Australia’s biggest technology and innovation hub, Tech Central, has recently offered to subsidise eligible technology companies’ rental and fit-out costs.
Here’s what you need to know…
Eligible start-ups and scale-ups demonstrating 300sqm + of growth may receive rebates for three years, up to a total amount of $1,940,000, inclusive of:
The program forms part of the state government’s plans to deliver up to 25,000 sqm of affordable space for technology startups and scaleups, attract new businesses to the area and generate jobs.
There are a few things to consider when it comes to eligibility, including location, projected growth, and business structure.
At a minimum, your business must:
For full eligibility criteria, take a look at the program guidelines.
Yes, you can apply if you’re an established business in the catchment area. But you must meet the eligibility criteria and demonstrate that you plan to increase your total leased space by an additional 300+ sqm over the next three years.
Note: You cannot combine multiple leasing agreements to meet the threshold.
If you’re about to commence a new lease in the area, you are also able to apply. But you'll need to meet the eligibility criteria and must be able to show that you’ll occupy 300+ sqm within the eligible catchment for a minimum three-year term.
Yes, as long as they meet the eligibility criteria.
Investment NSW has allocated a maximum of $11 million over two years and will assess eligible applications as they're received. That means it could take only a few companies setting up large or highly technical spaces to eat up the funds.
What’s more, with limited commercial buildings in the catchment area and a total Fringe vacancy rate of circa 6.5%, available space is scarce and will be snapped up quickly. (You can read more about the current market conditions here.)
So, if you’re considering moving to the Fringe and want to know more about this Tech grant, get in touch with one of our Sydney Consultants today! We’ll be able to help you source the perfect office space for your business needs and negotiate the best possible lease terms on your behalf.