Springfield Land Corporation has snapped up Suncorp's stake in the organisations' Polaris datacentre joint venture for $110.5 million and it doesn't intend to stop its datacentre investment there.
The $220 million Polaris datacentre in Springfield, Queensland, was completed in 2009 as a joint venture between Suncorp and Springfield Land Corporation. It houses enterprise organisations including Suncorp, NEC and Fujitsu together with Queensland government departments and councils, including the government's service provider CITEC.
Springfield Land Corporation chairman Maha Sinnathamby said that the datacentre had tremendous growth potential, explaining that although the datacentre was 100 per cent full on a tenancy basis, those tenants could raise the capacity in their space by 60 per cent more via upgrades.
"There's a huge source of potential in exploiting the existing facility by upgrading certain racks," he said.
The Springfield area was also a growth magnet, he said, with the corporation expecting to build more datacentres in the area.
"We are considering putting at least two or three more datacentres ... to create an IT hub," he said.
He pointed to the train line, which is being run out to Springfield, as well as the fact that there was an "unlimited water" supply and that Energex was building a major substation in the area as it won't be a problem to build more datacentres. The company is already investing in another $200 million datacentre in Melbourne.
Suncorp Bank executive general manager John Debenham said the sale was great for both parties.
"From the outset Suncorp recognised this was a unique opportunity to enter the datacentre market and we've been very happy with the investment," he said.
"This is a great result for Suncorp and the time is right to divest the holding."
Suncorp will keep its tenancy in the datacentre, retaining a third of the floor space in the facility.