Atlassian founder Mike Cannon-Brookes had campaigned to keep the area for tech start-ups. Credit:James Alcock The development is a blow for high-profile software marker Atlassian, whose founders had run a public campaign to keep the old railway precinct as an area for tech start-ups. Atlassian had also committed to move to the technology park as part of the rival Walker bid. The NSW government's property arm UrbanGrowth NSW sounded out the sale of ATP to local residents in 2013 and then appointed Knight Frank in May this year to advise on the tender process to develop the park. Under the terms of the request for tenders, the successful tenderers are required to protect important heritage and public access values, including making an allowance for future access ways over the rail corridor into ATP.

It was understood the price was a healthy premium to the $200 million that was said to have been tendered by Walker Corp. Lang Walker, chairman of Walker Corporation, congratulated the Mirvac consortium. "We are now focussed on Parramatta, which presents us with an unrivalled opportunity as its office market has the lowest vacancy rate of any area in Australia and is experiencing continued strong rental growth," Mr Walker said. Once redeveloped, ATP will be home to 10,000 CBA staff and high-tech start-ups in an area that is already home to Channel Seven. Mirvac will pay $104 million for its 33.3 per cent interest in the CBA development lots, and 100 per cent interest in the Locomotive Workshop and National Innovation Centre, as well as 350 car parking bays in the Media City car park.

As revealed by BusinessDay, Centuria Property as co-tenderer will acquire the balance of the ATP for $104 million. The remainder of the price will be financed by the consortium partners. Mirvac will be the developer of the project for the bank, through the development of 93,000 square metres of office space, in addition to 3000 sq m of amenity, including a gymnasium, retail outlets, childcare and a multipurpose community space. The Locomotive Workshop will be redeveloped into workspaces for major technology and innovation users and start-up businesses. Mirvac chief executive Susan Lloyd-Hurwitz said the group was committed to making a substantial investment in activating the ATP to ensure it becomes part of the local village. "Our vision for this precinct extends beyond the bricks and mortar; we are wholly committed to unlocking the potential in this site to create a vibrant, sustainable place to work and socialise that provides a long-term legacy for those who work there, as well as those who live in the local area," Ms Lloyd-Hurwitz said.

ATP is close to the Sydney CBD and rail transport. Centuria Property Funds will buy three of the existing assets at ATP from UrbanGrowth NSW, being the NICTA Building, the Biomed Building and the International Business Centre, as well as the freehold interest in 8 Central Avenue (Channel Seven's headquarters). The three new properties will be the seed assets for a new unlisted Centuria fund. Centuria chief executive John McBain said in order to further enable and encourage the use of the ATP precinct as a technology and innovation hub, Mirvac, the Commonwealth Bank and Centuria will also establish a Tech Incubation Fund. "The purpose of the Tech Incubation Fund will be to enable appropriately qualified technology focused companies and start-up businesses to occupy space within the Locomotive Workshop on subsidised rent," Mr McBain said.

AMP Capital global head of property Carmel Hourigan​ and AMP Capital wholesale office fund manager Nick McGrath said they were delighted to be involved in the landmark development deal. "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," Ms Hourigan said.