A Sydney property developer is dedicating three floors of a new office tower in the city’s CBD to an innovation hub for startups in the sustainability space.
The George St hub, dubbed Greenhouse, will comprise 3800sqm across the lower levels floors of the 56-storey Salesforce Tower built by Lendlease, which is due for completion late next year. The hub will focus on climate tech startups and scaleups, in particular, offering cost-effective office space that enables emerging companies to prosper and expand into global markets.
Greenhouse is the result of collaboration between the City of Sydney and Lendlease, which also includes a commitment to public benefits including open space and community spaces. Innovillage Pty Ltd, a wholly owned subsidiary of seed investment company Investible, will sublease and manage the space, securing startup tenants.
“Greenhouse is a wonderful opportunity for tech entrepreneurs and the scaleup economy to be located in one of the most advantageous and desirable locations in Australia, and for the City to showcase Sydney’s tech startup ecosystem to the world,” said City of Sydney Lord Mayor Clover Moore.
“Technology businesses are pivotal to Sydney’s future. They create high-quality jobs, boost the local economy, strengthen our connections around the world and make Sydney a more desirable place to live, work and visit.
“By supporting our fastest-growing, sustainability-focused businesses with affordable, premium office space and access to expert-run services and globally competitive talent, we hope to reaffirm Sydney’s reputation as a vibrant and sustainable city and the home of smart, inclusive and green innovation,” she said.
Greenhouse aims to directly support more than 100 high-performing businesses and create more than 1500 new jobs over 10 years. It will also engage the wider tech ecosystem, create pathways for early-stage startups as well as corporate and university talent and help position Sydney as a global leader in climate tech.
Investible Co-Founder and Greenhouse CEO, Creel Price, said Greenhouse businesses will have access to a range of talent and growth services as well as investment opportunities, including the Investible Climate Tech Fund – a new venture capital fund to be launched by Investible this year.
“Emerging technology companies will play a critical role in enabling a net-zero carbon future, but they face increasingly complex challenges and require different levels of support as they scale,” said Price.
“We’re designing a space that’s optimised for growth; bringing together a diverse group of investors, experts, partners and advisors to provide climate tech businesses with the nutrient capital, talent, programs and community to grow to their fullest potential.”
Lendlease’s executive development director Neil Arckless said the creation of a cutting-edge tech hub at Salesforce Tower is a natural fit for the company because sustainability and precision design are key to delivering a workplace of the future.
“As a company committed to eliminating carbon – on both a net and absolute basis by 2025 and 2040 respectively – we know the value in fostering the next generation of thinking to meet the climate challenge head-on.”
Greenhouse is expected to open in late 2022 and will be part of the new community infrastructure created by the City of Sydney and Lendlease at 180 George Street. The precinct also includes a public plaza, retail laneways, bicycle hub, public art and a new hospitality venue on the site of the former Jacksons on George.