The dispute has been settled and the construction of a high-rise office project in Bnei Brak can proceed. Barak Hills Limited, owned by Haredim Businessman Shlomo Teitel recently acquired the rights from some owners of a 1,553 square meter plot of land in the BBC area of Bnei Brak.
After the purchase, the company can proceed with the other owners with the construction of the 30-storey high-rise building with 28,000 square meters of office space worth at least NIS 400 million. The high-rise building will be built at 20 Masada Street on Lot No. 148, which was jointly owned by five individuals.
Plot 148 and the adjacent plot 149, owned by Barak Hills, have been joined into one block, as part of the BBC masterplan, in a total plot of 2,771 square metres. For many years the plan remained stuck due to disagreements between the owners of plot 148. Under the settlement, Tlali Barak received a third of the plot of land and can now build the new tower.
Plot 148
The dispute over Lot 148 began years ago. In 2019, two of the owners submitted a request to the Bat Yam Magistrate's Court to break up the partnership to enable each of the owners to sell their rights to the land separately and settle the dispute. Judge Yigal Nimrodi accepted the request and ruled that the plot of land be sold as part of the procedure administered by receiver Adv. Ran stool.
The procedures began several months ago, when Barak Hills offered to buy the rights of three of the owners of plot 148, i.e. a third of the quantity. The purchase offer was made by Tlali Barak together with the other owners of the plot of land to the owners who submitted the request to dissolve the partnership. This offer was accepted at a value of 11 million shekels, which reflects the value of 33.25 million shekels for the entire plot of land, or about 3 million shekels more than the land estimate at the beginning of the procedure.
Appraisers Nehama Bogen and Sami Moyal estimate the value of each square meter on the site at 13,500 shekels. Thus, the 28 thousand square meters of office space is worth NIS 377 million before the value of public spaces and parking on eight underground floors is taken into account. There are currently 15 towers in the BBC area, and more are planned. There are those who claim that the area is already filled with too much office space in a sector in crisis.
Yitzhak Cohen, one of the owners of Barak Hills, said: “The company welcomes this procedure and its completion. We will invest with the other owners in the planning process according to Barak Hills standards and will immediately begin rapid marketing of the entire area.” Tower.” Tlali Barak estimates that the tower will be occupied in about five years.
Recipient of the drug Adv. Ran Baraz said: “The tender procedures were carried out during a challenging period. Despite the complexities, and with the support of the court, we were able to obtain the rights to the plot of land at the best prices. By doing so, we were able to put an end to the long-standing disputes between the two parties that go back to For many years, paving the way for developing the land and building a new office tower.
Published by Globes, Israel Business News – en.globes.co.il – on June 10, 2024.
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