€950,000

This plot has viability and a project with a built area of 720 m² approved by Lagoa Municipal Council for the construction for local accommodation/ high-quality hostel with 20 x en-suite bedrooms, all with access to private balconies, and a communal swimming pool. It comprises of three floors (ground floor, 1st floor, and 2nd floor) and a basement with a built area of 660 m² for parking spaces and support areas ensuring comfort and functionality for guests, in addition to a large rooftop terrace, with a 360º panoramic view over Ferragudo. This is an excellent business opportunity and unique opportunity to buy a plot of land with an excellent tourism exploitation potential, in an extremely sought-after area, right in the centre of the Village of Ferragudo the project has already been approved. It includes the construction licence, with all compensations due to the Lagoa Municipal Council already paid. Construction can start immediately! The various possible investment models range from operating the property oneself, through partnerships with operators specialising in rural tourism, to development with a view to a subsequent sale to institutional investors. Price for the plot excluding building costs.