The Property Office will attempt to sell the Prague Broadway Palace at auction for the sixth time

Prague - The Office for Representation of the State in Property Affairs (ÚZSVM) will attempt for the sixth time to sell the Prague Palace Broadway in an electronic auction. The auction is scheduled for February 27 to 29, with a starting price of 911 million crowns. This information comes from the office's website. The most recent attempt to sell the property took place in September, when no one placed a bid at the starting price of 930 million crowns.

The property office offers interested parties a tour of the Palace Broadway premises. The dates are February 8, 15, and 22, and interested parties must register in advance. Those who wish to participate in the auction must deposit a guarantee of 20 million crowns by February 26. The minimum bid in the auction itself is set at 200,000 crowns.

ÚZSVM has been trying to sell the Palace Broadway in electronic auctions since September 2021. In all five previous auctions, there was always one interested party who deposited the guarantee but did not place any bids. After each unsuccessful auction, ÚZSVM offered the property to the current tenant at the starting price, but they never showed interest in purchasing it.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets, not far from Republic Square. The building consists of three interconnected wings. It is one of the largest functionalist new constructions in the historic core of Prague. Initially, it served the needs of Italian insurance companies, and there were apartments in part of the complex. After 1980, the building was adapted for administrative purposes. In the basement of the building, a cinema was opened in 1938 equipped with the most modern projection and sound technology of the time. Currently, the spaces of the functionalist palace are used by the Broadway Theatre.

In accordance with the law, ÚZSVM offered the property after taking it over to other state institutions first. However, none of them showed any interest. Therefore, the office is seeking a new owner through an electronic auction.

The sale of the Palace Broadway could become the largest sale in the history of ÚZSVM. The highest amount to date, 790 million crowns, was obtained by the state from the sale of the complex at Republic Square in Prague, and the sale of the Prague complex U Půjčovny, which was sold for 355.1 million crowns after 100 bids.