The municipality of Milan makes cash with auctions: palaces and buildings for sale

Surely the COVID-19 pandemic has had a hand, both directly and through collateral channels. But the news is strong: the municipality of Milan, after having decentralized some institutions and having transferred them to other areas of the city, immediately began to auction some real estate lots, in order to give a breath of fresh air. to the municipal coffers, after the many lost revenues of the two-year period 2020-2021.

The lots in competition

The most important and attractive lot of the auctions that took place during the month of May 2021 was undoubtedly that of the municipal building in Largo Treves. Here a tight race began, which saw six clubs compete. In the end, Stella Real Estate won, which managed to win the lot for the incredible amount of 52.7 million euros, more than double the starting price, set at 22.6 million euros, after 30 raises. The property, of 4366 square meters, has therefore seen its value almost triple.

In addition to the Largo Treves building, at the auction held by the municipality of Milan there were also other buildings, including the one in via Pirelli 30, of 414 square meters. Again, there have been multiple raises, and it is known that when the auction starts and the adrenaline rush, the initial budget forecasts vanish in an instant. And the lot in via Pirelli was no exception: 11 raises followed one after the other, starting from an auction base of 1.3 million euros. In the end, Real One Srl won, which came to offer 2 million euros and took the building home.

Another round, another race (or rather, another auction): the turn of the building in via Edolo has arrived. This time things went much more calmly and linearly, with an auction base of 3.8 million euros and a single raise, by Covi Immobiliare, which offered the minimum wage closing the deal at 3, 9 million euros. Not bad, given that the net area of ​​the building is 2270 square meters.

Finally, the only discordant note in the hunt for business in the municipality of Milan was the auction for the building in via San Tommaso 3, with an area of ​​3360 square meters. No bids have been submitted, and therefore a new auction with a lower starting price will follow soon.

The precedent of Pirellino in March 2021

The new sales of the municipality of Milan follow closely the auction for the Pirellino, the tower in via Pirelli 39, which was unleashed at the end of March: the building of the Municipality was sold for 193 million euros, with the buyer, the Coima of Manfredi Catella, which practically doubled the auction base, taking home a symbolic building of Milan, beating the competition of the other 3 operators in the race, for an unforgettable auction that saw 85 raises.

Of the 193 million euros spent by Coima, almost 19 related to the surface rights on the underground car park, while the other 175 for the building itself. Considering that in 2013 the Pirellino together with the garage were worth 78 million euros, the municipality of Milan can be truly satisfied.

The words of the Municipality

The Councilor for the State Property Roberto Tasca spoke to the press, defining himself happy as this revenue in the coffers of the municipality will be able to bring “economic recovery to our city, enhancing and rationalizing its real estate assets”. According to Tasca, the auction mechanism is “winning, as it induces the participants to bid upwards, to the benefit of the municipal coffers”.

What will be done with the money collected? According to the commissioner, the revenues will be used to support the “capital interventions of the Municipality, including the extension of the M1 to Baggio”.

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