter project will see the rehabilitation of five residential buildings in the first phase, and three more in the second phase.
The first five buildings, which will be completed in 2024, will offer 61 one to five bedroom apartments, with areas that vary between 67 m2 and 348 m2, of which 40% have already been sold.
The Beato Quarter will also include two gardens for private use, gym, and parking equipped for electric vehicles.
The green spaces were designed with sustainability and energy efficiency in mind, as their extensive permeable areas will counteract the ‘heat bubble’ effect, helping residents to open their windows, increasing the natural ventilation of the residences.
Larfa Properties is also developing a luxury boutique hotel in Melides, as part of a €40 mln investment.