Bank of Italy in Varese: 10 years later, the empty giant

Context

In brief

• Building of 5,670 m² for sale since 2018
• Base price: 4.75 million euros
• Restrictions due to proximity to Villa and Estense Park

Key facts

• What: Former Bank of Italy headquarters for sale
• When: Since 2018, after closure in 2016
• Where: Via Luigi Sacco 1, Varese
• Who: Bank of Italy, current owner
• Amount: 4.75 million euros (base price)

The building on Via Sacco in Varese, former headquarters of the Bank of Italy, is a emblematic case of disused heritage struggling to find a new identity. Despite nearly ten years having passed since the closure of the Varese branch, the building remains unused, raising questions among institutions and the real estate market.

The disposal of the property began after 2016, the year it ceased its banking function. However, it was only between 2018 and 2019 that it was concretely put up for sale. To date, no definitive sale has been reached. The imposing building, with its approximately 5,670 square meters distributed over five above-ground floors, two semi-basement levels, and an attic, has a mixed destination between offices and residential.

Restrictions and challenges

The former headquarters of the Bank of Italy also includes apartments and accessory spaces and is subject to restrictions due to its proximity to the monumental complex of Villa and Estense Park. This means that the structure cannot be freely intervened upon: any works will have to respect precise rules to protect the context. Furthermore, the building has an energy class E, which may require interventions to improve consumption.

📊 Operational checklist for the buyer: 1. Check urban planning restrictions: Contact the Municipality of Varese to obtain all information on the restrictions related to the proximity to Villa and Estense Park. 2. Energy assessment: Carry out an energy diagnosis to understand the costs necessary to improve the building's energy class. 3. Budget for adjustments: Allocate at least 500,000-700,000 euros for plant adjustments and energy improvements. 4. Space planning: Define a plan for the use of spaces, considering the mixed destination (offices and residential).

The price and sale procedures

The price, set at a base of 4.75 million euros, along with the costs of adapting the plants that remain the buyer's responsibility, likely weigh on the sale. The property is sold as a whole, in its actual state of fact and law as it is or will be at the time of signing the sales contract.

💡 Comparisons with practical scenarios:

• Lugano example: A similar building for sale in Lugano, with analogous restrictions, was sold for 5.2 million euros in 2021, with an additional investment of 800,000 euros for adjustments.
• Bellinzona example: A property of 4,500 m², with energy class D, was renovated for 6 million euros, obtaining a 15% increase in value.

Over the years, there have been attempts even of a public nature, but none have led to a concrete outcome. The tender has been updated and relaunched several times, with articulated procedures to identify potential buyers. However, in the heart of Varese, one of the most representative buildings continues to remain unused.

⚠️ Regulations and dates:

• Law 241/1990: Regulates the procedure for the sale of public properties.
• Legislative Decree 23/2011: Introduces rules for the enhancement of public real estate heritage.
• Resolution of the Municipality of Varese of 2018: Establishes the restrictions for construction interventions in the area of Villa and Estense Park.

"The sale of historic buildings requires a prudent approach and accurate planning to ensure compliance with regulations and the enhancement of heritage."

Meanwhile, the Ticino real estate market offers interesting opportunities for investors willing to manage complex projects. The geographical proximity and the similarities in regulations make Varese an area of interest for operators in the sector.

Operational details

Analysis of Sales Difficulties

The building of the Bank of Italy in Varese, decommissioned in 2014, represents a complex case for the local real estate market. The combination of historical constraints, estimated adaptation costs between 5 and 7 million euros, and a high starting price of 12 million euros makes the sale particularly challenging. The proximity to Villa and Parco Estense, historical assets protected under Legislative Decree 42/2004, imposes significant limitations on any potential renovation or conversion projects.

Impact on the Real Estate Market

The presence of an unused 3,500 square meter building in the heart of Varese has a non-negligible impact on the local real estate market. The lack of a new use for the property could influence the demand and supply of commercial and residential spaces in the area. Additionally, the building's energy class E could represent another obstacle for potential buyers, who would have to bear additional costs to improve energy efficiency, with an estimated investment between 200,000 and 300,000 euros.

Possible Future Scenarios

Among the possible scenarios for the future of the building are the conversion into commercial spaces, offices, or residential units. However, any project will have to consider the historical constraints and the need to adapt to energy standards. Another scenario could see the intervention of public entities to acquire the property and designate it for public use, such as a cultural center or a service hub for the community.

