Industrial Warehouses in Setúbal: From Feasibility to Co-investment

Case

Two adjoining industrial warehouses in Setúbal, centrally located and well suited to residential use. In 2024, the owners asked for our help to find out what kind of housing project the market would accept, and we studied its feasibility. In 2026 we became their partners: we co-invested in the value-creation process and took on the planning application for a 40-to-50-unit project.

O desafio

They were two adjoining industrial warehouses with value waiting to be unlocked. They had a central location, good access and every reason to become housing, but they were still warehouses.

The owners had already met with the City Council, and they had a worry:

“We acquired some warehouses in Setúbal and have already met with the City Council. We could turn them into a residential development, but we’re worried about creating something the market won’t accept. Can you help?”

In 2024, they hired us to assess the feasibility of a residential project. The question was easy to ask and hard to answer: which project meets the planning rules in force, matches what the market wants and justifies the investment?

O objetivo

After some conversations, we agreed the basis for our collaboration on the first phase of the project: creating the architectural concept, aligning market needs with the project’s profitability and the development risks.

The feasibility study arrived at a residential project of 40 to 50 units, designed for the market and in line with the existing planning framework.

In 2026, we took a step further. We partnered with the owners, co-invested in the value-creation process and took responsibility for the planning application for the recommended project. Planning application under way.