The Broadway Palace in the center of Prague is up for auction. The state wants more than a billion crowns for it
Broadway Palace, also called Sevastopol Palace, was built between 1936 and 1938. The house is one of the largest functionalist new buildings in the historic center of Prague, its authors were architects Bohumír Kozák and Antonín Černý.
“ÚZSVM took over this building in 2016 as unnecessary from the then Railway Infrastructure Administration and is now looking for a new owner’s building,” said Adéla Janů, office clerk.
According to the law, the ÚZSVM first offered another state institution, but none of them showed interest. Therefore, he is now looking for a new owner of the palace through a transparent tender with an electronic auction.
The Broadway Palace e-auction starts at 9 a.m. on September 14 and runs until noon on September 16. Before the start of the auction, bidders must pay a deposit of 20 million crowns.
“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 sale is completely unique even in terms of the announced amount. This is a sale with the highest minimum price in the entire history of ÚZSVM, “says its general director Kateřina Arajmu.
Broadway Palace is located between Na Příkopě and Celetná streets. It consists of three different tracts connected by underground floors. At present, the building serves mainly administrative purposes.
However, in addition to the offices, the 13,000-square-meter also houses the shops, restaurants and musical Broadway Theater, which is the site of the original Cinema Broadway, where the building has the name of the theater.
“Originally, Italian insurance companies were based here and there were also flats, then in the 1980s the building was rebuilt purely for administrative purposes,” describes the history of the Adéla Janů building.
The new owner will be bound by the existing contract, which currently lasts until 2048.
According to the office, the state received the highest amount, 790 million crowns, from the sale of the complex on Republic Square in Prague. Another of the highest amounts brought an auction of the U půjčovny complex in Prague, which sold for 355.1 million after 100 bids.