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SYDNEY, May 29 (Xinhua) — One of Australia’s largest tech-hubs is about to receive a multi-million dollar boost, the Queensland (QLD) state government announced on Tuesday.

Known as the “he Precinct,” the Brisbane city startup incubator was first established in March 2017 and plays host to 17 of the nation’s leading technology companies including River City Labs, SoftBank and the federal government-led firm Data61.

“I’m proud to announce as part of our increased spending in the innovation sector, The Precinct will increase in size by 50 percent,” QLD Premier Annastacia Palaszczuk said.

“The Precinct is currently 5,337 square meters across two floors at the historic TC Beirne Building, but with the expansion, The Precinct will grow by an additional floor and will cover around 7,500 square meters.”

With 27 tenants reportedly on the waiting list already, demand for office space at the facility has been overwhelming in the country’s northern state.

“As soon as the Precinct opened, it was clear the Brisbane startup community would support the space,” QLD chief entrepreneur Steve Baxter said.

“Creating the right environment for ‘accidental collisions’ means networking is just part of the normal work routine and that’s vital for these exciting young companies.”

“The expansion presents a fantastic opportunity for more businesses to join our thriving entrepreneurial community.”

Despite the QLD government’s announcement, details about the total sum of investment have not been finalized yet, however, that information is set to be released on June 13 when the state hands down its annual budget.