In a major milestone for Lot Fourteen’s landmark $400 million Entrepreneur and Innovation Centre (EIC), the State Government has today announced that property private equity company Quintessential Equity will deliver the project.
The striking state-of-the-art building will consist of secure commercial, education, research and networking spaces designed specifically to suit the needs of defence, space, hi-tech and cybersecurity businesses and education and research organisations.
The EIC will be a powerful generator of jobs of the future and represents the next major stage of investment at Lot Fourteen.
“This is the place where global hi-tech businesses want to be. 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.
The 16 level, 35,000 square metre building will be central to the precinct and home to a $20 million Innovation Hub funded by the Australian Government as part of the Adelaide City Deal.
Federal Minister for Communications, Urban Infrastructure, Cities and the Arts, the Hon Paul Fletcher MP, said the EIC’s purpose-designed Innovation Hub will be a unique space and a perfect environment for exchanging ideas and ultimately delivering business and jobs growth through commercialisation of those ideas.
Quintessential Equity Executive Chairman Shane Quinn said that it was an honour to be selected to partner with the South Australian Government to deliver the iconic EIC which will set a new benchmark for office design to attract the next generation of businesses in Adelaide.
“The EIC 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 EIC development application was recently approved by the State Commission Assessment Panel (SCAP). Early site works and excavation have started, and the building is scheduled for completion in late 2023.
It is expected that up to 400 local jobs will be created at the peak of construction, with flow-on effects to the rest of the economy.