The Property Office is once again selling the Broadway Palace with a starting price of over one billion CZK.

Prague – The Office for Government Representation in Property Affairs (ÚZSVM) today announced another electronic auction for the sale of the Prague Broadway Palace. The minimum price remains the same as in the previous round of bidding, set at 1.05 billion crowns. This is the highest minimum price in the office's history. The office informed about this in a press release today. In the first round of the electronic auction last September, there was no interest in the palace, and the current tenant did not exercise their preemptive right and failed to submit a purchase offer within the specified time. Therefore, the office announced another auction.

It will start on March 7 at 10 AM and run until March 9 at 12 PM. Before the start of the auction, that is, by March 4 at midnight, interested parties must pay a deposit of 20 million crowns. The dates for building tours for interested parties are scheduled in January and February and will be in both Czech and English, the office informed.

"The area of the Broadway Palace is not only a unique investment opportunity, but also a sale with the highest announced minimum price in the nearly twenty-year history of our office. I believe we can find a definitive owner for this exceptional property in the center of Prague through the electronic auction, someone who can restore this cultural monument to its former glory," said ÚZSVM director Kateřina Arajmu.

The functionalist building, located between Na Příkopě and Celetná streets, is composed of three interconnected wings and dates back to the 1930s. The building is among the largest functionalist new constructions in the historical core of Prague. Initially, it served the needs of Italian insurance companies and a portion of the complex contained apartments. After 1980, the building was adapted for administrative purposes. In the basement of the building, a cinema with then the most modern projection and sound equipment opened in 1938. Currently, these spaces are used by the Broadway Theatre.

ÚZSVM took over the complex in 2016 from the then Administration of Railways and Transport. In accordance with the law, ÚZSVM first offered the facility to other state institutions, but none showed interest. Therefore, the office is seeking a new owner through an electronic auction. The highest amount so far, 790 million crowns, was obtained from the sale of the complex at Náměstí Republiky in Prague, while the sale of the Prague complex U Půjčovny sold for 355.1 million crowns after 100 bids.