Friday , August 19 2022

The R23m monthly rent for Discoverton's Sandton headquarters is a trigger for distress


A 15-year lease arrangement between Discovery and Growthpoint and Zenprop property groups finds that the insurer pulls out R23m per month for rent for his Sandton headquarters.

Twfpoint owns 55% of the property, while Zenprop owns the remaining 45%.

The building has a large gym facility and many other amenities.

In a statement given to the sister TimesLIVE announcement, Discovery confirmed that the new building is now home to Bank Discovery, Insurance, Investment, Life and Health, as well as the Vitality Group. These divisions were located in five separate buildings.

Discovery said it was important to have all their employees under one roof.

The decision to consolidate each of the buildings into 1 Place Discovery has based on Discovery's commitment to keep our people together, and to create open spaces nurturing our values. The new work environment has planned to provide the best possible place for creativity, connection and growth, "said the company.

There was a strong response to the news on social media. The users took 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:

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