RESTELO PLAZA, Lisbon - Bridgehead Capital

Sale of Prime Real Estate ‘Restelo
Plaza’ in Lisbon, PORTUGAL
Prime Real Estate Investment + Golden Residence / EU Passport
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September 2013
TABLE OF CONTENTS
1
RESTELO PLAZA, Lisbon:
What is the Product?
2
RESTELO - Unit Price List:
How much will it cost?
3
RESTELO - Managed Service:
How will the investment perform?
4
Why Lisbon?
Why not somewhere else in Europe?
5
Contact information:
What next? How do I buy one?
6
Photo gallery of: RESTELO PLAZA
What does it look like?
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1. The Restelo Plaza:
Restelo Plaza (RP): Restelo Plaza is one of the latest developments from Grupo Bernadino Gomes a very well known Portuguese developer.
Located in the historic Belem area of Lisbon the serviced apartment block is ideally
located for local transport links either into the centre of Lisbon (15 minutes by car) or
into the surrounding countryside. The train, taxis and Lisbon’s tram system all have
stops within 100 metres of the apartments making transport to wherever you need
very simple. The apartments also have the added advantage of panoramic views over
the historic Tagus river and twenty-three shops as part of the development.
The apartment block is also well positioned for international travel being situated only
13 kilometres from the International airport and linked by a direct main road making
transfer times less than half an hour. There are also two casinos and four golf clubs
within twenty kilometres and the beaches of the weekend areas of Cascais and Estoril
are all only twenty minutes away.
The location of the Apartments make them ideally suited for both entry into Lisbon
city centre and the more rural areas to the west of Lisbon.
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2. Availability & Price List at Restelo:
Restelo Plaza & Qualifying Properties:
There is a wide range of apartments available at the Restelo Plaza, one of Lisbon’s newest serviced apartment buildings, ranging from onebedroom up to five bedrooms. With prices between € 295,000 and € 800,000 there is something to suit everyone’s taste and budget. Most of
the apartments come with private terraces or verandas, some with a view over the Tagus (the river on which Lisbon was founded).
In order to qualify for the Golden Residency Scheme a minimum of € 500,000 needs to be invested in property or real estate. This means that
some purchasers may have to purchase two apartments in order to qualify. Morningbridge has created a package where purchasers have to
pay their legal and notary costs only once for however many apartments are purchased. Mortgage finance is available for sums in excess or €
500,000 subject to status.
Plans and specifications for the real estate units that are available for purchase are also enclosed in this section.
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a. Negotiated Pricing Package for Restelo Plaza:
The Deal: Morningbridge has negotiated an exclusive opportunity for potential buyers on the Restelo Plaza Serviced Apartments as follows:
Exclusive to this package are:

Purchase price: Priced at realistic levels see price list on page 12.

9% Rental return: (3% x 3 years) paid in arrears in February every year for the first three years.

Purchase costs’ to be paid by purchaser: (IMT, notary, stamp duty, registration fee) costs between 6-8% of the purchase price (% cost
based on purchase price

Full Furniture package included: worth circa 5% of the purchase price.

All fixed running costs paid for the first 36 months’: including Condominium fees, reserve funds, IMI tax, building and contents
insurance, administrative and management fees, fixed utility charges (electricity, water, gas, Cable TV, and internet).

Free personal usage of 2 weeks per annum: 1 week of which can be in low season and one week between 1st November and 31st
March (during the first three years of rental guarantee). In order to have as much chance of availability please give as much notice as
possible when booking your stay. If the Plaza is full at the time of your booking the developer has agreed up to a 30% discount in one of
their four/five star Lisbon Hotels as an alternative (subject to availability).
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http://www.realpalacio.realhotelsgroup.com
http://www.realparque.realhotelsgroup.com
b. Plans & Specification at Restelo:
Specifications, Plans & Views: The buildings have been built with very high building specifications and to a quality that will impress
buyers.
Apartments: All the properties come with very high specifications and quality of white goods. In all the real estate units you can expect:
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Air-conditioning that both heats and cools.
Electrical equipment comprising hob unit, oven, exhaust fan, microwave oven; dishwasher, washer/dryer, refrigerator/freezer.
Extensive use of stone and terracotta floor and wall tiles.
Ash wood flooring, skirting boards and doors.
Towel heaters linked to the Central Heating system.
