Prague acquired the second half of the town house in the Old Town
At the end of June this year, the capital managed to buy the missing share in the building near the Old Town Square for 69.4 million crowns at a public auction. In this way, Prague will unify its ownership in a historically valuable and lucrative building, and at the same time the function of housing will be preserved here.
For a long time, Prague was the co-owner of the ideal half of the plot of land with an area of 677 m2 at the corner of Michalská and Vejvodova streets in Prague 1, which includes a historic building. After 1989, the other half of the property was given to a private person as restitution, but he decided to sell his share.
In the public auction, which was held at the end of June this year, it decided to involve the capital as well, in order to unify the ownership and acquire the entire building. The representative office of m of Prague also entrusted the Prague Council in advance with the authority to decide on the acquisition of the right to a share in the eventual success of the auction. In the end, Prague succeeded and acquired the missing share in the property for a price of 69.4 million crowns.
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“The owner refused to deal directly with the city and preferred the auction route. I am even more happy that we are capable of action and know how not only to enter the auction, but most importantly to win it. We evaluated the capital city’s money, because the price to get a share is much higher than what we paid in the auction,” says Jan Chabr, head councilor. m of Prague for property management and property shares.
According to an expert report dated May 16, 2022, which the capital commissioned, the market value of the entire building was set at 169.5 million crowns.
“Until now, we have owned the ideal half, now we have the whole object, so we can exercise ownership rights efficiently. In addition, we acquired a beautiful apartment building in the city center,” adds councilor Chabr.
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The town house has a fragmented floor plan with a larger enclosed courtyard. The entire basement of the house is used as a gallery. On the ground floor of the building there is a shop with musical instruments, as well as a cafe and a tea room, in the back section there is an apartment which is currently being renovated. The first and second floors of the building are used for housing and there are also small businesses. Currently, residential and non-residential spaces are partly rented.
The building is in good technical condition. In 1995, the facade and windows were repaired, five years later the electricity distribution in the entire building was replaced, and in 2010 the roofing and sheeting were renewed. Gradually, individual apartments and offices were also structurally modified, including new heating, floors, social facilities or water and sewerage distribution.