Australia’s version of Silicon Valley is expanding, as five tech companies owned by parent company Block make their move into the multi-million-dollar Sydney precinct dedicated to fostering innovation.
Despite this move, the companies, including Afterpay, Square, Cash App, Tidal, and TBD, will maintain their work-from-home policies, with the headquarters serving as a meeting space for employees as needed.
These companies have announced their relocation to Sydney’s Tech Central precinct on Aug. 23, where they will set up offices in the historic Brewery Yard building in Chippendale.
They will join other tech firms like Atlassian in a 25-hectare space aimed at bringing together both established and start-up businesses.
Katrina Konstas, executive vice-president of Afterpay, mentioned that the company had been planning its move to Tech Central since 2021 but faced delays due to the COVID-19 pandemic.
Australia’s unique take on Silicon Valley is crucial, as it provides easy access to potential collaborators, fostering partnerships and innovative efforts within the industry.
The Tech Central hub, announced by the New South Wales (NSW) Government in 2020 with a $48.2 million investment, spans six Sydney suburbs and is strategically located near the CBD, University of Sydney, and CSIRO.
Block’s base in Tech Central includes 70 permanent desks spread across three floors, along with various workspaces for different purposes such as events, training, and relaxation areas.
While 80 percent of Block’s employees visited the office within the first week of operation, there is no mandate to work from the office, allowing flexibility for employees to choose when to collaborate in person.
Efforts to establish tech hubs in Australia have also been focused on the Melbourne suburb of Cremorne, where companies like Seek, Carsales, and MYOB are based.
A study conducted by the CSIRO and Tech Council identified four main tech industry clusters in Sydney, Melbourne, Brisbane, and Canberra, highlighting the growing importance of these regions in the Australian tech landscape.
