Some of Australia’s biggest property heavyweights are in the running to buy the $200 million Australian Technology Park in inner Sydney, including Mirvac, Lend Lease and Abacus Property Group.
First round expressions of interest were due on January 30 and The Australian Financial Review revealed last month that Mirvac is one of the groups that would bid for the 14 hectare business park. It has been speculated that the property group has a memorandum of understanding with Commonwealth Bank of Australia to lease space at the park although Mirvac declined to comment.
But Mirvac faces stiff competition, given the limited opportunity to acquire large sites in inner Sydney. Listed players Abacus and Lend Lease have put in bids. Meanwhile a syndicate including Allen Linz’s Rebel Property Group, Macquarie Bank and finance house Ashe Morgan is rumoured to have made a strong offer. Also said to be jockeying for the asset is Altis Property Partners, which has backing from a local super fund and is considered a solid contestant.
Elsewhere Premier Capital Developments is believed to be in the mix. The group would have an edge given, as with Rebel, it has built some of the ATP. There is also likely to be some offshore groups that have expressed interest sources said.
All parties declined to comment when contacted by The Australian Financial Review.Knight Frank’s Richard Horne, James Parry and Neil Brookes, who are marketing the 100 per cent-freehold interest inATP, also declined to comment.
A spokesperson for UrbanGrowth said the government is considering the sale to enable further development of the site, and to release the capital locked in the asset.
“Submissions are now being assessed across a range of criteria, includingheritage considerations, public access and value for money,” the spokesperson said.
“The decision will then be taken whether to proceed to sale by tender.”
UrbanGrowth launched the Australian Technology Park campaign on December 4 with the expressions of interest campaign aimed at determining a fair price. However, it is believedMirvachad approached the state government to discuss its potential prior to it being put on the market.
Home to leading Australian and global technology, communications and science companies, theATPis located in Eveleigh. The site was put up for sale late last year as part of the state government’s multi-million property divestment plan and includes four existing office buildings, vacant land, commercial spaces and conference facilities.