Israel has a limited supply of bathing beaches for public use and even less for waterfront property.
The limited supply is set to get increasingly less with Asia Hadera Israel Group having published a call for bids on the purchase of 18.500 square meters (18.5 Dunam) of rights in a plot of approximately 18.5 dunams located on the waterfront, on the beach of Givat Olga neighborhood in Hadera.
Thirty companies have already bid to own and develop the unique beach property, and the number of bidders is expected to grow by the submission deadline at the end of August.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
The plot is adjacent to the city’s bathing beach, sports center, and recreation center of the Committee for the Benefit of Soldiers.
According to the company, the zoning plan describes various uses in the lot, such as commercial businesses, movie theaters, event halls, sports, social or health clubs, game halls, training and group activity facilities, and even nightclubs.
Following a process that the company commenced in conjunction with the District Committee in Haifa, the value of the land may still increase, as it was proposed that the Group should return to the public a specific section of the western part of the lot, which is the bathing beach. In return, the plot will be permitted to be used for residential and hotel buildings. The change of designation is expected to increase the value of the land even more.
According to Avi Koresh, owner of one of the RE/MAX real estate brokerage offices in the city, the price per built-up square meter in the city center is about ILS 20,000-25,000, while in areas adjacent to the sea – the price is ILS 35,000.
“Considering a unique opportunity to build on the waterfront, there is a good chance that the plot will be sold at ILS 18,000 per sqm, which means that the sale will cross the ILS 300 million mark.”