Hollywood’s post-production and effects giant, Technicolor, will establish a significant Adelaide office as the city prepares for a major economy boost.

Technicolor will open its new facility on levels seven, eight and nine of 178 North Terrace and will initially focus on delivering visual effects (VFX) for major film studios and streaming services around the world.

Adam Hartley of Savills Office Leasing negotiated the 10-year lease term at circa $370/sq m for the 4,200sq m space.

Mr Hartley went on to say that the international tenant would be a “game changer” for the city.

“Technicolor will create 300 to 400 new jobs, boosting the state’s economy, while reinvigorating the Myer Centre trading precinct,” he said.

Mr Hartley said Technicolor’s entrance to Adelaide would attract more technology-based companies to South Australia.

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

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

Given the numbers of workers under 30 years of age leaving the state, companies like Technicolor are needed to retain and attract younger workers.

“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 said.

Last year, Savills Australia negotiated a lease agreement for New Zealand-based technology company, Medi-Map, which opted to set up a base 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.