New Openings in the Vittorio Emanuele II Shopping Gallery
Gucci, Church & Chanel win bids on spaces in the Vittorio Emanuele II Shopping Gallery in Milan
Galleria Vittorio Emanuele II. New assignments for the spaces of the monumental complex
The Galleria Vittorio Emanuele II is one of Europe’s oldest glass covered urban galleries.
The property is run and managed by the municipality of Milan and when spaces become available, brands rush to bid on the real estate rental contracts.
In early September 2021, the gavel pounded after latest bidding war awarding new retail spaces to the epic Vittorio Emanuele II Gallery.
Gucci won the bid for the former Dutti space, while Chanel will redevelop the historic Cobianchi space and Church will remain in the premises already occupied, thanks to the new offer made regarding the annual rent.
The bid for the two spaces
The public auction for the spaces was held Sept 8, 2020 with the initial call opened in June.
Luxury brands Gucci and Church have obtained provisional rights pending documentary verification.
In particular for the former Dutti space (whose auction base was almost 3.1 million euros per year), the best offer came from Gucci, which offered 4.5 million euros in annual rent. The property is on 5 levels with three windows for an area of 956 square meters. The rules established by the Municipality prevent signage displays which are already present in the Gallery, therefore Gucci will have to return the premises already occupied in the main arm of the gallery, under penalty of forfeiture of the concession.
As for the space in via Marino (starting price over 211 thousand euros per year for 73 square meters), Church won with a bid of an annual rent of 610 thousand euros.
From Cobianchi to Chanel
The tender for the former Cobianchi day hotel space was published last April to verify the presence of subjects interested in investing in the redevelopment and management of the space. In fact, a proposal for enhancement by a private entity (Chanel) was received by the municipal administration, on the basis of which the search for other potential private individuals was then opened. As a result of the tender, the space was provisionally assigned to the best economic offer received (1.3 million euros per year from Damiani).
As foreseen in these cases, the owner of the initial proposal can exercise the right of first refusal, obtaining the lease of the space at the higher rent offered by the participants in the tender. On September 1st, Chanel formalized its intention to obtain the award of the Cobianchi.
Chanel plans to make it a multifunctional and exhibition space and intends to carry out at its own expense all the building and work necessary for the redevelopment of the spaces, which are affected by leaks and infiltration.
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