The Yigal Alon St. lot has an approved building plan for a 20-story office building.
BSR Europe (TASE: BSR) has signed an option agreement with Suzuki and Chrysler importer Automotive Equipment Group Ltd. to buy the lot at 82 Yigal Allon Street in Tel Aviv currently occupied by the Suzuki garage. The lot has an approved building plan for a 22,000-square meter 20-story office building with 360 underground parking spaces.
Construction of the Suzuki Tower will cost NIS 260 million, including NIS 90 million for the land. MYS Architects of Prof. Avraham Yasky and Joseph Sivan designed the building. BSR will sell 14 floors in the building, mostly to free professionals, at an average price of NIS 9,200 per square meter. Automotive Equipment will have four office floors and the commercial ground floor, which it will use as a showroom.
The four-dunam (one-acre) lot is across the street from the Toyota Towers, which BSR built 16 years ago for a buyers group.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
Suzuki Tower Tel Aviv