Marble (Estremoz) counter tops in all the bathrooms
Fully tiled bathrooms
Granite worktops in the kitchens
Pre-installation for cable TV and phone
External anodized shutters to keep out the midday sun
Central vacuum system
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c. Prices & Availability
Building
Apartment
Number/ Fraccao
Floor
Bedrooms
Internal Area m²
Terrace Area m²
Total Area m²
Price €
A
1A/F
1
5
250
14
264
€ 790,000.00
A
2A/G
2
5
250
14
264
€ 795,000.00
A
3A/H
3
5
250
14
264
€ 800,000.00
B
11A/S
1
1
85
2
87
€ 298,000.00
B
21A/Y
1
2
117
3
120
€ 391,000.00
B
21B/Z
1
4
172
9
181
€ 615,000.00
B
31A/AE
1
3
130
7
137
€ 471,000.00
B
31B/AF
1
3
130
7
137
€ 476,000.00
B
41A/AL
1
4
175
9
184
€ 625,000.00
B
41B/AM
1
2
131
4
135
€ 431,000.00
B
51B/AS
1
2
124
58
182
€ 480,000.00
B
61C/BC
1
2
123
24
147
€ 450,000.00
B
12A/U
2
1
85
2
87
€ 302,000.00
B
12B/V
2
2
140
6
146
€ 469,000.00
B
22A/AA
2
2
117
3
120
€ 396,000.00
B
22B/AB
2
4
172
9
181
€ 624,000.00
B
32A/AG
2
3
130
7
137
€ 476,000.00
B
32B/AI
2
3
130
7
137
€ 481,000.00
B
42A/AN
2
4
175
9
184
€ 635,000.00
B
42B/AO
2
2
131
4
135
€ 436,000.00
B
52B/AU
2
2
124
7
131
€ 435,000.00
B
62B/BB
2
1
77
0
77
€ 295,000.00
B
62C/BC
2
2
123
8
131
€ 430,000.00
B
72B/BK
2
4
185
5
190
€ 671,000.00
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Building
Apartment
Number
Floor
Bedrooms
Internal Area m²
Terrace Area m²
Total Area m²
Price €
B
13A/W
3
1
85
2
87
€ 308,000.00
B
13B/X
3
2
140
6
146
€ 474,000.00
B
23A/AC
3
2
116
3
119
€ 401,000.00
B
23B/AD
3
4
172
9
181
€ 634,000.00
B
33A/AJ
3
3
130
7
137
€ 481,000.00
B
33B/AK
3
3
130
7
137
€ 486,000.00
B
43B/AQ
3
2
131
4
135
€ 441,000.00
B
73A/BL
3
2
110
11
121
€ 417,000.00
B
73B/BM
3
4
185
5
190
€ 681,000.00
Reservation Procedure: Once a plot has been selected it will be held for 7 days pending the completion of the reservation agreement and
payment of the 5% deposit. Once this has been executed, Morningbridge will send back the signed agreement as a receipt. You then need to
apply for a Visa to Portugal where you will be put in touch with PLMJ who will start on the Residency Permit application and Property
Conveyance on submission of the completed documentation.
For further information and/ or to reserve a property, please contact any of the team below:
Attn: Peter Lowe
Mob UK: 0044 (0)7775 948 785 Mob Portugal: (00351) 911075512
[email protected]
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Attn: Ceri John
Mob: 0044 (0)7501 056 394
[email protected]
3. Managed Service – The Investment in Restelo Plaza
We can help you with arranging a mortgage in the event that you wish to purchase real estate units for more than the
€500,000 minimum equity investment required (for the Golden Visa scheme).
Bank Finance is Available for sums in excess of €500,000. Mortgage finance is provided by BBVA. The mortgage application process will
be arranged exclusively through Morningbridge for a fee of € 500.
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Up to 30 years repayment term so as long the buyer doesn’t exceed 74 years of age.
No redemption payment for full or partial early repayment.
No Valuation or Arrangement fee
Free Life assurance included
Euribor 3 months (Currently circa 0.22%) + 2.75% interest rate margin = 2.97%
The Real Hotels Group can also help you with managing your investment in Lisbon when you are absent so that the
owned real estate generates a reliable income for you.
Rental Returns:
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Guaranteed 3% per year for three years payable each February in arrears
All rents collected in the first three years will be paid to GBG to offset the guaranteed rental returns for the first three years.
