New owner will invest 250 million in the construction of the city of Belmiro de Azevedo

Grandavenue72, which brings together Portuguese, Spanish and Swiss investors, will invest 250 million euros in the “largest city within a city in Portugal”, near NorteShopping. Jardins Efanor” embodies the project once conceived by the late president of Sonae.

Jardins Efanor” is the real estate project that will be born on land known as “Loteamento Efanor”, as it is located in an area once occupied by the plant where Belmiro de Azevedo (who died two years ago) began working and which was at the genesis of the Sonae empire, giving even its name to the Azevedo family holding company.

One year after the announcement of the acquisition of the plot of land from Sonae Capital for 30 million euros, the company Grandavenue72 announced this Monday, November 11th, that it will invest, until 2025, around 250 million euros in the “largest city within a city in Portugal”, as described in the project that will finally make use of an extensive abandoned area, located next to NorteShopping, in Matosinhos, where Belmiro de Azevedo even conceived a real estate complex that was frozen in the crisis years.

To be developed in a total area of 120 thousand square metres, “Jardins Efanor” will include services, commerce, hotels and a residential area (60% of the total) with 400 apartments.

“This is our biggest real estate project in which we will respect all the legacy left by the Azevedo family, through its foundation. We want the Efanor Gardens to be a ‘coliving’ and ‘coworking’ space with a superior quality of life. With about 15 thousand square meters of green area, they follow the new trends of urbanism as a privileged area based on the concepts of mobility and sustainability”, says Pedro Rolo, CEO of Invest&Co, the company responsible for managing the project, in a statement.

According to Invest&Co, the Jardins Efanor project “is in the pre-sale phase, with 50% of the properties already reserved”, foreseeing that “by the end of the first quarter of 2020, more than 60 apartments will be available, both T3 and T4”.

These first 62 apartments correspond to the Delfim Pereira da Costa Building, started at the end of 2009, which was part of the Efanor residential condominium, Sonae’s project which foresaw the construction of 700 apartments, but was unfinished.

Delfim Pereira da Costa was the founder of Efanor (Empresa Fabril do Norte).

With prices around three thousand euros per square meter, a T3 (156 m2, 20 m2 balcony and private garage) costs 475 thousand euros, reaching 670 thousand euros if there is a pool on the roof.

It is the first project to advance from a set of six buildings planned.

The developer of this real estate complex, Grandavenue72, is owned by the Couto family, owner of Telhabel, and two international investors – the Swiss Daniel Klein, owner of Geonosis real estate, and the Spanish Gonzalo Alvargonzalez Figaredo, member of one of the most powerful families in Spain and who owns the maritime-port group Ership.

Jornal de Negócios – Jardins Efanor