Institutional portal - Municipality of Milan

From Gucci the best offer for the 'ex Dutti' premises, the Cobianchi assigned to Chanel

Milan, September 8 2021 – News in sight for the Galleria Vittorio Emanuele II. Gucci wins the tender for the 'ex Dutti' spaces, while Chanel will redevelop the historic Cobianchi space, after having formalized the exercise of the right of first refusal for the assignment of the former day hotel. Church will remain in the premises already occupied, thanks to an improved offer on the annual rent.

The race for the two spaces 
The public auction took place today for the spaces in via Silvio Pellico 6/piazza Duomo 21 (formerly Massimo Dutti) and in via Tomaso Marino 7 (Church). The tender was opened in June. 
Luxury Goods (Gucci) and Church have obtained the award of the premises (provisional, pending documentary verification).

In particular for the former Dutti space (whose starting price was almost 3,1 million euros per year), the best offer came from Gucci which proposed 4,5 million euros in annual rent. The property is on 5 levels with three windows for a surface area of ​​956 mXNUMX. The rules established by the Municipality prevent the display of a sign already present in the Gallery, therefore Gucci will have to return the premises already occupied in the main wing, under penalty of forfeiture of the concession.

As regards the space in via Marino (starting price over 211 thousand euros per year for 73 m610), it was Church himself who won the tender, offering an annual rental fee of XNUMX thousand euros. 
For both, the overall score also takes into account the technical proposals examined by the judging commission in recent days.

Cobianchi 
The tender for the former Cobianchi day hotel was published last April to verify the presence of parties interested in investing in the redevelopment and management of the space. In fact, the municipal administration had received a valorisation proposal from a private entity (Chanel), on the basis of which the search for other potentially interested private individuals was then opened. Following the tender, the space was provisionally assigned to the best financial offer received (1,3 million euros per year from Damiani). 
As expected in these cases, the owner of the initial proposal can exercise the right of first refusal, obtaining the rental of the space at the highest rent offered by the participants in the tender. Last September 1st Chanel formalized its intention to obtain the award of the Cobianchi.

The company - which intends to make it a multifunctional and exhibition space - undertakes to carry out at its own expense all the construction and plant adaptation works necessary for the redevelopment of the spaces, which today are affected by various problems of infiltration and leaks.