CBA to make tech hub at ATP
The Commonwealth Bank (CBA) will become the anchor tenant at the Australian Technology Park (ATP) in 2020, as it aims to drive technology and innovation.
This followed the acquisition of the Redfern site by Mirvac Group, AMP Capital and Sunsuper for $263 million.
As part of the ATP renewal project, AMP Capital Wholesale Fund (AWOF), AMP Capital separate account client Sunsuper, as well as Mirvac Property Trust, will co-invest a one-third interest each to fund the estimated $1 billion development.
Commenting on the announcement, CBA chief financial officer, David Craig said the campus would house 10,000 of CBA's employees and be the bank's hub for innovation in design and technology.
"Moving to the transformed Australian Technology Park will put 10,000 of our people in the heart of a growing technology hub, providing us with a significant opportunity to partner and collaborate with universities, start-ups and other innovative companies," Craig said.
CBA will lease 93,000 square metres of office space across two buildings for a term of 15 years, with Mirvac developing the project. The development is expected to commence in 2016 and the office buildings due for completion in 2019.
The bank will also partner with Mirvac and Centuria to establish a Tech Incubation Fund to further enable and encourage the use of the Australian Technology Park precinct as a technology and innovation hub.
AMP Capital global head of property, Carmel Hourigan said "we are focused on delivering clients unique investment opportunities that fit our disciplined and rigorous investment criteria and in ATP, we've secured a top grade office asset, which provides a blue-chip tenant with innovative accommodation and improved amenity".
CBA said it would not renew leases at existing offices in Parramatta, Sydney Olympic Park or Lidcome.
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