Property Office will try to sell Prague's Broadway Palace at auction for the sixth time

by   CIJ News iDesk III
2024-01-22   13:54
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The Office for State Representation in Property Matters (ÚZSVM) will attempt to sell the Prague Broadway Palace for the sixth time in an electronic auction. The auction has been announced for 27-29 February and the starting price will be CZK 911 million. It follows from the information on the website of the office. The last attempt to sell the property took place in September, and no one bid for the CZK 930 million asking price.

The Property Office offers interested parties a tour of the premises of the Broadway Palace. The dates are 8th, 15th and 22nd February, those interested in the tour must register in advance. Anyone interested in participating in the auction must pay a deposit of CZK 20 million by 26 February. In the auction itself, the minimum bid is set at CZK 200,000.

The ÚZSVM has been trying to sell the Broadway Palace in electronic auctions since September 2021. After an unsuccessful auction, the MHRA has always offered the property to the current tenant at the asking price, but the tenant has never expressed an interest in buying the property.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets near náměstí Republiky. The building consists of three interconnected tracts. It is one of the largest functionalist new buildings in the historic centre of Prague. At first 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 1938, a cinema was opened in the basement of the building with the most modern projection and sound equipment of the time. Today the premises of the functionalist palace are used by the Broadway Theatre.

In accordance with the law, after taking over the building, the Ministry of the Interior offered it first to other state institutions. However, none of them showed interest in it. Therefore, the authority is looking for a new owner through an electronic auction.

The sale of the Broadway Palace could become the largest sale in the history of the Office of the Ministry of the Interior. So far, the highest amount of CZK 790 million has been raised by the state from the sale of the premises on náměstí Republiky in Prague and the sale of the Prague complex U Půjčovny, which sold for CZK 355.1 million after 100 bids.

Source: ÚZSVM and CTK