A spacious property in an Italian palazzo on Venice’s famous St. Mark’s Square came onto the market this week for €10 million (US$11.7 million).
For the past three decades, the 1,000-square-meter (approximately 10,764-square-foot) space served as a showroom for a Murano glass business. However, Venice’s heritage department will allow the space to be converted into a residence if the next owner desires, according to listing agent Michelangelo Ravagnan of Ravagnan’s/Forbes Global Properties.
“There are only 50,000 people left in Venice, in the historic city center,” he said. “So they want to encourage people to invest and move here and convert studios, offices and commercial properties into residential [properties] when possible.”
A residential conversion, though, would require quite a bit of work, Ravagnan said, given its showroom layout.
The property is spread across three levels within the Procuratie Vecchie, one of the three classical-style, 16th-century buildings that line the perimeter of St. Mark’s Square and also neighbors the St. Mark’s Clocktower. It has a private entrance, so residents don’t have to enter through the square, and access via two elevators.
Notable design features include decorated exposed wood beams and Venetian terrazzo flooring, which is made up of small stones of different colors and shapes.
There’s also access to the roof, where the property has two altane—traditional Venetian rooftop terraces designed with a wooden platform that’s elevated above the roofline and supported by pillars.
“Only in Venice can you find this kind of terrace,” Ravagnan said. “One is standing right in front of St. Mark’s Square.”
And there’s not just a view over the historic square—the property also looks out toward the water and over Venice’s skyline.
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“That’s the most important element if you’re looking for an investment like this in Venice because you want to see the water,” Ravagnan said. “You’re in Venice, you’re supposed to see water. You can see squares everywhere in Italy.”
If the next owner isn’t looking to make the property a residence, it’s also suited for other commercial purposes, like an atelier, an art gallery or a private club.