The Government has just announced that Quintessential Equity, a property private equity company, will deliver the $400 million Entrepreneur and Innovation Centre.
The $400 million project is expected to create up to 400 local jobs at the peak of its construction and will have flow-on effects on the rest of the economy.
The Entrepreneur and Innovation Centre will consist of secure commercial, education, research and networking spaces to suit the needs of defence, space, hi-tech and cybersecurity businesses and education and research organisations.
The project is backed by both the Marshall Liberal State Government and the Morrison Coalition Government. It is also 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 Entrepreneur and Innovation Centre through the Adelaide City Deal.
Federal Minister for Communications, Urban Infrastructure, Cities and the Arts the Hon Paul Fletcher MP said the Entrepreneur and Innovation Centre 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.
“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.
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,” said Executive Chairman Quinn.
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.