Medical aid group Discovery's new office, next to Sandton City, is being built at an estimated development cost of R2.6bn, which is believed to set a new record for office developments in SA.
Discovery's existing offices are to be replaced by a new R2.6bn building in Sandton, believed to be the most expensive offices built anywhere in South Africa. Image: Colt Group
SA's largest property company by market capitalisation, Growthpoint Properties, and unlisted Zenprop Property Holdings are developing the 87,000m² single-tenanted office in a joint venture.
Discovery is scheduled to take occupation in January 2018. The initial lease was for 15 years with the option to renew.
The property is 55% owned by Growthpoint and 45% by Zenprop.
Zenprop's Chief Executive James Tannenberger said the offices would be Discovery's hub for its growing international business. It operates in China, the US, the UK and Singapore.
The office is on the corner of Rivonia Road and Katherine Street, diagonally opposite Sandton City and within walking distance of the Sandton Gautrain station.
The office will bring Discovery's more than 5,000 Sandton-based employees to one office from the four buildings they work in now.
It will have two wings, eight floors of offices, nine basements and 5,100 parking bays.
A five-star rating from the Green Building Council SA is expected.
Source: Business Day via I-Net Bridge