The municipal company Trade Centre Praha (TCP) has competed for a new lucrative tenant of the premises on Wenceslas Square. The new address in the middle of the square will be occupied by the French bakery PAUL, which will replace the previous non-paying tenant. The annual rent will amount to over CZK 6 million.

The branch of the PAUL bakery at 824/29 Wenceslas Square will open to customers in November on an area of 145 m2. "I am happy that the municipal company TCP was able to evict the defaulters and that the new tenant, who emerged from an open tender, will pay several times the rent that the previous one had to pay," says Prague City Councillor H. Adam Zábranský, Prague's Prague City Councillor for Property, Transparency and Legislation.

"After a long effort, the management of the company has achieved the eviction of the problematic non-paying tenant. We have now tendered for a new creditworthy tenant who will pay almost eight times the monthly rent. We will thus bring over six million crowns a year to the city coffers," says the Chairman of the Board of Directors of TCP Ing. Josef Bláha.

"We are very pleased that we have managed to acquire another attractive location for our premium bakery, which is conveniently accessible to Prague residents as well as foreign visitors to the capital. In line with our strategy, we are expanding our network with a new branch where customers will find the best of French gastronomic tradition," concludes Filip Kubernat, PAUL Bakery Director in the Czech Republic.

The previous tenant operated a newsagent and souvenir shop in the non-residential premises since 1993. The lease agreement was terminated by TCP in 2022 due to non-payment of rent. The execution proceedings lasted a year and a half, but the execution for the outstanding amount of almost CZK 2.5 million is still ongoing.

The municipal joint-stock company TCP manages municipal real estate and buildings, including Prague's embankments, the leisure complex Aquacentrum Šutka, swimming pools in Strahov and Hloubětín, the Old Wastewater Treatment Plant in Bubenec and the arches of the Negrelli Viaduct. Compared to the past, it has introduced the publication of open public tenders on the Tender Arena and other internet platforms, which guarantees high transparency of the process. It also better promotes the contracts, which last year resulted in a CZK 35 million increase in revenue for Prague compared to 2022.