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AMP Capital, Sunsuper and Mirvac have been selected to acquire the Australian Technology Park (ATP), Sydney from UrbanGrowth NSW Development Corporation.

As part of the ATP renewal project, AMP Capital Wholesale Office Fund (AWOF), AMP Capital separate account client Sunsuper as well as Mirvac Property Trust will co-invest one-third interest each to fund the estimated $1 billion development of approximately 93,000 square metres of office net lettable area to be leased to the Commonwealth Bank for a term of 15 years. Mirvac will be the developer of the Commonwealth Bank development at ATP, with development expected to commence in 2016 and the office buildings due for completion in 2019.

AMP Capital Global Head of Property Carmel Hourigan said: “We’re delighted to be involved in this landmark development deal in New South Wales, which has provided an excellent investment opportunity to both our wholesale fund investors and separate account client.

“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.

“For AWOF investors, the recent addition of 700 Bourke St Melbourne to the portfolio and the imminent completion of 200 George Street Sydney next year will ensure AWOF continues to perform and grow its contemporary, high quality portfolio of prime office buildings.”

Following the acquisition of ATP, the consortium will revitalise the existing technology precinct through the development of office space over three buildings in addition to 3,000 square metres of amenity, including a gymnasium, retail outlets, two child childcare centres and a multipurpose community space.