State to Offer Templer Homes for at Least NIS 33m

Tel Aviv compound will be split in two for tender.

Raz Smolsky
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Raz Smolsky

The buildings zoned for preservation within Tel Aviv's Sarona compound will be sold in two separate tenders. The Israel Lands Administration is dividing up the area, with 12 historic buildings in the western part and 15 in the east. The minimum bids are NIS 19 million for the former and NIS 13.8 million for the latter.

Sarona Gardens, located south of the Kirya defense compound in the southeast of the city, has great historical and architectural value, with its 37 buildings belonging to the 19th-century German Templers' agricultural village.

The first two tenders, involving 27 buildings, closes at the end of August. The remaining 10 buildings will be offered for sale at a later stage.

The winning bidder or bidders are required to preserve the buildings, which they can rent out for up to 10 years for entertainment or commerce.

A single bidder can compete for one or both tenders, and in any event development of the two lots is interdependent: No more than 50% of the buildings in both the eastern and western sections combined may be used for restaurants, cafes or pubs, and no more than five hotels can be established. That means, for example, that if one of the developers sets up four hotels on his part of the compound the other can only create one on his.

High-rise office, residential and hotel buildings are to go up around Sarona, in what is called the South Kirya project. Last week brothers Moshe and Igal Gindi won the first tender to be issued for the area, for the construction of two office buildings across from the Millennium Towers, for NIS 170 million.

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