Small Tel Aviv street kiosk gets NIS 12,500 monthly rent

An auction for a tiny commercial area in central Tel Aviv illustrates once more how every square meter in the city is like gold.

According to the results of an auction held by the Tel Aviv Municipality that have reached Globes, a six-squaremeter kiosk at 31 Rothschild Boulevard was rented for NIS 12,500 a month, or NIS 2,083 per sq.m. The kiosk is in the middle of the boulevard at the corner of Allenby Street and is owned by the municipality.

Despite the high price, there were no fewer than six bids. The auction closed at the end of last November, but it took several months to decide the winner. The Tel Aviv Municipality confirmed the figures and said possession of the property had recently been transferred.

The auction was won by real-estate developer Gil Ben-Or. The bids ranged from NIS 5,100 a month to NIS 15,600 a month. Some of the bidders did not meet the auction criteria, and even though there were bids higher by more than NIS 3,000, Ben-Or’s bid was eventually selected.