Sydney-based tech incubator The Studio is pulling up stumps from its Wynard station location after failing to reach agreement on renewal of its lease with Investment NSW.
In a statement, the organisation said, “Following a long period of negotiation with the head leaseholder of our tenancy (Investment NSW), The Studio has been unable to reach a mutually agreeable solution in relation to our rent and will therefore be vacating our tenancy at the end of this month. We are disappointed that after two years of covid disruptions and mandated lockdowns which seriously impacted our revenue, a satisfactory resolution with the government was unable to be reached.
“The Studio will of course continue as an organisation and its evolution away from the rental of office space and facilities. Our focus will be on the delivery and development of our programs, community and networks and also some exciting new ventures which are underway.”
The Studio’s last day at its current location coincides with its monthly pitch night (and party), Thursday 31 March.