Initially called Quinta da Granja, it was chosen by the Franciscan Friars, in the last quarter of the 15th century, for the installation of their new Convent, dedicated to Nossa Senhora da Conceição (image that would give the name to the Quinta), after they abandoned the S. Clemente das Penhas Convent (Boa-Nova) due to the harsh climate typical of the proximity to the sea.

Currently, the old cloister of the convent, some fountains, a Manueline-style portal (which belonged to the convent church) and the São Francisco chapel, where Frei João da Póvoa, confessor of King D. João II, is still visible.