News Article auction Broadway Palace Czech Republic investment Prague
by Property Forum | Investment

For the sixth time, the state is trying to sell the functionalist building in the centre of Prague, reports Compared to the last, failed auction, the price has been reduced by CZK 19 million (€76,100).

The auction of the Broadway Palace is scheduled for 27th February 2024 and should last for two days. The price tag starts at CZK 911 million (€36,5 million). The condition for participation is the auction deposit of CZK 20 million (€80,000).

The ÚZSVM (Office for the Representation of the State in Property Matters) has been trying to sell the Broadway Palace in electronic auctions since September 2021, the last one was held last September, but no one bid on the starting price of CZK 930 million (€37,25 million). Only one interested party always applied for the auctions, who submitted a required auction deposit but did not make any bids.

The functionalist building by architects Bohumír Kozák and Antonín Černý from the 1930s is located in Celetná and Na Příkopě streets, near Republiky Square. The building consists of three connected tracts. It belongs to the largest functionalist new buildings in the historical centre of Prague. In the basement of the building, a cinema was opened in 1938 with the then-most modern projection and sound equipment. Currently, these premises are used by the Broadway Theatre.