Aviv Group and Leny Group have purchased the Tel Aviv seafront lot at 6-8 Herbert Samuel Street for NIS 250 million. The sellers are an investment group led by Ran Belinkis and Eli Lahav.
The 2,000 square meter lot has building rights for a 19-floor high-rise including a commercial floor, six floors for a 150-room hotel, and above them 58 apartments. The entrance to the planned building will have two lobbies - one for the hotel and one for the apartments.
There has previously been talks between the sellers and Liora Ofer, who built the adjacent luxury project at 10 Herbert Samuel Street. The asking price was NIS 300 million and Ofer already had an agreement with Isrotel Ltd. (TASE: ISRO) to operate a hotel on the site. However, the talks with Ofer broke down. Isrotel is now expected to hold talks with Aviv, controlled by chairman Doron Aviv and CEO Dafna Harlev, and Leny Group, about operating the hotel there.
Most of the apartments in the planned building will be 70-80 square meters with some larger units. Adjacent to the lot on 6-8 Herbert Samuel Street is another vacant similar lot with rights to link the two projects with a bridge and the Tel Aviv Municipality is soon expected to issue a tender to market the land.
Last November, Aviv Group and Leny Group teamed up the buy the last available lot on the site of the former Ministry of Foreign Affairs campus in Jerusalem. They paid Rassco NIS 160 million.
Published by Globes, Israel business news - en.globes.co.il - on May 23, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019