Golden Gate building to be auctioned again

… now offers over €7 million

Golden Gate building in central Funchal

JM leads with a report that the iconic “Golden Gate” building in the centre of Funchal, with nine floors, is going to auction again, with a base price of seven million euros.

The regional finance secretary believes that the final value will be higher, given the location of the property, which the Regional Secretariat of Agriculture owns.

In late October 2018, it was reported here that the Regional Government has once again tried to sell the iconic Golden Gate building in the centre of Funchal, but nobody appeared interested in paying the €11,950,000 asking price at the time.

A deadline for submitting written proposals for the purchase of the Golden Gate building had ended on 6 September 2018 without any interested party having made a proposal to the Regional Government.

The main interest in the purchase of the building was expected to be from Dionísio de Sousa, who two years ago bought the space of the restaurant Golden Gate Grand Café, located in the same property. This purchase was also made through a public auction organised by the Government and the good financial result of the operation will have contributed to the executive’s decision to move towards the disposal of the rest of the building. The portion of the restaurant was put on the market for 2 million euros and was eventually sold to a company of Dionísio de Sousa for€ 4.7 million.

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