The Magistério Primário school building in Faro’s historic centre has been auctioned off for €1.7 million.
A businessman linked to the wine and football business outbid an Arab and another Portuguese businessman to purchase the building in order to build an hotel.
Bidding for the former Magistério Primário building started off at €1 million and ended up at €1.7 million. The site covers 5,300 square meters and is made up of three old buildings.
The best offer came from entrepreneur João Rodrigues who is connected to the wine industry and is one of the three largest shareholders of SAD Farense.
A hotel complex is planned to be built that respects the heritage and history of the area.
This was the fourth attempt by Faro council to sell off this lot. In the three previous attempts not one bid was received, mainly because the first auction of the property in 2010 listed a reserve of €1.8 million.
The other large building in the historic centre that the council has been trying to sell for years is the old beer factory which finally was leased in the absence of any cash buyers.
On the successful sale of the Magistério Primário property, Faro mayor Rogério Bacalhau commented, "It was a success, it is a sign that the economy is moving."
