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

Prague - Even the sixth attempt to sell the Prague Broadway Palace has failed. In the electronic auction announced by the Office for State Representation in Property Affairs (ÚZSVM), no one offered even the starting price of 911 million crowns. This follows from the auction record on the internet. The office spokesperson Michaela Tesařová informed ČTK that ÚZSVM will now approach the current tenant of the property with an offer to buy the Broadway Palace for the starting price from the auction.

"The existing tenant can exercise their preferential right within three months of the delivery of the invitation. The aim of ÚZSVM is to find the earliest final owner for this exceptional property, which is located in the most lucrative part of Prague, who will find meaningful use for it and breathe new life into it," Tesařová stated. The property office has approached the tenant with an offer to buy the palace even after previous auctions, but they have never expressed interest.

ÚZSVM has been trying to sell the Broadway Palace in electronic auctions since September 2021. In all five previous auctions, one interested party always registered who deposited the security, but did not make any bid. The same situation, according to Tesařová, also occurred in the current auction. The previous auction took place in September, at which time the starting price was 930 million crowns.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets near the Republic Square. The building consists of three interconnected wings. It is one of the largest functionalist new constructions in the historic center of Prague. It initially 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 was opened in 1938 with the then most modern projection and sound equipment. Currently, the functionalist palace is used by the Broadway Theater.

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