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  • Writer's picturePaul Rees

Emotion in property development - stamp it out!

I was invited to a very private viewing of a country mansion yesterday. I confess that the immediate impact was powerful and surprisingly emotional.

This condition is rare in my day-to-day business of cold analysis of price per square metre, refurb costs and the detailed price break-down of heating systems.

The asking price of this dreamy property reflects the owner’s need to sell the family home, built by his forebears in the Roaring Twenties with scant regard for cost. The three-level main house has seven bedrooms and the linked area over one of the stables include an astonishing 100m2 dining/entertaining room and a 50m2 study/library area.

On the ground floor level in the annexes, there is a huge wine production and tasting room, a milling machine and bread oven - even a special room for the production of medronho, the local ‘aguadente’.

There are two hectares of land and a blossom-scented terrace area that reminded me of long-forgotten times spent relaxing in the South of France. The views are green and the local town is but a ten minute walk.

The market for this type of large, original and rare countryside property is expanding rapidly; a country mansion with a manageable land area and buildings in surprisingly good shape, in need of upgrading but not a complete renovation.

So hard to value; I know the very negotiable asking price and have a broad cost in mind for upgrade; accurate figures require a visit with our contracts manager. The rarity value should have increased the asking price considerably, but it hasn’t due to various ‘judicial’ reasons, if I may hint at the reason for sale.

If any readers, followers and lovers of Portuguese country properties want to discuss this property, with a view to joining me in buying, renovating and re-selling - or buying as a personal family home - please contact me and I can provide many more details that I am not at liberty to publish openly.

The property fits the Rural Properties rule of ‘selling price = (purchase + costs) x 2’

with an overall investment of €650-750k, tbc.

Is the heart ruling the head? No, as I am certain that any investor visiting this property would agree that it is exceptional, rare and quite beautiful...

I already am looking at bank finance for this project but if someone wants to partner Rural Properties in this project on a profit-share basis, please get in touch as soon as possible and we can talk about that.


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