The rental profile in Lisbon is growing because it is the capital city and recent changes to legislation have truly opened
up the market to the greater advantage of the landlord.
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Projected rental income post year 3:
Projected Rental Returns:
Standard € per week
€ per month
€ per annum
Dates:
Occupancy estimate
2013
One-bed Apartment
€
182.00
€
790.00
€
9,480.00
30 wks
Two-bed Apartment
€
254.00
€
1,100.00
€
13,200.00
30 wks
Three-bed Apartment
€
311.00
€
1,350.00
€
16,200.00
30 wks
Four-bed Apartment
€
380.00
€
1,650.00
€
19,800.00
20 wks
Five-Bed Apartment
€
530.00
€
2,300.00
€
27,600.00
20 wks
Notes: These figures have been prepared by the GBG the developer and are provided for guidance only. They are based on current values.
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4. What does Lisbon have to offer?
Why Lisbon: Lisbon is a historic capital, a potpourri of unusual character and charm, where 800 years of cultural influences mingle with
modern trends and life styles creating spectacular contrasts. Legend has it that Lisbon was founded by Ulysses. The name comes from
“Olissipo”, which has its origins in the Phoenician words “Allis Ubbo”, meaning “enchanting port”. With the beginning of the Portuguese Age of
Discoveries, Lisbon was enriched as a spice and jewellery trade centre.
The breakthrough for Portuguese expansion came in 1498 when Vasco
da Gama discovered the sea route to India. This was indeed the beginning of a golden age, characterised by the Manueline architectural style
named after King Manuel I, with its typical decorative use of maritime motifs. Over the centuries Lisbon naturally grew and changed. When the
city centre was almost completely destroyed by the earthquake of 1755, it was rebuilt by Marquise de Pombal, who thus created the Baixa
Pombalina, a commercial area that still retains much of its original lay out.
Investment purchasers are aware that Lisbon, which can be easily reached in around two to three hours via direct flights from the UK, Ireland
and mainland Europe, has had its economic woes but, with prices having taken the fall in previous years, now is the ideal time to purchase.
Facts on Lisbon: Being the capital of Portugal, Lisbon has all the amenities associated with a major western city. The old city, with its well
laid out pedestrian sidewalks is a pleasure to stroll round or, if you were to venture up the Avenida da Libertade, you pass ancient tailor shops,
followed by internationally-known brands like Calvin Klein, Timberland, Massimo Dutti, Armani, Burberrys and Adolfo Dominguez.
Lisbon's most monumental and historical area is Belem. It was from here that many of the great Portuguese explorers embarked on their
voyages of discovery: Prince Henry the Navigator and the first overseas expedition to conquer Ceuta in Morocco, Bartholomeu Dias to round
the Cape of Good Hope, the first voyages of Ferdinand Magellan, Vasco da Gama to discover the sea route to India, and Christopher Columbus
stopped here on his way back to Europe after discovering the New World.
There is also a double-tax treaty between Portugal, UK, China, India and Russia.
Airlift / Airways Frequency: There are frequent flights from mainland Europe which include the following airlines: Cathy Pacific, TAP,
EasyJet, British Airways, American Airlines, Air Berlin, Delta, SATA, China Southern Airlines, Etihad.
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Events & things to do
Shopping
Beaches (Cascais, Estoril)
Markets
Golf
Carnival (February)
Casinos
Local Cuisine
Aquarium
Museums
Casinos
Restaurants, Clubs and nightclubs
Flower Festival
Temperatures/Climate:
January February
March
April
May
June
July
August
September
October
November
December
High
⁰C/⁰F
14/57
15/59
18/64
18/64
22/72
25/77
29/84
28/82
28/82
22/72
17/63
14/57
Low
⁰C/⁰F
8/46
9/48
10/50
11/52
13/55
16/61
18/64
18/64
18/64
15/59
11/52
9/48
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5. What to do Next?
