Listed property loan stock company Spearhead Property Group is to build an office block on the existing gravel parking lot on the eastern side of the Cape Town International Convention Centre, for about R150m.

Spearhead CEO Mike Flax said last week the ground floor would be an extension of the exhibition hall of Convenco, the holding company of the convention centre.

"We need to have the exhibition hall extension ready for the International Diabetes Conference in November next year," he said.

The whole building should be have been completed by March 2007.

Flax said that Spearhead, which would own the building, was in negotiations with large "blue-chip users" to take up the remainder of the 12,000m² of office space.

Convenco CEO Ian Douglas said the new building would be built on what was now known as the Heerengracht site, which was being used as parking space for now.

Flax said that the new building would also have retail space, three parking levels and basement parking.

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Publisher: I-Net Bridge
Source: I-Net Bridge