The Sufrin Group and Orcom Strategies today announced that they had paid NIS 4.5 million for a six-month option to buy a 10-dunam (2.5-acre) plot for NIS 90 million. The potential buyers want to build a project including commercial businesses and clinics in the Talpiot neighborhood in Jerusalem. If the option is exercised, the cost of the option will be deducted from the sale price.
The site is located at the intersection of Pierre Koenig and Tnufat Ha'ir Streets. The option was granted by Allied Real Estate, which has leased the plot from Israel Land Authority. According to the plan, in the first stage, the companies will organize a buyers' group for the commercial space and three floors of space for offices and medical clinics. In the second stage, a 13-14 storey office building will be built. The cost of the building the project is estimated at NIS 520 million. Sufrin Group head Kalman Sufrin said, "Given the Minister of Finance's new tax regulation for investors in residential housing, the search for other investment instruments, such as commercial space and offices, is becoming more worthwhile than ever, and the returns on office and commercial projects are higher than the returns on residential properties."
The Barely, Levitzky, and Kassif architectural firm is designing the project, with advice from the Fischer Behar Chen Well Orion & Co. and Shiran Ben-Ezra & Co. law firms. Harel (CMR) Marketing and Initiating will market the project.
Published by Globes [online], Israel business news - www.globes-online.com - on September 20, 2016
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