Please contact Peter Lowe of Bridgehead Capital – see details below:
a. Contact information for Bridgehead Capital and Mornington Capital
Attn: Peter D Lowe - Managing Director
Mobile UK: +44 777 5948785 Mobile Portugal: +351911075512
Skype: peteratbcl
Website: www.bridgeheadcapital.co.uk
Email: [email protected]
b. Contact information for PLMJ:
Attn: Francisco Lino Dias - Senior Associate
PLMJ – Sociedade de Advogados, RL
Tel: + 351 213 197 564 Mobile: +351 91 652 5601
Websites: www.plmj.com / www.plmjnetwork.com
Email: [email protected]
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Attn: Chris Eddis - Managing Director
Tel: +44 20 7292 1746 Mobile: +44 778 8441966
Website: www.morningtoncapital.com
Email: [email protected]
6. PICTURES
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Typical Bedroom
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Typical Sitting Room
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Appendix 1: Introduction to the Golden Residency Scheme (GRS):
Portugal has introduced, in October 2012, a “Golden Residency Scheme” (GRS) allowing for non-EU residents to qualify
for Portuguese residency and passport entitlement in exchange for investment into the country’s economy.
Golden Residency Scheme: On October 8th 2012 the Portuguese Government passed legislation allowing non-EU individuals who invest in
Portugal, under certain criteria, the right to temporary Residency followed by the right to a Portuguese (European) passport if further
conditions are met.
Criteria:
(1) Capital investment of €1,000,000 or greater into Portugal, OR
(2) Create a minimum of 10 jobs in Portugal, OR
(3) Invest a minimum of €500,000 of equity in real estate assets. Any sums above this minimum figure can be subject to a
mortgage.
The right to residency requires that individuals spend at least 7 days per annum (consecutive or interrupted) in Portugal/Schengen area of
Europe in the first year and then an aggregate of 14 days (consecutive or interrupted) over the next two years and in the period of two years
after that. If the criteria above are adhered to for a period of six years, the investor then has the right to apply for a Portuguese (European)
passport.
In order to obtain a Residency Visa, the applicant must: (1) Enter Portugal on a valid Schengen Visa. (2) Apply for Residency within 90 days of
entry. (3) Comply with the general requirements of temporary residence.
Golden Residency Scheme (GRS): How it works:
Once you’ve finalised your real estate purchase selection, you will then need to appoint a legal representative to proceed with the
purchase and to register your interests in the GRS. We have partnered with PLMJ Law Firm to offer these services at a reduced fee
including the ongoing renewal of your GRS. The legal registration is split into two parts, firstly the legal process of buying the property
(conveyancing) and secondly the process of applying for the Golden Visa (application). The steps are as follows:
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Select a Property and sign a binding Reservation Agreement with a 5% deposit payment.
Sign PLMJ’s Terms of Business which appoints the firm as your legal representative in Portugal.
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Sign PLMJ’s Power of Attorney (PofA) to enable them to act for you – in order to obtain Fiscal Numbers*, to organise fiscal
representation and to look after your legal affairs in Portugal (Property Conveyance(s) & Golden Visa application(s)).
PLMJ will progress property purchase to Promissory Contract with 20% down payment less 5% already paid at reservation.
After Promissory Contracts are signed, the application for the Golden Residency Permit application process can start.
For the Golden Visa application, PLMJ will require the following from the Purchaser:
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Valid Passport, a Schengen Visa to enter the country initially and travel onward documents.
Proof of valid medical insurance and proof of address.
Property documents proving ownership/purchase of property (signed Promissory Contract with payment of a deposit for purchase
above € 500,000).
Declaration from a bank in Portugal confirming receipt of the funds.
Absence of criminal conviction (Criminal Record) and of interdiction to enter the country.
Absence of notice from the Portuguese Immigration Authorities or Schengen Services
Declaration from the investor confirming compliance with the investment requirements
*Please note that PLMJ does not provide Fiscal Services but will liaise with relevant parties who do on your behalf. For the sake of clarity the
services herein to be provided by PLMJ do not include tax planning or tax advice. However, these are provided by PLMJ subject to a separate
agreement and upon request.
PLMJ will then process all the documentation on your behalf (for up to 3 family members) including the two bi-annual renewals.
PLMJ Fees: €7,500 for the property acquisition (conveyancing) and the Golden Residency Permit application for up to three family
members including the principal applicant. Additional qualifying family members can be added for a one-off fee of €500 (including initial
application and two renewals).
