The fifth attempt to sell the Prague Broadway Palace was unsuccessful

Prague - Even the fifth attempt to sell the Prague Broadway Palace was unsuccessful. In the electronic auction announced by the Office for Representation of the State in Property Matters (ÚZSVM), no one bid on the starting price of 930 million crowns. The office announced this in a press release. At the same time, it stated that it will now contact the current tenant of the property and offer them the opportunity to purchase the Broadway Palace at the starting price from the auction.

The current tenant can exercise their priority right to purchase the property within three months, the property office stated. "The goal of ÚZSVM is to find a definitive owner for this exceptional property, located in the most lucrative part of Prague, as soon as possible, who will find meaningful use for it and breathe new life into it," it stated.

ÚZSVM has been trying to sell the Broadway Palace in electronic auctions since September 2021, with the previous attempt taking place this March. In the current auction, just like in previous attempts to sell, one interested party registered and deposited a twenty million crown bidding deposit, but made no bids. Also in previous auctions of the property, which could become the most expensive sale in the history of the property office, no one bid on the starting price.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets, near the Republic Square. The building consists of three interconnected wings. It is one of the largest functionalist new buildings in the historic core of Prague. Initially, it served the needs of Italian insurance companies, and part of the complex contained apartments. After 1980, the building was adapted for administrative purposes. In the basement of the building, a cinema with the then most modern projection and sound equipment was opened in 1938. Currently, the spaces of the functionalist palace are used by the Broadway Theatre.

In accordance with the law, ÚZSVM offered the property first to other state institutions after it took it over. However, none expressed interest in it. Therefore, the office is looking for a new owner through electronic auction.