Rents to the roof for a space in Galleria in Milan

07 December, La Repubblica

Moncler will pay a lease of 2.5 million, more than double the starting auction price of 1.2 million, to secure a spot in Galleria Vittorio Emanuele in Milan.

The brand that became famous in Milan during the Eighties with its bright winter jackets will open a 748 Sq m store facing the same square as Scala replacing Urban Center. The space allocation is not official yet, as it’ still pending the green light which should come in about one month upon having checked the compliance of the accounts. Once got all the authorisations, Moncler will lease the space for 18 years. The commercial offer came with the technical documentation (store implementation and products descriptions) and obtained 58 points out of 60. The restyling will happen with the coordination of the Superintendence authority.

The city administration will continue using public tenders to assign public spaces, as City Councillor for state property Roberto Tasca clearly stated, as “they follow an essential principle such as that of free competition, and they provide a fair economic revaluation of Galleria. Renovations will be an exception upon well-documented specific conditions”. The controversy over the tender to adjudicate the spaces of the two restaurants “Il Salotto” and “La Locanda del Gatto Rosso” which was annulled by the Council of State will resolve with the publication of a new tender. After several checks, in fact, it turned out that there is no reason to renew the licenses. “Café Restaurant e Galleria” may stay at its place for other 12 years paying a yearly lease of 485 thousand euro. The City of Milan assessed that in this case, unlike the other two restaurants, there are the conditions for the renewal. The restaurant was established in 1968 and was acknowledged by the Region of Lombardy as well as by the City of Milan, and it features an interior design dating back to the 19th century.

Besides Moncler, another luxury fashion brand will open in Galleria with the upcoming arrival of Yves Saint Laurent. The destiny of Feltrinelli is still not sure. After the first auction in July ended up without valid offers, as the only offer it got was from Feltrinelli itself for a price lower than the starting price, another tender was launched in October. It will still be for bookshop use, although with a variation from the previous bid: the space dedicated to books has to cover 70% of the surface, while the remaining 30% can be used for other commercial activities such as leisure, video games or cultural events. The auction starting price is set at 973,303 euro a year.

Source: La Repubblica

Translator: Cristina Ambrosi

Email

Linkedin

Twitter

Google