Commonwealth Bank commits to a tenancy for its Technology Hub
Adelaide, Australia – At a launch event held today at Lot Fourteen, EIC developer Quintessential Equity (QE), officially announced the EIC open for leasing, unveiling detailed plans positioning the development as a landmark building at the heart of Lot Fourteen’s innovation district.
The plans revealed the immense appeal and potential of the building to prospective tenants with Commonwealth Bank committing to a tenancy in the building.
To be developed, owned, and managed by Quintessential Equity, the circa $400 million commercial office building has already attracted a strong level of inquiry from key tenants in the defence, space and hi-tech sectors. The 16-storey, 41,000 square metre EIC has been designed to provide innovative government and private sector organisations with the perfect home to enhance their research, operational, and workforce capability through leading edge technology, building and design.
The EIC will also be a powerful generator of jobs — its construction will create approximately 430 jobs at project peak, and employment opportunities for Indigenous South Australians will be prioritised as part of this, through a partnership with Indigenous Training and Industry Participation Plans. Once completed, the EIC will be the workplace for between three and four thousand workers across high-growth industries.
South Australian Premier Steven Marshall encouraged innovative organisations to mobilise quickly to secure their new home in a landmark building in the heart of Lot Fourteen.
“I’m very excited about what the Entrepreneur and Innovation Centre is going to bring to South Australia. The EIC is the place where innovative organisations should want to be and now is the time to take up this unique opportunity.
“The EIC will give those who secure a tenancy the opportunity to accelerate innovation and with this create jobs for the future. It will showcase South Australia as a global leader in incubating and promoting innovation, research, and collaboration. It will be a magnet for talent and creativity, delivering exciting futures for its tenants and South Australia.”
Executive chairman of Quintessential Equity, Shane Quinn, enthused about the state-of-the-art building and the vibrant working environment it will offer to tenants.
“It’s really exciting for us at Quintessential Equity to be able to shed more light today on what a tenancy in the EIC will look like and we’re delighted that CBA is the first to commit to a tenancy. We want to fill the building with the best and brightest organisations who can take advantage of an environment geared to world-class collaboration and innovation.
“Setting a new benchmark for office design — collaboration, sustainability and technology will be embedded into the core of the EIC, allowing tenants to attract and retain the best local and global talent across high growth industries of cybersecurity, hi-tech research, space and defence technology.
“It will be a place where business, research and government collaborate and accelerate the development of new technologies, products and services.”
Commonwealth Bank’s CIO for Technology, Brendan Hopper, said the bank will establish a Technology Hub in South Australia to take advantage of the state’s focus and investment in technology, innovation and entrepreneurship.
“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 an activated area for events and collaboration, accessible for the public and offering indoor and al fresco dining opportunities.
The EIC development is further evidence of Quintessential Equity’s commitment to Adelaide and belief in the city’s potential. The company has invested hundreds of millions of dollars across multiple projects to date in Adelaide, including 100 King William Street, 431 King William Street and the Port Adelaide Distribution Centre.
Opening in mid 2024, the EIC will be the flagship building Lot Fourteen in the centre of Adelaide. The innovation district has built a reputation of excellence globally for its focus and cultivation of innovation, entrepreneurship, research, education, culture and tourism, with occupants including Amazon Web Services, Google Cloud Services, Microsoft Azure, the Australian Space Agency and Australian Cyber Collaboration Centre.
