R23m monthly rent for Discovery’s Sandton headquarters sparks outrage

A 15-year lease arrangement between Discovery and property groups Growthpoint and Zenprop sees the insurer fork out R23m per month in rent for its Sandton headquarters.

30/11/2017. New Discovery head office in Sandton
Picture: Masi Losi

Growthpoint owns 55% of the property‚ while Zenprop owns the other 45%.

The building has a large gymnasium facility and a host of other amenities.

In a statement given to TimesLIVE‚ Discovery confirmed that the new building now houses Discovery Bank‚ Insure‚ Invest‚ Life and Health‚ as well as the Vitality Group. These divisions were previously housed in five separate buildings.

Discovery said it was important to have all their employees under one roof. ‘The decision to consolidate all of our premises into 1 Discovery Place was based on Discovery’s commitment to keeping our people together‚ and to creating open spaces that foster our values. The new working environment has been designed to provide optimal space for creativity‚ connection and growth‚” said the company.

There has been a strong reaction to the news on social media. Users took to Twitter to share their thoughts‚ with some questioning how a company as big as Discovery does not own a building. Here are some of the reactions:

By: Cebelihle Bhengu

Source: TMG Digital

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