The Property Office will attempt for the fifth time to sell the Broadway Palace in Prague this September

Prague - The Office for Representation of the State in Property Affairs (ÚZSVM) will attempt for the fifth time to sell the Prague Broadway Palace in an electronic auction. The auction is scheduled for September 4 to 6, with a starting price of 930 million crowns, according to information on the ÚZSVM website. The most recent attempt to sell the property took place in March, where only one interested party registered for the auction but did not bid above the starting price of 990 million crowns.

The office is again offering potential buyers of the property opportunities to tour the Broadway Palace. These will take place in July and August. By September 1, interested parties wishing to enter the auction must pay a deposit of 20 million crowns. The minimum bid in the auction itself will be 200,000 crowns.

The ÚZSVM has attempted to sell the property in the center of Prague four times already. For the auctions in September 2021, last March, last August, and this March, there was always one interested party, but none ever bid above the starting price. After each unsuccessful auction, the office contacted the current tenant with an offer to sell, but they never exercised their priority purchase right.

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 sections. It is one of the largest functionalist new buildings in the historical core of Prague. Initially, it served the needs of Italian insurance companies, and part of the complex housed apartments. After 1980, the building was modified for administrative purposes. In the basement of the building, a cinema was opened in 1938 with the then-most modern projection and sound equipment. Currently, the spaces of the functionalist palace are used by the Broadway Theater.

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

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