Income Producing Commercial Property for sale with panoramic view in Espiche, Praia da Luz, Algarve

695,000 EUR 567,600 GBP 712,800 USD

Reference: 243848

Floor Size: 200 m2
Plot Size: 581 m2

Features

Terrace
No Pool
Golf Resort or Nearby
Potential for Income
Panoramic View
Parking
Walk to Beach
Walk to Amenities
Good Condition

Details

Wonderful opportunity to acquire a charming traditional Algarvian restaurant and bar with terracing, ideally located near the beach and all amenities in Espiche.

This attractive property with an elevated position is just 10 minutes from Lagos and only a few kilometres from Praia da Luz with its fantastic coastline and beach.

It is extremely well located and able to take advantage of its position so close to the coast, local campsite and 2 nearby golf courses.

The current catering operation is focused on a Pizza theme with its wood fired oven taking centre stage with a preparation area that extends into the main dining area. There is also a large kitchen in the rear as well as good storage, staff changing facilities and an office.

The terrace is spacious and at night, intimately lit with lanterns. A dedicated covered barbecue service area can serve food directly to Al Fresco diners.

Restaurants of this size in a location with easy parking are a rarity. There is a lot of potential here as well as a perfect opportunity to build on a business that has had a very successful history and to make it even more successful.

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Portugal Property Buying Guide

1. Signing a Letter of Intent

On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.

2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)

The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.

3. On Completion

The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.