CBA commits to landmark Adelaide office
The Commonwealth Bank of Australia has leased 1600 square metres within the Entrepreneur and Innovation Centre, set to be the centrepiece of the c$1.9 billion Lot Fourteen project, replacing the Royal Adelaide Hospital.
With the commitment, about 60 per cent of the 16 storey, 41,000 sqm office has been accounted for – the other tenants are state and government backed departments including from the defence and high-tech sectors.
As part of the Adelaide City Deal, the asset will also contain a $20 million Innovation Hub, with the ground floor activated for events and accessible for the public with alfresco dining.
Melbourne based Quintessential Equity won the state government contract to develop and hold the EIC last year.
Major workplace
Upon completion in 2024, the EIC is anticipated between three and four thousand workers across high growth sectors.
“The EIC…will showcase South Australia as a global leader in incubating and promoting innovation, research and collaboration,” state premier Steven Marshall said at the launch last Friday.
“It will be a magnet for talent and creativity, delivering exciting futures for its tenants and South Australia,” according to the politician.
Quintessential executive chairman Shane Quinn added the office design – with sustainability and technology features – intends to attract and retain tenants across high growth industries, including cybersecurity, high-tech research and defence.
The CBA commitment comes five months since the fund manager and investor spent $71.5m for the nearby 100 King William Street office (story continues below).
Coincidentally, that vendor, ex-Video Ezy chairman Bob Maidment, acquired the asset from Quintessential and private investor Stan Waldren for $65.5m in 2008.
Three years ago, Quintessential paid investor Con Makris $43.1m for 431 King William St – which has since been refurbished.
Technology Hub coming
CBA will establish a Technology Hub at the EIC.
“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 EIC is the ideal home for us,” CBA chief investment officer, Brendan Hopper, said.
“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,” he added.
The Lot Fourteen site spreads seven hectares beside the Adelaide Botanic Garden.
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