Broadway Palace – extraordinary cultural monument in the centre of Prague and unique investment opportunity

26.01.2022 / 08:47 | Aktualizováno: 26.01.2022 / 08:51

The Czech Office for Government Representation in Property Matters (ÚZSVM) offers in the second competitive tendering the Broadway Palace for sale in an electronic auction. The new owner will not only get large office space right in the centre of Prague, but also a unique building associated with culture and turbulent history.

History

The functionalist building by architects Bohumír Kozák and Antonín Černý was completed in 1938. It was constructed for the needs of Italian insurance companies and belongs to the greatest functionalist buildings in the historical centre of Prague.

The building consists of three sections, is six and seven storeys high and has three underground floors. Originally there were also apartments in the building, but it was completely rebuilt in 1980s for administrative purposes. In the basement the Broadway Cinema was opened in 1938 with the state of the art projection and sound equipment. After the end of the Second World War, the cinema was renamed to Sevastopol, and did not return to its original name until 1989. At present, these premises no longer operate as a cinema but as the Broadway Theatre.

ÚZSVM took over this complex in 2016 from the then Railway Infrastructure Administration (SŽDC). In accordance with the law, the ÚZSVM first offered the building to other state institutions, but none of them showed interest. Therefore, the ÚZSVM is looking for a new owner through a transparent electronic auction.

Sale details

The electronic auction will start at 10:00 hrs on March 7th, 2022, and will end at 12:00 hrs (at noon) on March 9th, 2022. Bidders must pay a mandatory deposit of 20 000 000 CZK. The deposit can only be paid by bank transfer to the account of the Auctioneer and must be credited by midnight on March 4th, 2022.

The price starts at 1 050 000 000 CZK, minimum increment of bids is 200 000 CZK. This is an extraordinary investment opportunity and at the same time, a sale with the highest announced minimum price in the history of ÚZSVM.

Tours in Czech and English are planned on the following dates: