The Naspers Printing Works in Buitengracht Street is soon to become the Cape headquarters of the National Prosecuting Authority - a future landmark building in the Cape Town CBD - and is on schedule for a handover in May.

The contractors are Stabilid. The building, which will provide 10 600m2 of office space and 230 parking bays, is owned by Spearhead Property Holdings and partners.

The company teamed up with Swish Properties and tau Pride to put together a proposal to the NPA, who then signed a 10-year lease valued at R80 million. Mike Flax, chief executive officer of Spearhead Property Holdings, said his consortium had to compete with about 20 others to win the tender.

"The factors which, I suspect, clinched the deal in our favour were the site's excellent position in relation to the Supreme Court and other courts, as well as in relation to the freeway network."

Also considered an advantage were the typical 3 500m2 floors which were large enough to make it possible to house a whole department on one floor. In addition this complex, with its heavily reinforced typical floors, was able to offer ample in-house parking for about 230 cars.

A further factor in the building's favour was that it stands alone on its own block and is therefore "easier to keep under surveillance and to protect". Details of the internal layout are confidential and are not known to most of the Spearhead staff.

However it is known that the architects, dhk Architects, have designed two light wells to ensure that all working floors will have natural light.

They have also come up with a sophisticated aluminium sunscreen that will greatly enhance the appearance of the building.

The new building will, in addition to the office floors, have its own gymnasium, canteen, storage areas and holding cells.

In Flax's recently released half-year dividend announcement, in which Spearhead once again bucked the negative trend in the property loan stock industry, he said that this new project would be contributing significantly to Spearhead's bottom line before the end of 2003.

For more information, contact Ross Levin on 082 570 9111.