Melbourne’s York Butter Factory (YBF) will open a new co-working space in Sydney in August as part of national expansion plans in partnership with Mirvac.
Just a few days after the NSW state government revealed its $35 million investment into a new mega startup hub in downtown Sydney, YBF confirmed it had secured space at Australian Technology Park just a few kilometres south in Redfern.
The organisation’s first foray outside Melbourne will be in partnership with construction giant Mirvac, which is rejuvenating the site with the Commonwealth Bank as an anchor tenant.
Hoist, as the partnership is called, will host both startups and corporates, in a deliberate move to have the two sectors collaborate in a high-density setting. The venue, located in the Locomotive Workshops in the historic disused suburban railyards precinct, will also include team spaces and a “significant” events facility.
“The unique environment and range of stakeholders present at ATP make it the perfect location for a sustainable entrepreneurial precinct,” said YBF founder Stuart B. Richardson.
The 50-seat Sydney space will not be the end of the partnership, according to Mirvac workplace experiences general manager Paul Edwards.
“The Hoist partnership will be rolled out nationally and become part of the broader, highly inclusive YBF ecosystem,” he said.
Edwards added the new Sydney space, scheduled to open in August for 50 organisations, is “strongly aligned” with the state government’s vision to have a network of innovation zones around the city to grow the startup community beyond the central business district.
The Australian Technology Park area already hosts the deep tech incubator Cicada Innovations and the CSIRO’s data science agency Data61, plus several standalone tech businesses. University of Sydney, University of NSW and University of Technology, Sydney are all in close proximity to the precinct.
The Commonwealth Bank, which is due to move into the space in 2009, will take up more than 90,000 square metres.
“The unique environment and range of stakeholders present at ATP make it the perfect location for a sustainable entrepreneurial precinct,” said Richardson, adding the tenants at the new hub would try to stay “ahead of the curve” of technology trends.
“We’re in the fourth industrial revolution where technology is seismically changing all industries… Last year it was fintech and healthtech, this year it’s proptech, retailtech, cybersecurity and artificial intelligence, while next year the waves of disruption will continue to batter and redefine the global economy.”
YBF was established in 2011 by the partners of VC fund Adventure Capital and is named after the building in downtown Melbourne that it resides in.