Palace Broadway in Prague, Czechia
Na Příkopě 988
in Prague

The Palace Broadway

Please note: this object is offered by Úřad pro zastupování státu ve věcech majetkových (ÚZSVM) and therefore falls outside the scope of the sales procedures of the Central Government Real Estate Agency. For more information, please contact ÚZSVM. ÚZSVM is a member of PuRE-net. PuRE-net (the Public Real Estate Network) is a European organisation gathering national real estate agencies and ministries responsible for public real estate across Europe. Rijksvastgoedbedrijf (RVB), the Dutch Central Government Real Estate Agency, is the Dutch representative in PuRE-net.

ÚZSVM is looking for a buyer for this profitable property in the heart of Prague. The administrative and commercial building complex is located conveniently within the area of the Celetná and Na Příkopě street in Prague’s Old Town. It also houses a theatre and a public passage connecting adjacent streets.

Palace Broadway was designed by architects Bohumír Kozák and Antonín Černý and was built in 1938. It was constructed for the needs of two insurance companies Moldavia Generali and Assicurazioni Generali. Historically, the building was also known as Palace Sevastopol.

The building consists of three sections, is six and seven storeys high and has three underground floors. In its original form there were also apartments but it was completely rebuilt in 1980s for administrative purposes. Ground floor areas are adapted for shops, cafes, restaurants and other commercial businesses.

Surroundings
Palace Broadway is situated in a central city district of Prague 1, approximately 3 minutes of walking distance (220 m) from nearest underground line B station (Náměstí Republiky) and roughly 6 minutes’ walk (450 m) from major tourist hub Old Town Square and the most expensive commercial street in Central Europe – Pařížská street.

Possibilities and purpose
The purpose of the building is a metropolitan mixed area and monument zone.

Palace Broadway has a total surface area of 13.225 m2, which is divided in different usage. The office space including facilities compromises of 5.375 m2. The commercial spaces compromises in total 3.023 m2. The commercial spaces are devided in the theatre of 1.700 m2, the restaurant at the side of Celetná Street of 240 m2 the shops at the side of Na Příkopě Street of 463 m2 and the shops in the passage of 620 m2. Besides that the storerooms have a surface of 310 m2. The other area (technical area, wall area and passage) is 4.517 m2.

The building is currently rented to a private entity with an option for this purchase. The contract will cease in 2048.

This property is a listed building.

Sales procedure
Auction will start on 15-2-2023 12:00 am
Auction will end on 17-2-2023 12:00 am
Starting price: 990,000,000 CZK
Minimum increment of bids: 200,000 CZK
Mandatory deposit: 20,000,000 CZK

The deposit can only be paid by bank transfer to the account No. 6015-4827021/0710 so that it is credited to the account of the Auctioneer by 14-2-2023. If any of the bidders makes a bid in the last two minutes before the closing time of the electronic auction, the closing time is postponed by two minutes. This can repeat.

Further information
Further information can be requested by e-mail: tiskove@uzsvm.cz.