David and Larry Gresham invest in new head office

After leasing space for over 25 years, Renprop Commercial sold well-known music icon, David Gresham, his very own head office
 
Over 40 years ago David Gresham cut the ribbon and opened his doors to what is now the longest running independent record company in South Africa, The David Gresham Record Company.


 
Home to two fully-equipped recording studios, The David Gresham Entertainment Group consists of a full promotional, marketing and sales team.
After renting space in the same building for the past 25 years, The David Gresham Record Company was recently given notice by the landlord that the building had been sold and that they therefore had to move.
 
One of the challenges was that any building to which the company moved would require quite a bit of customisation in order to accommodate the two recording studios. This posed a challenge as most landlords were not able or willing to accommodate this requirement.
 
Andre Volbrecht, the Renprop Commercial property consultant who was one of the property brokers assisting Gresham in his search for suitable space, asked if Gresham would consider buying a building instead renting space. Volbrecht says that this was due to the fact that there were no buildings available for lease in the area of Gresham’s choice which met his specific criteria, especially in terms of security, while there was a perfect building for sale that would suit the requirements of The David Gresham Record Company, Complex Development and MCM.  The building was situated in Woodmead as opposed to the Sandton/Morningside area that the brief had stipulated.
 
David Gresham, in consultation with his son, Larry Gresham, decided to take the purchase option as the building not only suited David Gresham Music studios but also Larry Gresham’s studios for MCM Voice Productions.  The 400m2 building that is situated in the Woodmead Office Park was purchased through Renprop Commercial.
 
Mike Walters, Divisional Head of Renprop Commercial, says that this was a smart move, as many businesses that purchase their office space as a long term investment create wealth in a separate entity by paying off an appreciating asset.
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