Aura buys central Tel Aviv properties for development
Cnr. Sheinkin-Melchett Streets
New home sales in Israel up 21% in Q1
New home sales in Israel up 21% in Q1
The properties for which Aura is paying NIS 27 million are on the corner of Sheinkin and Melchett Streets.
Aura Investments Ltd. (TASE:AURA), controlled by Jacob Atrakchi, emerged the winner today from the bidding to buy a property in a central location in Tel Aviv: the corner of Sheinkin Street and Melchett Street. The property consists of two old buildings (Sheinkin 50 and Melchett 19) on a 587 square meter block. Aura will pay NIS 27 million.
The building on Sheinkin Street is scheduled for a light degree of conservation, and has a commercial ground floor and two residential floors. The building on Melchett Street has two floors, and is residential only.
The company plans to construct a boutique project consisting of 22 apartments and 200 square meters of commercial space, with an underground car park. Revenue from the project is estimated at NIS 76 million, and the outlay at NIS 62.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Cnr. Sheinkin-Melchett Streets