Quintessential Equity to build $400m Adelaide innovation hub

Quintessential Equity to build $400m Adelaide innovation hub

Adelaide's Lot Fourteen precinct is awash with talent as it attracts Australian and international innovators including Amazon, and now the SA Government has decided who will build its flagship Entrepreneur and Innovation Centre (EIC).

Melbourne-based Quintessential Equity won the competitive tender to build and own the centre under a deal worth approximately $400 million.

Early site works and excavation have already started, with around 400 local jobs expected at the peak of the EIC's construction and completion due in late 2023.

The property-focused private equity firm's executive chairman Shane Quinn says it is an honour to be selected over some of Australia's biggest developers to deliver the EIC, a 16-level, 36,000sqm building that will form the heart of the precinct.

"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."

The centre will include secure commercial, research and networking spaces that cater to the next generation of jobs and businesses, with plans to attract organisations spanning the defence, space, hi-tech and cyber security industries.

Set on the former Royal Adelaide Hospital site, the $722 million Lot Fourteen redevelopment is backed by the SA and Australian governments and is a key focus of the 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.

"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," says 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 says the number of people doing business, working, researching and studying on site at Lot Fourteen is set to reach 1,000 this year, and by the time construction of the EIC is finished that number is forecast to have risen to 6,000.

"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," he says.

"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, Paul Fletcher, says the EIC will 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.

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.

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