Broadway Palace will be put up for sale in Prague for 1 billion crowns

The Czech Republic will hold an auction for the sale of the Broadway Palace in Prague. The starting price is 1 billion crowns. The electronic auction will start on September 14th and end on September 16th. Built in the 1930s, Broadway Palace is one of the largest functionalist constructions in the historical centre of Prague.

The Office of State Representation in Property Matters (ÚZSVM) took over the Broadway Palace complex in 2016 from the then State Administration of Railways and Traffic. As prescribed by law, ÚZSVM initially offered the palace to other government agencies, but none of them showed any particular interest in this building. Therefore, the state is now looking for a new owner of the Palace.

“This sale is completely unique, even in terms of the announced amount. This is the auction with the highest minimum price in the history of ÚZSVM,” the Office said. According to the agency, the largest amount (790 million crowns) was received from the sale of a complex on Republic Square in Prague. The complex “U půjčovny” was sold for 355.1 million crowns among 100 bids submitted for the auction.

The Broadway Palace is located in the centre of the Czech capital between Na Příkopě and Celetná streets. It consists of three interconnected passages. There are shops, restaurants and offices apart from the Broadway Theater. The total area of the complex is over 8.3 thousand square meters (5375 sq. meters of office space and about 3000 sq. meters of retail space). The building was first served by Italian savings banks, part of the complex also housed apartments. In 1938, a cinema was opened in the basement, and now its premises are used by the theatre. After 1980, the building was adapted for administrative purposes.

“I believe that the Broadway Palace complex will soon find a new owner who can restore this cultural monument to its former glory and breathe new life into it. This is a unique investment opportunity in a profitable part of Prague,” ZSVM said.

Source: ceskenoviny.cz

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