Fifth attempt to sell Prague's Broadway Palace fails

by   CIJ News iDesk III
2023-09-06   15:12

The fifth attempt to sell Prague's Broadway Palace has also failed. In the electronic auction announced by the Office for State Representation in Property Matters (ÚZSVM), no one bid for the CZK 930 million starting price. It follows from the record of the auction on the Internet. The office has not yet disclosed how it will proceed with the property in the centre of Prague. After previous unsuccessful auctions, it has always offered to buy the Broadway Palace to the current tenant at the auction's starting price.

The ÚZSVM has been trying to sell the Broadway Palace in electronic auctions since September 2021, the previous attempt took place in March this year. Also, in past auctions of the property, which may become the most expensive sale in the property authority's history, no one has bid the asking price.

The functionalist building 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, the ÚZSVM first offered the building to other state institutions after taking it over. However, none of them showed any interest in it. Therefore, the authority is looking for a new owner through an electronic auction.

Source: ÚZSVM and CTK
Photo: UZSVM