The Prague Broadway Palace has not been sold even on the seventh attempt

Prague - The Office for Representation of the State in Property Affairs (ÚZSVM) has failed to sell the Prague Broadway Palace in an electronic auction for the seventh time. During the two-day auction, no one offered the starting price of 891 million crowns, according to the auction record. The property office announced in a press release that it will now offer the property for sale to the current tenant at the starting price from the auction. It took the same approach in previous auctions, but the tenant has never shown interest in purchasing the Broadway Palace.

As with previous attempts to sell the property, only one interested party registered for the electronic auction, who also submitted the required deposit of 20 million crowns. However, no bid was made. Therefore, ÚZSVM will now contact the current tenant of the property with a sales offer according to the contract. "The current tenant can exercise their preferential right within three months of receiving the invitation. The goal of ÚZSVM is to find a definitive owner for this exceptional property, which is located in the most lucrative part of Prague, who will find meaningful use for it," stated the property office.

ÚZSVM has been attempting to sell the Broadway Palace at electronic auctions since September 2021. In all six previous auctions, only one interested party registered, who deposited the fee but did not place any bids. After each unsuccessful auction, ÚZSVM always offered the property to the current tenant at the starting price, but they have never shown interest in purchasing it.

The functionalist building 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 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 contained apartments. After 1980, the building was converted for administrative purposes. In the basement of the building, a cinema with the most modern projection and sound equipment at the time opened in 1938. Currently, the spaces of the functionalist palace are used by the Broadway Theatre.

In accordance with the law, ÚZSVM offered the property after it took over from the then Administration of Railway Transport (now the Administration of Railways) in 2016, first to other state institutions. However, none of them showed interest. Therefore, the office is looking for a new owner through electronic auction.