Prague's Broadway Palace failed to sell even on the sixth attempt

Even the sixth attempt to sell the Prague Broadway Palace failed. In the electronic auction announced by the Office for State Representation in Property Matters (ÚZSVM), no one offered even the starting price of CZK 911 million. It follows from the record of the auction on the Internet. Michaela Tesařová, a spokeswoman for the office, said that the 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 current tenant can exercise its right of first refusal within three months of receiving the invitation. The aim of the ÚZSVM is to find a definitive owner for this exceptional property, which is located in the most lucrative part of Prague, who will find a meaningful use for it and breathe new life into it," Tesařová said. The Property Office approached the tenant with an offer to buy the palace after previous auctions, but he never showed interest.

The Office of Property Management has been trying to sell the Broadway Palace in electronic auctions since September 2021. In all five previous auctions, one bidder has always entered the auction and, although they have paid a deposit, they have not placed any bids. Tesarova said the same situation was repeated in the current auction. The previous auction took place in September, when the starting price was CZK 930 million.

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