Imagery: Yuka Park - Segola Petah Tikva (Photo: Division)
The Yuval Group owned by Itzik Baruch
announced today that in partnership with
Yuka Park Company, owned by Moshe Avitan and Yoav Shahar
, it received a building permit from the Petach Tikva Local Planning and Construction Committee, for the demolition of the old building in the Segula industrial area, as part of the Yo-Park project.
In its place, a new 5-story commercial and industrial logistics building will be built above the ground floor, with an area of approximately 65,000 square meters gross for marketing.
Furthermore, the company stated that it and its partners intend to start construction work on the project in the first quarter of this year, after entering into the project with binding sales agreements with buyers totaling approximately NIS 381 million, which is about half of the volume of sales according to the Zero report.
Imagery: Yuka Park - Segola Petah Tikva (Photo: Division)
The project, located on Galis Street in the center of the Segula industrial area, will include the construction of a multi-use industrial building on a plot of land with a total area of approximately 22 thousand square meters. This is the largest industrial project planned in Israel intended for mixed uses of commerce, light industry and small logistics, which will be built on floors with ramps and direct access to vehicles. The estimated financial investment in the project is approximately NIS 560 million.
As I recall, last November, the Yuval Group, together with its partners, reported exercising the option to purchase the land and the option for approximately NIS 165 million plus VAT, as well as a total of 4.2 million NIS for reimbursement of expenses.
Also, the company and its partners in the project signed about a year ago with the executive contractor, Shovel Nachshon, to perform all the works and services for the construction of the project.
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Imagery: Yuka Park - Segola Petah Tikva (Photo: Division)
Itzik Baruch, CEO of the Yuval Group:
"This is the largest project of its kind in Israel for the construction of a multi-purpose building that will combine logistics, employment and commerce, which will allow companies to concentrate all their activities in one place.
The volume of sales so far indicates the high demand for this project, which is in a central location with access to main roads, the Israel Railway and near the light rail station."
Moshe Avitan, owner and chairman of Yuka Park:
"The economic environment in general and the real estate industry in particular experienced many changes during the year The latter, such as an increase in the interest rate environment and an environment of rising indices, yet the demand for the complexes we are building continues to show stability.
In addition to this, the choice of one of the leading institutional bodies in Israel to accompany our flagship project is an expression of confidence of the financial system in the activity of Yuka Park."
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