The partnership between Weiss and Sufrin has received an option to purchase 3.5 dunams in Petah Tikva.
This is a private plot located on Basel Street, in the Kiryat Aryeh employment area, where today single-story buildings are rented to an educational institution.
A partnership between the Weiss and Sufrin groups has enabled the acquisition of a 3.5 dunam plot in Petach Tikvah to build an office tower. This is a private plot located on Basel Street, in the Kiryat Aryeh employment area, where single-story buildings are currently rented to an educational institution.
The option chosen by the developers is for one year, during which they plan to form a purchasing group for the construction of a 27-story office tower with an area of 40,000 m². The cost of constructing the project, including the land, is estimated at 350 million NIS. The offices start at 95 square meters, priced at 6,800 shekels per square meter, so the cost of an office of about 100 square meters is expected to be around 700,000 shekels.
“The location of the project near the center of Petach Tikva, the shopping center, and the tram station, as well as its proximity to the Magistrate’s Court, will create an attraction for lawyers and other professionals who provide them with services, and we consider these clients as a target audience,” he said.
Roni Weiss, president of the Weiss group: “We are seeing more and more investors leaving Tel Aviv to understand the existing potential in projects in its second circle. These areas are currently experiencing significant growth while there are still options in the income-generating real estate sector at affordable prices. Petah Tikva is expected to be an important business center in the central region, similar to the commercial complex in Bnei Brak.”
