INVESTING Invest in Reality

INVEST IN

REALITY

future proof your life here in the Algarve!

Our decision to move to this wonderful country, leaving wherever home once was, would without doubt, have been thought about long and hard. Starting a new life abroad in the sun is a dream for many. For those who are brave enough to take the step to make the dream come true, for some it works out, for others it does not, for one reason or another. For many people (myself included), Portugal is home, and will be for as long as possible. I have lived in the East Algarve since 2007. During this time I have seen many people come and go, also, through running this magazine, I´ve seen many businesses come and go too, all for different reasons, but there is one reason that crops up more than any other, and that is care facilities. Currently in the Algarve there is only one live in care-home that caters for expats. There are of course many Portuguese facilities, however, the idea of living in a community that does not speak the same language as you, especially in our later years is not really an option. So we have no other choice but to leave the place we call home, and return to a place we chose to leave many years ago. We leave behind our friends, the climate we have become accustomed to, and also the healthier diet and lifestyle Portugal offers. We return to a place we haven´t lived for years. Cold, dark, dreary, wet evenings, old friends who have moved on in life and with whom we have little in common with any more. I guess if our children are there, we could always become a burden to them! Personally, this would be a nightmare for me. Unthinkable! So to the point of me writing this... In 2007, my father and his partner, my wife, our three children and myself moved to Portugal. We bought a small Rural Hotel in a tiny villiage called Fonte do Bispo, close to Santa Catarina, just outside Tavira. It was the perfect size for us to run and call our home. The Hotel had six, one bedroomed cottages, a small bistro and a hall for weddings. It was a dream come true. We even launched our very own magazine to help promote activities at the Quinta. Sadly, after only a few years, licensing laws and regulations changed. In order to trade under the �Turismo Rural� category, we needed 15 rooms instead of only 6. It was suggested by the tourism board of Portugal, that we turn our tiny little Hotel into a 32 room Four star Hotel, with 100% wheelchair friendly access, plus the original 6 cottages. We agreed their terms and the build began in 2013, and as you can see by the photos, is very nearly complete. In recent years, life has thrown its usual challenges, and now, I am the sole owner of the Quinta. This has brought many changes, one of them being its destiny. The necessity for a care facility in this area is a reality. As mentioned, the project is 90% complete. We are looking for an investor... or investors, to raise enough money to finish the Quinta and open a Five star Carehome/retirement village with medical centre, restaurant and more. Everything is in place. We have the builders, the backing of the local council, a company waiting to run the care aspect of the project as well as medical professionals. You will find more financial information in the column on the right. If you, or if you know of anyone who may be interested in helping me see this project through to completion, or can help in any way at all, please email: info@eastalgarvemag.com, or call me on 961 700 200.

Statement from Kelly Harper, CEO of Algarve care services

"My name is Kelly Harper and I have owned a care business here in the Algarve since 2017. When I started this journey it was easier to begin with the home care side of things, but it was clear and evident that people retiring here in the Algarve need residential care options of which there are very little to none that exist at the moment! I have a list of over 40 people currently looking for residential care facilities that are NOT state owned where they can live in a secure community, where they have a comfortable, welcoming home to live out their later years with the support of a care team around the clock. At the moment, those who are non Portuguese Citizens, living in their elder years or living with a limiting condition either have the choice of private healthcare at home here in the Algarve or to go back to their native country as there are no facilities here to support their needs.

Portugal and in particular the Algarve, is Europe's number one place and the world's third preferred place to retire, more and more senior adults are moving here every single day. There is a huge gap in the market for retirement homes and senior living projects. I have absolutely no doubt it would be a master stroke for an investor to provide the funds for an all in care/retirement village just like this opportunity with Quinta Fonte do Bispo in Santa Catarina."

QUINTA FONTE DO BISPO

Investment required:

€2.8m (€1.3m to clear bank debt)

Guarantee:

Property currently valued at €3.3m

Return:

€4.8m (7-10 years)

The Quinta:

32 double rooms, all with en-suite facilities. 6, 1 Bed cottages with living room, kitchenette and bathroom. Currently 90% complete. The cost to finish as a hotel was quoted as €700k. This was furnished, licensed and ready to open. Built on 50,000m2, the build size is 4,200m2. We have had permission in the past to build an extra 10,000m2. On site is also a Spa/medical centre, restaurant* and function hall*, all providing extra income streams (not included in the figures below) Also on-site, 8 staff rooms with en-suite facilities*. * Complete and ready to use.

The Business:

Care home for the elderly and retirement village. 32 double rooms plus 6, 1 bed cottages.

The business model:

Only the second care home in the Algarve catering for the Expat community, the only one providing an active community centre. Prices will reflect both competitor prices and U.K. prices. Costs start from €1,200 per person, per week (Plus IVA).

Managing Business:

We will be working with companies currently providing care at home. They are ready to put a management team into the Quinta and have quoted an allinclusive price to provide care (and to run the entire project). They have total confidence in the need for such a facility, and are very keen to open the facility.

The Market:

Expats from the UK. There are currently 42,000, an increase of 100% in the last 5 years Expats from America (Exc. Brazil). There are currently 24,000, an increase of over 100% in the last 5 years (Source: www.pordata.pt)

The numbers:

32 rooms @ €1200 per week: €1.99m p/a 6 x cottages @ €1400 per week: €436k p/a

Total income p/a €2.42m

Running costs €1.185m p/a

TOTAL PRE TAX PROFIT €1.235m p/a

Email: info@eastalgarvemag.com Telephone: 961 700 200

There’s no place like home...

Approaching the second anniversary of the opening of their furniture and home decoration store opening in Tavira, we speak to the team at Oliveira about how they have rapidly made a name for themselves amongst home owners in the Algarve.

Lloyd Booker, Co-owner of Oliveira explains their journey to date: “Well firstly I’d like to start with our gratitude for the overwhelming support we continue to receive from the discerning residents of the East Algarve, without them we could not have hoped to have achieved what we have so far. I think there are several reasons for our growth through such difficult times. Obviously the most important factor is that we are doing things differently here at Oliveira. We offer Algarve home owners choice and quality, exceptional service (always going the extra mile) and, despite the modest size of our store, we offer furniture and home decor products for the whole house. In effect, we have made ourselves into a ‘one-stop shop’ for customers looking to furnish and decorate their homes.

GOING THE EXTRA MILE

We have worked hard to add to the styles and types of products we offer, and our customers can now purchase pretty much anything for their homes, from made-tomeasure curtains, beautiful fabrics and upholstery, a large range of quality seating, lighting, stunning ceramics, furniture renovation, original art and of course quality, stylish furniture for contemporary, traditional and rustic themed homes.

ONE-STOP FURNITURE AND HOME DECOR SHOPPING

Recently, we have added a range of stunning outdoor furniture, outdoor curtains, beds, headboards and mattresses and sofa beds to our portfolio. So that just leaves the kitchen sink... but we don’t sell those!!! We love that our customers keep coming back to us and we are thrilled to be helping new residents to the Algarve with our interior design help, where inspiration is required. The future is also very exciting. We are currently formulating our expansion plan which will involve moving to a much bigger new store, able to host our large ranges. Development of our website also continues, meaning our customers can view all of our products from the comfort of their homes.” The Oliveira store is located at Rua 4 de Outubro, 24, Tavira 8800-362 (opposite Hotel Vila Gale) Contact the team and view their products at www.byoliveira.com Email: decor@byoliveira.com Tel. +351 912 298 756