Mount Pleasant Investments, is to build a tourist development including a 300-bed hotel, a sports injury clinic, shops and a leafy green zone along an area of unused waterfront in Vila Real de Santo António.
The deal with Docapesca, endorsed by the Minister for the Sea, Ana Paula Vitorino, involves a 75-year lease with an initial investment of €5.6 million followed by annual payments depending on turnover, plus a fixed annual fee of €60,000.
The zone in question is between the marina and the fishing port, according to the ministry, and covers six hectares.
The company also intends to redevelop and improve the surrounding area near the ferry terminal and will benefit from the lax planning rules on Docapesca sites which are excluded from the application of territorial management instruments, namely municipal land plans and special territorial plans, such as the Coastal Land Management Plan.
The ministry commented that, "The concession, the first of a set of parcels of land in the public domain that have been identified by the Ministry of the Sea along Portugal’s coastline, is valid for 75 years,” a public notice has been posted by the ministry as required by law.
One 'Mount Pleasant Investments Ltd' is noted in the Panama Papers as being registered in the Bahamas with interests in the UAE.
Another entry for Mount Pleasant Investments Limited lists it as an active company involved in ‘buying and selling of own real estate,’ incorporated in 2011 with the registered office in 50 Farringdon Road, London with two active directors. This company's accounts show in 2014 that the company had a total net worth of £110,621.
The Farringdon Road address listed for Mount Pleasant Investments Ltd also is the registered address for 107 further Limited companies.
Without further information on the developer, it is impossible to asses whether this project will happen with Mount Pleasant Investments Ltd, or whether the company involved is an intermediary which later will assign the deal to a third party.
