Brisbane start-up hub “The Precinct” will undergo a multi-million-dollar expansion when the Queensland government announces its innovation spend in its upcoming budget.
Queensland’s innovation hub in Fortitude Valley was launched in March 2017 with River City Labs, the state’s biggest tech incubator, as the anchor tenant.
More than $7 million will be spent on expanding the building by as the government looks to provide more space to foster innovation.
The Premier said The Precinct, located between Brunswick Street Mall and Chinatown Mall, was now home to 17 tenants including SoftBank, CSIRO’s Data61 and the Office of the Queensland Chief Entrepreneur.
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“I’m proud to announce as part of our increased spend in the innovation sector, The Precinct will increase in size by 50 per cent,” she said.
“The Precinct is currently 5337 square metres across two floors at the historic TC Beirne Building.
“With the expansion, The Precinct will grow by an additional floor and will cover around 7500 square metres.”
Innovation Minister Kate Jones said there were 27 tenants on the waiting list for floor space at The Precinct and this was only expected to grow in coming years.
“Demand for The Precinct has been overwhelming. Since The Precinct opened, more than 200 events have been attended by close to 16,000 people,” Jones said.
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Around $11 million is expected to be allocated to The Precinct in Treasurer Jackie Trad’s first budget with the cash, including more than $7 million for the expansion, helping to support new innovation jobs.
The Queensland budget is set to be announced in June 12 with the government already announcing it will roll out $45 billion worth of infrastructure across the next four years to keep up with population growth.
This week, the Queensland government announced $125 million worth of funding for a new theatre to be built on the Playhouse Green site as part of the Queensland Performing Arts Centre.