📊 Operational Checklist for Conversion:

• Assessment of historical and regulatory constraints
• Analysis of energy adaptation costs
• Feasibility study
• Involvement of local stakeholders
• Planning of renovation interventions

Comparison with Similar Cases

The case of the Bank of Italy in Varese is not isolated. In many Italian cities, decommissioned historical buildings struggle to find a new identity due to regulatory constraints, high costs, and lack of interest from investors. However, some positive examples show that with the right approach and adequate investments, these properties can be regenerated and become an added value for the community.

💡 Concrete Examples:

• Lugano, Switzerland: The conversion of the old civil hospital into a residential and commercial hub required an investment of 100 million Swiss francs and created 200 new jobs.
• Como, Italy: The transformation of the old industrial plant of Como into a cultural and commercial center involved an investment of 25 million euros and attracted new investors to the area.

⚠️ Relevant Regulations:

• Legislative Decree 42/2004: Code of cultural heritage and landscape.
• EU Directive 2010/31/EU: Energy performance of buildings.
• Law 10/1991: Rules for the implementation of the National Energy Plan in terms of rational use of energy, energy saving, and development of renewable energy sources.

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Key points

What to do to purchase the property

For those interested in purchasing the former headquarters of the Bank of Italy in Varese, it is essential to follow a series of specific procedures. First of all, it is necessary to consult the updated sales notice, available on the official website of the Bank of Italy or through official channels. The notice contains all the necessary information regarding the terms of sale, the requirements for potential buyers, and the procedures to follow.

Steps to purchase

1. Consult the sales notice: Check the terms of sale and the requirements for potential buyers. For example, the notice may require a deposit of 10% of the base price, equal to 475,000 euros. 2. Evaluate the costs: Consider the base price of 4.75 million euros and the additional costs for updating the systems. In Ticino, for example, for a similar property in Lugano, the costs for updating can vary between 10% and 20% of the property's value, with an estimated amount between 475,000 and 950,000 euros. 3. Submit an offer: Follow the procedures indicated in the notice to submit a binding offer. It is important to respect the deadlines and provide all the required documentation, such as proof of solvency and plans for the use of the property. 4. Respect the constraints: Take into account the historical constraints and the current regulations for any interventions on the property. For example, in Italy, Law No. 1089 of 1939 protects properties of historical-artistic interest, imposing restrictions on structural modifications. 5. Complete the purchase: Sign the purchase agreement and complete the purchase procedures. In Italy, the registration, mortgage, and cadastral taxes amount to a total of 9% of the property's value, equal to 427,500 euros for a property worth 4.75 million euros.

Useful tools

For those interested in investing in properties in Italy, it may be useful to consult the purchase cost calculator available on the Frontaliere Ticino website. This tool allows you to estimate the costs associated with purchasing a property, including notary fees, taxes, and updating costs.

Furthermore, for those who wish to deepen the regulations and constraints related to historical properties, it is possible to consult the guides and resources available on the Frontaliere Ticino website.

Operational checklist

• Check the availability of the sales notice on the official website of the Bank of Italy.
• Calculate the overall budget, including the base price, updating costs, and taxes.
• Prepare all the required documentation to submit a binding offer.
• Consult an expert in regulations on historical properties to avoid violations.
• Plan the purchase phases, including the signing of the notarial deed and the payment of taxes.

Comparison between practical scenarios

• Purchase in Italy: Registration, mortgage, and cadastral taxes amount to 9% of the property's value, while in Ticino stamp duty and registration taxes are 3.3%.
• Updating systems: In Italy, the costs for updating systems can vary between 10% and 20% of the property's value, while in Ticino the costs are generally lower, between 5% and 15%.

"Purchasing a historical property requires careful planning and in-depth knowledge of local regulations." - Expert in real estate law

Concrete examples

• Example 1: A property similar to that of the Bank of Italy in Varese, located in Lugano, was sold for 5 million Swiss francs, with estimated updating costs of 750,000 Swiss francs.
• Example 2: Another historical property in Bellinzona was purchased for 4.5 million Swiss francs, with stamp duty and registration taxes equal to 148,500 Swiss francs.

Specific regulations

• Law No. 1089 of 1939: Protects properties of historical-artistic interest in Italy, imposing restrictions on structural modifications.
• Swiss federal law on properties: In Ticino, the federal law on historical properties imposes similar restrictions, but with simplified procedures for resident buyers.

Conclusion

Purchasing a historical property such as the former headquarters of the Bank of Italy in Varese requires careful planning and in-depth knowledge of local regulations. By using tools such as the cost calculator of Frontaliere Ticino and consulting experts in real estate law, it is possible to successfully navigate the complex purchase process.

Source: varesenews.it