The plan by Mirvac Group, the integrated real estate group headquartered in Sydney, to build a $430 million home for the Commonwealth Bank at Australian Technology Park (ATP) at Redfern, NSW, has moved a step closer to development. The NSW (New South Wales) government has given green signal to the proposal for the ATP by the Mirvac-led consortium.
The Commonwealth Bank will become the anchor tenant at Australian Technology Park. According to an official release, the Commonwealth Bank will lease 93,000 square metres of office space across two state-of-the-art buildings on a 15 year term.
David Craig, Chief Financial Officer of the Commonwealth Bank commented in an official press release last year, “This is a major milestone for the Commonwealth Bank, not only will our new campus feature the very latest in innovative workplace design and technology, it will also house 10,000 of our people – the largest number of employees we’ve ever been able to accommodate in a single site.”
As per the Mirvac official release, “following the acquisition of ATP, Mirvac and its partners will revitalise the existing technology precinct through the development of approximately 93,000 square metres of office space, in addition to 3,00 square metres of amenity, including a gymnasium, retail outlets, childcare and a multipurpose community space.”
In late 2014, UrbanGrowth NSW, the owner of ATP, launched an Expressions of Interest (EOI) to investigate a sale that would enable further development of ATP, consistent with its vision. Mirvac Group-led consortium (partners including AMP Capital Wholesale Office Fund and Sunsuper,) won a bid last year to acquire and redevelop the site. The project is planned for completion in 2020. NSW’s independent Planning Assessment Commission will now make the final decision on Mirvac’s proposal for a new commercial precinct at the ATP.
The development proposal includes the construction of four to nine- storied three mixed use buildings to be used for mainly commercial uses. It will also include retail outlets, community space for the Commonwealth Bank of Australia, child care uses, a gym and associated car parking.
Australian Technology Park is Sydney’s leading business and technology park. It also houses Sydney’s most unique conferencing venue and Eveleigh Market.
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