Purchasing land in an area of approximately 3.87 dunams at 41-43 Hamsger St. in Tel Aviv, the companies intend to build a 40-story tower in the complex using mixed use of commercial, employment and residential areas at a cost of 900 million
Lahav L.R., together with Azorim, reported winning the tender in equal parts for the purchase of land in an area of approximately 3.87 dunams, at 41-43 Hamsger St. in Tel Aviv from a property and building company from the DSKS Group, for NIS 390 million plus VAT.
In accordance with the master plan of Tel Aviv / 5000, the companies intend to build a 40-story tower in the complex using a mixed use of commercial, employment and residential areas with a total area of approximately 37,000 square meters. The companies intend to work to increase the building rights up to about 50,000 square meters. The total estimated investment in the project amounts to about NIS 900 million (100%, including consideration for the purchase and purchase tax).
The land is privately owned and is one of the last land reserves, in a very attractive location, in the heart of Tel Aviv’s business center, and is close to two lines of the light rail and major arteries, such as: Ayalon lanes, Begin Road, Locksmith, Carlebach, Hasmonean shopping and entertainment centers.
Felix Schoffman, CEO of Delek Properties, and Ron Avidan, CEO of Azorim, stated that “We are pleased about another huge deal as part of the cooperation between us. This deal reflects the joint strategy of the two companies – a winning combination of Delek Properties, which identifies development opportunities in the most profitable properties, attractive prices in quality locations and demand areas, regions, leading brand in residential areas with “Knowledge in the field of planning, marketing and branding projects. We are confident that the continued cooperation between the companies will lead to more opportunities. There is no doubt that the demand for commercial, employment and residential areas in Tel Aviv in general and in this area in particular
Today there is an industrial and commercial building on the land with a total surface area of about 7,800 square meters rented in the free market for 5 different tenants with leases that end or can be terminated for a period of up to five years. NIS 1 million per year, which will enable the financing of the land during the planning period.