Savills arranges Adelaide CBD office space for global film company Technicolor

Hollywood’s post-production and effects giant, Technicolor, has secured a 10 year lease for an Adelaide CBD office.

Technicolor be situated on levels seven, eight and nine of 178 North Terrace.

Their focus for this office will initially be on delivering visual effects (VFX) for major film studios and streaming services around the world.

Savills Australia’s Adam Hartley negotiated the 10-year lease term at circa $370 per sqm for the 4,200 sqm space.

Mr Hartley said it was a "game changer... Technicolor will create 300 to 400 new jobs, boosting the state’s economy, and reinvigorating the Myer Centre trading precinct".

“Ongoing support from the state government and local council will continue to entice a variety of companies to establish footprints in Adelaide."

“Financial incentives from the state government, combined with factors such as lifestyle, competitive business conditions and best in class internet connection via the Ten Gigabit Adelaide network.will become increasingly attractive to internationally based companies,” Mr Hartley concluded.

Technicolor was given a $6 million grant from the state’s economic investment fund and is expected to inject an economic benefit of more than $252 million into the city throughout the next 10 years.

Similarly, last year, Savills Australia negotiated a lease agreement for New Zealand-based technology company, Medi-Map, which also chose to set up shop in Adelaide with support from government funding.

Built Holdings Pty Ltd is constructing the fit-outs for the Technicolor space, which are currently underway and expected to be ready for operation in April.