SA government selects Quintessential Equity to deliver innovation hub’s flagship building
Media Release | March 2021
Property private equity company Quintessential Equity has won a competitive tender with the SA government to develop and own the new Entrepreneur and Innovation Centre (EIC) within Adelaide’s Lot Fourteen precinct.
Valued at approximately $400 million, the agreement will see the national developer deliver the Marshall Liberal State Government’s vision to create a flagship global innovation hub. Quintessential Equity won the project based on its track record of delivering industry leading developments across Australia.
At 16 levels, the 35,000 sqm building will consist of secure commercial, research and networking spaces. Catering for the next generation of jobs and businesses, the EIC will attract organisations spanning defence, space, hi-tech and cyber security industries.
The $722 million Lot Fourteen redevelopment is backed by the SA and Australian governments and is a key focus of the $699 million Adelaide City Deal. The Australian government has committed up to $20 million towards an Innovation Hub on the ground and first floor of the EIC, bolstering the SA government’s commitment to attract and retain world leading businesses and talent.
Quintessential Equity’s executive chairman Shane Quinn says it is an honour to be selected over some of the biggest developers in Australia to deliver the EIC.
“We were drawn to the project because we truly believe that it will change how buildings are developed, where creating platforms for collaboration and innovation is central. The state government has also made occupancy commitments to the EIC” says Quinn.
“The EIC is set to become a hub in the heart of Adelaide where future technology becomes reality and ideas are accelerated. The project, and what it stands for, is core to our development strategy. We have a strong track record of developing properties across Australia for government and corporate tenants.
“A local project with global impact, the EIC will become a hub of entrepreneurship and creativity. We will work closely with international and commercial partners to attract private investment and drive collaboration amongst government and private sectors,” adds Quinn.
“Setting a new benchmark for office design, technology and flexibility will be deeply embedded in this building, allowing our tenants to attract and retain the best talent which is a massive driver in the competitive modern world.”
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,” says Premier Marshall.
“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.
“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.”
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,” says Minister Fletcher.
It is expected that up to 400 local jobs will be created at the peak of the EIC’s construction, with flow-on effects to the rest of the economy. It is expected that when redevelopment is complete approximately 6,000 people will work at Lot Fourteen.
Quintessential Equity owns properties across Australia and manages a number within SA, including Port Adelaide’s largest industrial estate and prominent CBD office 431 King William Street. The developer has also delivered WorkSafe’s Geelong headquarters, the second office in the world to be platinum WELL-rated and is currently building the City of Greater Geelong’s new commercial precinct.
“We have a strong history of bringing joint ventures together with land holders to add value to sites and deliver the next generation of buildings which centre upon collaboration and connectivity,” adds Quinn.
Early site works and excavation have started, and the building is scheduled for completion in late 2023.
Lot Fourteen is transforming the former Royal Adelaide Hospital site into a global innovation precinct. Hi-tech organisations including Amazon, the Australian Space Agency, the SmartSat Cooperative Research Centre, MIT bigdata Living Lab, the Australian Institute of Machine Learning, and the Australian Cyber Collaboration Centre are already calling Lot Fourteen home.
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About Quintessential Equity
Quintessential Equity (QE) is a property private equity business specialising in the regeneration and development of commercial property. Dynamic and capable, Quintessential Equity delivers risk mitigated returns and exceptional outcomes for investors, tenants and Ecosystem partners.
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