The Prague Broadway Palace was not sold at auction even on the fourth attempt

Prague - The fourth attempt to sell the Prague Palác Broadway in an electronic auction also ended unsuccessfully. No one made a bid against the asking price of 990 million crowns, the Office for the Representation of the State in Property Matters (ÚZSVM) stated today. The office will now offer the building to the current tenant at the starting price from the auction. The tenant can exercise their preferential right to purchase within three months. Its statement is being verified by ČTK.

One interested party registered for the auction and submitted a deposit of 20 million crowns. However, no bids were made during the two-day auction. This repeated the situation from previous attempts to sell the Palác Broadway. The ÚZSVM held auctions in September 2021, March last year, and August last year.

The functionalist building, designed by architects Bohumír Kozák and Antonín Černý in the 1930s, is located between Celetná and Na Příkopě streets, near Náměstí Republiky. The building consists of three connected 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 part of the complex housed apartments. After 1980, the building was converted for administrative purposes. In the basement of the building, a cinema with the then most modern projection and sound equipment opened in 1938. Currently, the spaces of the functionalist palace are used by the Broadway Theatre.

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

The sale of the Palác Broadway 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 the premises at Náměstí Republiky in Prague, and the sale of the Prague premises U Půjčovny, which was sold for 355.1 million crowns after 100 bids.