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Application Fees (charged by the Portuguese Authorities)
- Processing Fee (initial application and renewals) - € 513.75
- Initial Investor Residency Permit - € 5,137.50
- Renewal of Investor Residency Permit - € 2,568.75
- Initial Residency Permit for Family Members - € 5,137.50
- Renewal of Residency Permit for Family Members - € 2,568.75
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Conditions that are required to be met for the Grant &/or Renewal of the Golden Residency Permit:
- Residency Permit granted for an initial period of 1 year & renewed for periods of 2 years
- Minimum stays in Portugal – 7 days first year & 14 days following periods of 2 years
- Possibility of permanent residency after year 5 and nationality one year later
- Bearers of Investor Residency Permits may travel freely in the Schengen area
Appendix 2: Information on purchase costs when buying in Portugal
. Introduction to the Golden Residency Scheme
IMT - Imposto sobre Transmissões Onerosas de Imóveis:IMT is the tax payable by the buyer on acquisition of property. The tax payable is
calculated on the purchase price of the property declared by the parties on completion. For residential property for non residents/second home
see table below showing latest costs:
Property value
Up to € 92,407
Over € 92,407 up to € 126,403
Over € 126,403 up to € 172,348
Over € 172,348 up to € 287,213
Over € 287,213 up to € 550,836
Above € 550,836
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Rate
Amount to be deducted
1%
€ 0.00
2%
€ 924.07
5%
€ 4,716.16
7%
€ 8,163.12
8%
€ 11,035.25
Single rate of 6%
Please note: Some other cost like registration fees etc. will also have to be paid but these are small costs and PLMJ will go through all these costs
with you once you have selected an apartment/villa and Morningbridge have introduced you to them.
STAMP DUTY - Imposto de Selo: Stamp Duty is also payable on acquisition of property and is calculated on the purchase price declared by the
parties on completion. It is also payable if a mortgage is required for the purchase and is calculated on the value of mortgage. PROPERTY –
SINGLE RATE OF 0.8% ON THE PURCHASE PRICE + MORTGAGE – SINGLE RATE OF 0.6% ON THE VALUE OF THE MORTGAGE
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Appendix 3: Morningbridge introduction:
Bridgehead Capital (BCL) - A property development and sales specialist with over 15 years experience in the Portugal market (see
www.bridgeheadcapital.co.uk ), has partnered with Mornington Capital (MC) - A hotel and real estate investment, finance and turnaround
management firm (see www.morningtoncapital.com), for the workout, repositioning, operation and sale of various real estate and hotel
opportunities in Portugal and will trade under the name Morningbridge.
BCL is a UK company and has been active in Portugal for over fifteen years as well as Grenada and Bulgaria alongside its business interest in the
UK. The company has significant international property investment experience and has worked in partnership with many international
property developers, banks and institutions over the last 15 years.
MC is a UK company that has specialised in the investment into, financing of and active asset management in the hotel and real estate sector,
across western and central Europe, the Americas and Asia. Its hotel experience has included financing the expansion of Thailand-based Six
Senses Hotels and Resorts, part ownership of a luxury hotel in St Barts in the Caribbean, and management and ownership of other hotel assets
in Germany, UK and the Czech Republic.
Morningbridge have created a truly one-stop-shop for investment buyers in Portugal to make their investment as worry-free as possible. We
have organised partnerships or established companies in Portugal to make sure the needs of the investor(s) are looked after post property
purchase and visa application. If the services are required we are able to provide the following: (1) Letting & Management. (2) Garden
Maintenance & Pool cleaning. (3) Furniture set-up.
PLMJ: PLMJ is one of the leading Portuguese law firms in both size and market reputation. It operates from offices all over Portugal, as well as
the Portuguese speaking countries of the world including Brazil, Angola, Mozambique, East Timor and Macau. They also have representational
offices throughout China via Dacheng Law Offices.
PLMJ is known internationally for its professional reputation, which includes:
 High ethical standards which is cohesive, socially responsible, specialised and competitive
 Providing a first-class legal service
 Strong international partnerships
 Good focus on client’s requirements and then delivering a quality service at a reasonable price
 Ability to constantly adapt to the competitive and regulatory environment.ncy
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Bridgehead Capital Ltd. - Company no: 6942009 (BCL) & Mornington Capital – Company no: 3503790 (MC) – Trading in Portugal as:
Morningbridge Lda (M): Company no de identificação de pessoa colectiva: 510768288. BCL & MC & M take all reasonable care to ensure that
the information contained in all of its documentation is accurate and all details provided are for guidance only and any investment models,
cost projections, photographs, floor plans, sizes and specification are subject to changes and only give a general indication of the property.
Morningbridge (BCL & MC) cannot warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for
errors or omission therein. It is the responsibility of the purchaser/ investor to take such legal and financial advice as they think fit bearing in
mind the nature of the investment.
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