The University of Wollongong will terminate a joint venture agreement with construction company Baulderstone to develop the Innovation Campus.
Innovation Campus director David Campbell said the decision to terminate the agreement was mutual.
“As part of the normal business review process both parties have had a look at the agreement and decided that going into the future we’d be better to do that as individual organisations,” he said.
The joint venture agreement saw Baulderstone as the preferred builder on the site. Baulderstone completed the core infrastructure with the university and built the first six buildings on the site.
For future buildings, the university will go to an open tender rather than automatically working with Baulderstone.
“The core purpose has been met and there’s potentially a better way of doing things in the future,” Campbell said.
The university is also undertaking a due diligence process and seeking to sell the building known as Enterprise 1, which houses many of the university’s commercial partners.
Campbell said the university is considering all its options.
“The university is looking at whether it’s appropriate to sell that building, recover the capital and use it elsewhere in the university,” he said.