The Office for State Representation in Property Matters (ÚZSVM) has cancelled the electronic auction in which it wanted to sell the Broadway Palace in Prague. According to Michaela Tesarová, spokesperson of the Office, an administrative error was made during the auction, so the Office will repeat the auction. Originally, the ÚZSVM said on the internet that none of the bidders had paid the CZK 20 million auction deposit. The auction was due to start at noon today, with a starting price of CZK 990 million. This was the fourth attempt by the ÚZSVM to sell the Broadway Palace.
“In the case of today’s electronic auction of the Broadway Palace, there was an administrative error. Therefore, the ÚZSVM will repeat the electronic auction for the sake of transparency. Details will be published on the website www.nabidkamajetku.cz. Our goal is to find a definitive owner for this exceptional property as soon as possible,” said Tesařová.
The Property Office offered the Broadway Palace for sale in September 2021, last March and last August. One bidder paid the required deposit each time, but did not subsequently participate in the auction. In the previous attempt last August, the asking price was CZK 1.05 billion.
The functionalist building designed 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, 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.
So far, the highest amount of CZK 790 million has been raised by the state from the sale of the premises on náměstí Republiky in Prague and the sale of the Prague complex U Půjčovny, which sold for CZK 355.1 million after 100 bids.
Source: CTK
