A group of private investors from Rehovot bought a 16-duam (4-acre) plot at Bilu Junction for $3.2 million from Tirzalit, at $200,000 per dunam ($800,000 per acre). The plot is zoned for a 7,000-sq.m. commercial center. Tirzalit is controlled by Eliezer Fishman, the controlling shareholder in ''Globes''..
The Municipal Building Plan authorizes 120% building rights for a three-storey, 19,000-sq.m. building. The developers decided they will not exploit the full building rights, due the current market climate. They will initially build a 7,000 sq.m. single-story building. An additional consideration is that it is difficult to get good prices for second and third-storey properties.
The developers intend to sell space for $2,000 per sq.m., or lease it for $18 per sq.m. per month. They faxed 70 Rehovot businesspeople, receiving many responses. One of the projects attractions is its low price. Commercial space in the adjacent Orakim project is being sold for $3,200 per sq.m.
Tirzalit owns several other, mostly commercial, properties, including several at Bilu Junction.
Published by Globes [online] - www.globes.co.il - on August 4, 2002