Neumann Family Sells 100-Year-Old Gas Station at Nachshon Junction

The Neumann family, owners of the gas station complex at Nachshon Junction, has sold the property for NIS 31.5 million. The buyers are Delek Nesachim and Delek Yisrael, controlled by Lahav LR. Rivka Neumann, the owner, and her sons Avshalom and Menachem, who managed the station, were involved in the sale. The gas station, established approximately 100 years ago during the British Mandate period, was once situated on the main road to Jerusalem. Following the Six-Day War and the construction of Highway 1, new gas stations emerged, but the current location on Highway 3 remains a significant traffic artery connecting to Ashdod, Ashkelon, Latrun, and Highway 1.

The purchasing companies plan to develop a 1,500 to 2,000 square meter commercial and dining complex on the site. Potential additions include a large "Menta" convenience store, a Burger King restaurant, a supermarket, and services for cyclists. These plans are contingent on obtaining the necessary permits, with construction expected to take about a year after approval.

Delek Yisrael has been operating the station under a recently expired lease agreement with the Neumann family. While Delek Nesachim typically acquires land and stations and Delek Yisrael operates them, both companies are involved in this purchase due to structural and operational considerations related to the station's history. The deal is expected to yield the buyers an approximate 8.5% return, based on the station's operational profits.

Delek Nesachim, which is publicly traded on the Tel Aviv Stock Exchange with a market value of about NIS 900 million, is part of a strategy to acquire and develop gas station sites into commercial centers. Delek Yisrael, a private company, operates gas stations and convenience stores and recently became a co-owner of the mobile carrier Hot Mobile. Both companies are held by Lahav LR, led by Avi Levi and Ilik Rozhansky, businessman Uri Mansour, and Yitzhak Tshuva's Delek Group.