In the next milestone for South Australia's landmark Entrepreneur and Innovation Centre (EIC), the Marshall Liberal Government has today announced that property private equity company Quintessential Equity will deliver the $400 million project.
It is expected that up to 400 local jobs will be created at the peak of the Centre's construction, with flow-on effects to the rest of the economy.
Designed specifically to suit the needs of defence, space, hi-tech and cybersecurity businesses and education and research organisations, the striking Lot Fourteen Entrepreneur and Innovation Centre (EIC), will consist of secure commercial, education, research and networking spaces.
The 16 level, 35,000 square metre building will be central to the precinct and home to a flexible, campus-style Innovation Hub.
The $722 million transformation of Lot Fourteen is backed by both the Marshall Liberal State Government and the Morrison Coalition Government and is a key focus of the Adelaide City Deal to provide a springboard for innovation and industry.
The Australian Government has committed up to $20 million in capital towards the establishment of the Innovation Hub on the first and ground floors of the EIC through the Adelaide City Deal.
Federal Minister for Communications, Urban Infrastructure, Cities and the Arts, the Hon Paul Fletcher MP, said the EIC would build on the capabilities of Lot Fourteen by attracting talent and investment at scale.
"The EIC's purpose-designed Innovation Hub will be a unique space capable of hosting around 300 people, a perfect environment for exchanging ideas and ultimately delivering business and jobs growth through commercialisation of those ideas," Minister Fletcher said.
Premier Steven Marshall said the EIC would become the new heart of Lot Fourteen and a beacon for sustainable design and innovation.
"The EIC will be a powerful generator of jobs of the future and represents the next major stage of investment at Lot Fourteen," Premier Marshall said.
"This year the number people doing business, working, researching and studying on site at Lot Fourteen is set to reach 1000, with continual growth forecast over the coming years.
"High-growth industries like defence, space, hi-tech and cybersecurity are taking an increasing interest in the platform Lot Fourteen provides and we are continuing to capitalise on that opportunity with the EIC," Premier Marshall said.
"This is the place where global hi-tech businesses want to be. We have just announced that Amazon were setting up shop at Lot Fourteen, yet another example of the precinct being a magnet for investment," Premier Marshall said.
Amazon joins at Lot Fourteen the Australian Space Agency, Australian Space Discovery Centre and Mission Control, SmartSat CRC, Australian Institute for Machine Learning, Australian Cyber Collaboration Centre (A3C) and MIT bigdata Living Lab.
Marking the new frontier of office buildings, Quintessential Equity Executive Chairman Shane Quinn said that it was an honour to be selected over some of the biggest developers in Australia to deliver the EIC.
"This project is core to our development strategy, and we are delighted to be working with the Government of South Australia to deliver this iconic building. We have a strong track record of developing and regenerating properties across Australia for government and corporate tenants, and we are excited about what this project will offer," says Quinn.
"Setting a new benchmark for office design, the EIC will bolster the South Australian government's objective to create an innovation precinct for the next generation of businesses in Adelaide. This will become a key destination for government and private sector tenants, working collaboratively to accelerate innovation and ideas that will create jobs for the future. Technology and flexibility will be deeply embedded in this building, allowing our tenants to attract and retain world leading talent which is a massive driver in the competitive modern world."
The new building will seamlessly connect the various commercial, educational, cultural, heritage and tourism components proposed for the precinct.
Quintessential Equity is undertaking a detailed design review together with Cox Architecture, and their engineering and technology partners.
The partnership announcement comes as the State Commission Assessment Panel (SCAP) approved the development application for the project.
Early site works and excavation have started, and the building is scheduled for completion in late 2023.
