ÚZSVM is reselling the Broadway Palace with a starting price of over CZK 1 billion

The Office for Representation of the State in Property Matters (ÚZSVM) today again announced an electronic auction for the sale of the Broadway Palace in Prague. The minimum price is the same as in the previous round of the tender, namely 1.05 billion crowns. This is the highest minimum price for the existence of the office. The office informed about it in a press release today. In the first round of the electronic auction last September, no one was interested in the palace, and the current tenant did not exercise his pre-emptive right and did not submit a purchase offer within the set deadline. The Office therefore announced another auction.

It will start on March 7 at 10 a.m. and last until March 9 at 12 p.m. Before the start of the auction, ie by midnight on March 4, bidders must pay a deposit of 20 million crowns. The dates of the building inspections for those interested are scheduled for January and February and will be in Czech and English, the office informed.

"The Broadway Palace complex is not only a unique investment opportunity, but also a sale with the highest announced minimum price in the almost twenty-year history of our office. I believe that we will be able to find the definitive owner of this cultural monument to restore the former shine," said ÚZSVM General Director Kateřina Arajmu.

The functionalist building, which lies between Na Příkopě and Celetná streets, consists of three interconnected tracts and dates from the 1930s. The house is one of the largest functionalist new buildings in the historic center of Prague. The building first served the needs of Italian insurance companies and there were apartments in part of the complex. After 1980, the building was adapted for administrative purposes. A cinema with the most modern projection and sound equipment was opened in the basement of the building in 1938.

In 2016, the ÚZSVM took over the complex from the then Railway and Transport Administration. In accordance with the law, the ÚZSVM first offered the building to other state institutions, but none of them showed interest in it. Therefore, the office is looking for a new owner through an electronic auction. The state has received the highest amount of 790 million crowns so far from the sale of the area on náměstí Republiky in Prague and the sale of the Prague area of ​​U půjčovny, which was sold for 355.1 million crowns after 100 bids.

Source: CTK