A landowner owns a large parcel with a building reserve, even though he operates two rental buildings there which generate an attractive rental yield. One of these buildings is relatively dilapidated and requires significant investments to maintain the rental level. The second building is a heritage and has emotional value to the owner. The plot usage rights allow to enhance the value of land, so Realitim entered into a discussion with the owner to offer him an advice as a real estate development professional and then proposed him several ways allowing to add value to his heritage.
Ultimately, the owner found the most appropriate solution that best met his expectations. It was therefore in January 2014 that he signed a promise of sale and purchase with Realitim for part of his asset. Realitim took care of the split of plots, found a buyer for the building to be renovated, and set up a team to develop a project and enhance the value of the available building rights. The building permit for a magnificent building, designed by the architectural firm Bauart, came into force in December 2015. It is a building of 10 apartments, which Realitim sells as private apartments. In September 2017, construction of the building was completed and the 10 lots were handed over to the buyers. The owner also received a few parking slots in the newly constructed neighboring building, which constituted real added value for his "heritage” building which he has remained the owner of.