Discovery is paying R23 million a month to rent its shiny new head office, which has a roof-top running track
- Discovery pays roughly R23 million a month for its new head office in Sandton, Netwerk24 reported.
- The building has a roof-top running track and gymnasium that can accommodate 3,000 members.
- Developed at R3 billion, the building brought together Discovery’s various units under one roof.
The Discovery-group will pay roughly R280 million a year - or R23 million a month - to rent its new offices in Sandton, Netwerk24 reported.
Discovery has entered into a 15-year rental contract with property group Growthpoint, which developed 1 Discovery Place for more than R3 billion. The building has a roof-top running track and a gymnasium that can accommodate up to 3,000 members.
By 2022, Discovery anticipates paying R400 million a year, and R600 million in 2028. After 15 years the building will not be transferred to Discovery, and a new rental agreement has to be drawn up.
Growthpoint is the majority shareholder in the building.
Discovery told Netwerk24 that the rent includes all the space Discovery’s existing units require, as well as additional space for new units such as Discovery Insure and Discovery Bank.
The building can house a thousand employees per floor, with a total of 7,000 employees working from the office.
BusinessLive previously reported that a Boeing 737 can be suspended from the building’s west atrium without it touching sides.
It is considered to be the "the largest single-phase commercial office development in Africa" and is also the largest building to receive a five-star rating from the Green Building Council SA.
Also read: Discovery Vitality is starting to demand that you tag out of gyms as well as into them – to stop fake, no-exercise visits
It brings together Discovery’s various healthcare, insurance and wellness businesses, which previously operated in four separate buildings, under one roof.
Architects Boogertman and Partners said the building was conceived as a grand central station - an interchange between the company and its clients.
“Like a spaceship set to sail, the building’s sensual shape and form creates a monumental statement that gives the building a unique visual signature,” a description of the building reads.
Discovery, which operates in over 19 countries, including the United States and United Kingdom, grew profits by 17% in 2018 to R8.26 billion.
It plans to launch a bank in South Africa in the middle of 2019 which will use the same methodology as its Vitality programme to improve consumer behaviour
For more, go to Business Insider South Africa.
Receive a single WhatsApp every morning with all our latest news: click here.
Also from Business Insider South Africa:
- Watch: A failed South African rocket launch ends with a spectacular bang
- These South African magnetic field barriers stop sharks 100% of the time - and they’ve just been installed in Reunion
- Everything you need to know about South Africa's massive gas find
- The 20 best Budget tips for Tito Mboweni - including free Lotto tickets for those who pay their Eskom bills on time