The Property Office will attempt for the eighth time to sell the Broadway Palace in Prague

Prague - The Office for the Representation of the State in Property Affairs (ÚZSVM) will today make its eighth attempt to sell the Prague Broadway Palace in an electronic auction. The starting price of the property for the current auction, which will last until Thursday, is set at 878 million crowns, with bids accepted in increments of 50,000 crowns. In all previous attempts to sell, there has always been one interested party who registered for the auction, paid the required deposit, but made no bids.

The ÚZSVM has been trying to sell the Broadway Palace in electronic auctions since September 2021. If the current auction is successful, it could become the most successful sale in the office's history. The highest amount so far, 790 million crowns, was obtained by the state from the sale of a complex in Republic Square in Prague. However, the sale of the Broadway Palace could be surpassed by a concurrent auction for the Central Bohemian Castle of Štiřín, where the starting price is 1.445 billion crowns.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets, near Republic Square. 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 modified for administrative purposes. In the basement of the building, a cinema with the then most modern projection and sound equipment was opened in 1938. Currently, the spaces of the palace are used by the Broadway Theater.

In accordance with the law, the property office offered the building after it was transferred from the then Administration of Railway Transport (now the Administration of Railways) in 2016, first to other state institutions. However, none of them showed any interest. The current tenant of the property also did not exercise their preemptive right. Therefore, the office is seeking a new owner through an electronic auction.