A consortium of property developers has bought 20,000 square meters of land in Bnei Brak for NIS 220 million. The land on Hayarkon Street near the BBC business center will serve as a mixed use project with housing units and commercial space. The masterplan for the land is approved for 200 apartments in seven-floor buildings above street level commercial space and underground parking. The plan was approved in April 2021 and this is the first tender issued by the Bnei Brak Economic Company.
The consortium buying the land and developing the project is Capital Platinum, Zafrir & Zohar Sharbat and Yahalom, owned by Aharon Prober. The consortium believes that the project will produce income of about NIS 600 million and that building permits will be received within a year.
Hayarkon Street is currently an industrial area with garages, warehouses, workshops and other industrial buildings. Due to its proximity to the BBC business center, the street will undergo a transformation with many new homes built and it will serve as the new gateway to the city.
Bnei Brak's masterplan calls for 10,000 new housing units with an emphasis on public areas and open spaces, including 2,000 new homes in a new neighborhood next to Hayarkon Park. The BBC business center itself will be expanded with the construction of another 1.5 million square meters of office space and 450 housing units totaling 40,500 square meters.
Capital Platinum owner and co-CEO Ilan Avrahami said, "The deal is part of the company's strategy of initiating, developing, and building leading residential projects including thousands of apartments in highest-demand areas in Israel. Bnei Brak in general and Hayarkon Street in particular are currently undergoing a building boom and significant development including building extensive residential, commercial and office areas."
Bnei Brak Mayor Rabbi Avraham Rubinstein said, "Bnei Brak is in practice a symbol of the lack of housing supply in the country and rigid demand, and all land represents an import injection of oxygen for the city and its residents. The new project is part of a big revolution being led by the economic company in the north of the city, with this new area generating this distinctive change and representing a link between the old and new neighborhoods in the city and which will allow Bnei Brak to grow and develop."
The deal is being supported by SK Real Estate Appraisal, which specializes in financial support for real estate projects.
Published by Globes, Israel business news - en.globes.co.il - on January 10, 2022.
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