Renewal SA has awarded Quintessential Equity the contract to build and own a 16-level office overlooking Adelaide Botanic Garden.
The 35,000 square metre Entrepreneur and Innovation Centre is expected to be worth c$400 million upon completion in 2023.
The investment is earmarked for a c4800 sqm slice of the seven hectare former Royal Adelaide Hospital, making way for Lot Fourteen, a master-planned high-tech employment precinct.
A substantial part of the site at the north east corner of North Terrace and Frome Road abuts the garden.
South Australian premier Steven Marshall invited an EIC development partner last June.
The government was represented by Colliers’ James Young.
Elsewhere in the city, Quintessential in January sold a Port Adelaide industrial property to Auckland’s Silverfin Capital for $17.6m.
In 2019, it paid Stockland $80m for a 32ha Gillman logistics centre – recently committing Visy to a 44,000 sqm warehouse.
Three years ago the investor and developer gave Con Makris $43.1m for a CBD office at 431 King William St which has since been refurbished (story continues below).
EIC and Lot Fourteen
About 23,000 sqm of the EIC has been pre-committed to government backed occupiers.
In February, Amazon announced it intended to set up a Lot Fourteen office.
The University of Adelaide’s Australian Institute of Machine Learning will also be based there.
According to Renewal SA, about 6000 people will work in the precinct by 2030.
Over $1.2 billion of private sector investment is expected by then.
Six months ago, Pelligra Group, which like Quintessential is Melbourne based, purchased Adelaide’s former Calvary Wakefield Hospital from Cromwell for $30m with plans for a healthcare hub.