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Milan: the Vittorio Emanuele gallery collects another million

12 July, La Repubblica

The French Yves Saint Laurent has landed in the Vittorio Emanuele gallery in Milan, beating all the other competitors, with Luxottica and Richmond Italia, Damiani and Moreschi among the names, and obtaining the 82 Sq m surface on offer. Today was the opening of the envelopes with the offers for the property currently occupied by Nara Camicie. There were about twelve proposals altogether, but the offer from SL Luxury Retail srl had no rivals. The company headquartered in Scandicci (Tuscany) is 100% owned by Kering, which is the owner of many other luxury brands such as YSL, as well as Gucci, Balenciaga, Bottega Veneta and Alexander McQueen. The amount offered was way higher than the auction starting price, 131 thousand euro. In this way, the company got the space for the next 18 years.

The adjudication is provisional since the municipality will have to complete the assessments and the verifications required by law. In any case, it’s an excellent result for the City of Milan, considering the yearly rental per surface ratio. To give an idea, the restaurant “Cracco in Galleria” pays to the municipality a similar amount, but it occupies a much larger space, namely 1,100 Sq m spread over five floors.

The sale to YSL is not the only achievement of the Milan administration. Always in the Gallery, the City has recently agreed to rent to Prada a 317 Sq m space corresponding to the entrance to the octagon. This entrance was previously leased to Prada through a company division of the neighbouring Feltrinelli. Starting from 30th of June, Prada will directly rent the space till 2031 paying a yearly rent amounting to 600 thousand euro.

Besides, the Feltrinelli bookshop close by pays a 310 thousand euro rent. The total 1,800 Sq m surface has been put for auction by the city administration once again. The tender is addressed to bookshops only, and the deadline is next Wednesday following a verdict from the Regional Administrative Court which denied the automatic renewal of the lease to Feltrinelli. The starting price of the auction is 900 thousand euro downwards, namely the triple.

Source: La Repubblica

Translator: Cristina Ambrosi