Skip to main content

ProjectOPUS · Buildings Reborn · Tertiary-to-prime residential conversion

OPUS · Buildings Reborn is the OneMark Properties business line dedicated to the systematic transformation of obsolete tertiary buildings from the 1960s to the 1990s, in prime Lisbon and Porto locations, into premium, luxury and ultra-luxury residential product.

The thesis rests on a structural use arbitrage: the highest and best use of these assets is no longer tertiary. The spread between as-is value and post-conversion value is the source of return. Evolution in technology, use patterns and sustainability has made these spaces obsolete for their original purpose — creating strong opportunities for rehabilitation and change of use, with residential often the most fitting outcome.

OPUS · Buildings reborn

Key factors

What defines value in this project.

How capital works

Acquisition

Conversion

Commercialisation

Acquisition

Identification and acquisition of obsolete tertiary buildings in prime locations, with as-is pricing grounded in depreciated tertiary use value rather than potential residential value.

Conversion

Full rehabilitation with a dense residential programme (typically one- to three-bedroom units), stabilised commercial on lower floors, and amenities curated to the ultra-luxury doctrine defined by the line.

Commercialisation

Off-plan sales from T-12 to delivery, with Branded Residences positioning where applicable, or standalone curation when the asset allows.

Exit

Distribution of proceeds to investors as completions are deed. After the final deed, dissolution of the SPV.

Thesis

The thesis

Four pillars underpin the OPUS thesis: structural obsolescence of the tertiary stock, ESG regulatory pressure, maturity of prime residential demand, and deregulation of residential use under recent Portuguese legislation. Each alone is a tailwind; together they define a time-bound window of opportunity.

Other projects

Beyond the projects under our four residential product lines, OneMark Properties develops real estate projects in partnership with institutional investors, family offices and private owners who want to leverage our operational ecosystem without building an in-house team.

Typologies and segments can extend beyond our segmented residential focus — with the same execution standards and governance rigour we apply to our own developments.

  • Partnerships across tertiary, hotel, logistics and other formats outside the four residential product lines.
  • Portfolio mandates and ad hoc projects with clear reporting and financial discipline.
  • Designed for partners who want our operating depth without mirroring an in-house development team.
  • Transparency, business proximity and delivery criteria aligned with our own pipeline.

Have a project and need an experienced asset manager?

More projects

Signature Living · Luxury and author architecture

View project