The electronic auction of the Broadway Palace in Prague 1 will end today at noon. This is a sale with the highest minimum price during the existence of the Office for Representation of the State in Property Matters (ÚZSVM). The office set the starting price at CZk 1.05 billion. The house from the 1930s is one of the largest functionalist buildings in the historical center of Prague.
The auction started on Tuesday morning, because a bail of CZK 20 million was paid by at least one bidder. The minimum price increase is CZK 200,000. The current tenant will get a chance to match the price from the auction after its end, otherwise the ÚZSVM will conclude a contract with the winner of the tender. The tenant will also be given a chance to submit a bid in the amount of the starting price, if no bid is made at the auction. If there is no interest in the building, the auction will be repeated.
ÚZSVM took over the Broadway Palace complex in 2016 from the then State Railway and Transport Administration (now the Railway Administration). The building with shops, theater, restaurants and offices is auctioned because no state institution has shown interest in it.
According to the ÚZSVM, the state received the highest amount of CZK 790 million so far from the sale of the complex on Republic Square in Prague. Another of the highest amounts was brought by the auction of the Prague complex U půjčovny, which was sold for CZK 355.1 million after 100 bids.
Source: CTK
