CommBank an anchor tenant for SA’s $400m Entrepreneur and Innovation Centre
The Commonwealth Bank will base up to 150 technology specialists in Adelaide’s new Entrepreneur and Innovation Centre at Lot Fourteen.
Business
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Commonwealth Bank has signed on as a cornerstone tenant in the $400m Entrepreneur and Innovation Centre (EIC) at the Lot Fourteen start-up hub, and will base up to 150 technology specialists at the building, which is slated to open in mid-2024.
Developer Quintessential Equity said there was very strong interest from large technology companies in taking space in the 16-storey new building, which will be fully spoken for in terms of tenancies by the time it opens.
The developer’s executive chairman Shane Quinn said conversations were happening at the moment with another large corporate and, once that deal was announced, the project would be “over-subscribed’’.
Mr Quinn said the ability to co-locate with companies working in hi-tech fields such as space, cybersecurity and software design was attractive for companies looking to build their presence in Australia.
“It’s the ecosystem that’s created here at Lot Fourteen of collaborators and its inspiring location, the ability for people to come together and solve the problems of the future and create solutions,’’ Mr Quinn said.
“If you look at how it’s curated, people can have meetings connected via 5G out the front of the building.’’
Commonwealth Bank’s chief information officer for technology, Brendan Hopper, said the bank would set up a technology hub at the EIC to take advantage of the tech ecosystem developing at Lot Fourteen.
“Our hope for our Technology Hubs is that they are places where people go to collaborate, innovate, share ideas and learn from others – which is why the Entrepreneur and Innovation Centre is the ideal home for us.
“We plan to hire up to 150 technology specialists within the next five years who will utilise the Technology Hub at the EIC, including software engineers, data scientists and cybersecurity specialists.”
The EIC will also house a $20 million Innovation Hub as part of the Adelaide City Deal, with the ground floor to be used for events and collaboration, accessible to the public and offering indoor and al fresco dining opportunities.
Mr Quinn said once the EIC was developed, his company would have more than $1bn worth of property assets based in South Australia, including 100 King William Street, 431 King William Street and the Port Adelaide Distribution Centre.
The 41,000 sqm project is expected to create about 430 jobs at the peak of construction.
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