The NSW Government today announced the sale of the Australian Technology Park (ATP) in Redfern to a Mirvac-led consortium.
Both financial and non-financial criteria were used to assess the tender, including a vision to expand the Park’s technology focus, a commitment to upgrade public areas and community facilities, and to maintain the heritage of the site.
Our Planning Minister Rob Stokes said with the sale of ATP to the Mirvac-led consortium, the vision for the Park as a vibrant creative and tech precinct can be fully realised.
“Our aspiration for this site is to continue the transformation from dilapidated railway buildings to a growing technology hub,” Mr Stokes said.
“Mirvac and its partners have made a commitment to revitalise the existing technology precinct, and the NSW Government has secured ongoing environmental, heritage and access commitments.”
Mirvac will develop new office space across the buildings and will also revitalise the Locomotive Workshop, which will be dedicated for technology and innovation users and startup businesses. Additionally, up to to 75,000sqm of floor space capacity will be reserved at ATP for technology uses into the future.
The consortium is considering using a new $2.1 million Tech Incubation Fund to be established by Mirvac, the Commonwealth Bank and Centuria to encourage technology startups to locate in the Park.
Mirvac has also entered into a Memorandum of Understanding with the University of Sydney to support digital and creative industries and confirmed there is potential to accommodate other tech companies within the campus.
Mr Stokes said the sale was also good news for the communities surrounding the Central to Eveleigh rail corridor.
“The consortium has made a commitment to improving community facilities within ATP through a significant investment to upgrade to public areas, making them more accessible with benefits including a community building, childcare facilities, fitness facilities and the provision for retail outlets, cafes and restaurants,” Mr Stokes said.
“In accordance with the Government’s requirements, they will also maintain and manage the site’s heritage buildings, and ensure continued and safe public access through the site to important destinations like Redfern Railway Station.
Proceeds from the sale of ATP will be invested in the local area, helping finance major infrastructure investments in the Central to Eveleigh corridor.
This proposal excludes residential development on ATP, ensuring the site’s technology employment focus will continue.