Atlassian chief executive Scott Farquhar has taken a swipe at the decision to select a Mirvac-led consortium to revitalise an inner Sydney technology precinct.
The software darling of Australia's tech scene missed out on the 14-hectare Australian Technology Park (ATP) on the fringe of Sydney's CBD with a consortium purchasing the government-owned site for $263 million.
The Commonwealth Bank (CBA) will shift 10,000 workers to the site, having taken up a 15-year lease.
Atlassian chief executive Scott Farquhar labelled the decision a "missed opportunity".
"A 105-year-old company putting its back office in there, is it going to create a vibrant tech eco-system?" he told AAP.
"It is weird to move 10,000 jobs from western Sydney considering the premier is the minister for western Sydney.
"I see this as a backward step for Sydney."
A $1 billion renovation has been proposed for the technology park which will include subsidised space for startups and a "local village".
Mirvac, along with the Commonwealth Bank and Centuria, will also establish a Tech Incubation fund to encourage tech startups in the park.
Additionally, up to 75,000 square metres of floor space capacity will be reserved for future technology uses.
Mirvac's CEO, Susan Lloyd-Hurwitz, said the consortium was committed to "unlocking the potential" of the site.
"We are committed to making a substantial investment in activating the Australian Technology Park to ensure it becomes part of the local village, with a local supermarket, cafés, a community building and upgrades to the public domain to be delivered," she said.
CBA chief financial officer David Craig said its move would allow it "to partner and collaborate with universities, start-ups and other innovative companies".