The Property Office will attempt for the ninth time today to sell the Broadway Palace in Prague

Prague - The Office for Representation of the State in Property Matters (ÚZSVM) will attempt for the ninth time today to sell the Broadway Palace in the center of Prague. The electronic auction will start at 10:00 and last for 24 hours, with the starting price set at 878 million crowns. For the auction to be successful, one of the interested parties must submit a bid of at least the starting price. The current tenant of the property has the right to match the highest bid made. If successful, the auction would become the most lucrative sale in the history of the ÚZSVM.

The property office took over the Broadway Palace in 2016 from the then Administration of Railway Transport (now the Railway Administration). Since no state institution has shown interest in the property, the ÚZSVM has been offering it in electronic auctions since 2021. In previous auctions, there was always one interested party, but they never submitted a bid even at the starting price. The ÚZSVM subsequently always offered the property to the tenant at the starting price from the auction, but the tenant did not express interest in purchasing the palace.

The functionalist building designed by architects Bohumír Kozák and Antonín Černý from the 1930s is located between Celetná and Na Příkopě streets, not far from the Republic Square. The building consists of three connected wings. It is one of the largest functionalist new constructions in the historical center of Prague. Initially, it served the needs of Italian insurance companies, and part of the complex contained apartments. After 1980, the building was modified for administrative purposes. In the basement of the building, a cinema with the then most modern projection and sound equipment was opened in 1938. Currently, the spaces of the palace are used by the Broadway Theatre.

So far, the most profitable sale for the ÚZSVM was the sale of a complex of properties at Republic Square in Prague for 790 million crowns. Recently, however, auctions with high starting prices have typically ended unsuccessfully. The property office has repeatedly failed to sell the Štiřín castle in Central Bohemia, the Veleslavín castle in Prague, or the National House in Vinohrady in Prague.