Gallarate building auction set for 6.65 million euros

The seven-story residential and commercial complex located at via Torino 8 in Gallarate is scheduled for auction on December 2. The auction features a base price of 6.65 million euros, with a minimum acceptable offer set at approximately 4.9 million euros. The deadline for submitting offers is December 1.

Once a prestigious residential site, the building has suffered years of severe degradation following the bankruptcy of three real estate companies that controlled nearly 90% of the property. This insolvency resulted in over 700,000 euros in unpaid condominium fees, utility debts, and a lack of essential maintenance. The building lacked central heating and common area lighting since 2020, and a broken sewage system led to flooding in basement and commercial areas.

The deterioration led to illegal occupations and criminal activity, including drug dealing and prostitution, prompting the Municipality of Gallarate to issue an eviction order in July 2024. The complex consists of 52 apartments, six shops, four offices, 72 cellars, and 62 garages, though some specific units are excluded from this particular sale. A new owner is viewed as a necessary step toward the structural and social rehabilitation of the area.