AUSTRALIA: The NSW government is to finance the construction of Pyrmont station on the Sydney Metro West project using a value share contribution mechanism on the Pyrmont Peninsula.
This will require some commercial property owners – other than small businesses – which benefit from increased land values to make an annual contribution to offset the construction cost. A one-off Transport Special Infrastructure Contribution will also be applied to certain new developments in advance of the station opening.
The planned station is intended to ease congestion at key stations in the city centre, including Central and Town Hall, relieve demand on the Dulwich Hill light rail line by about 10% and serve major events and entertainment activities, including those around Darling Harbour and the Sydney International Convention Centre.
The future station will be ‘so much more than somewhere to catch a train’, said Minister for Transport Andrew Constance on December 11. ‘It will become the centre of the community and the western gateway to the Sydney CBD providing not only world-class transport options but opportunities to support new jobs and homes. Modelling also predicts this will be one of the busiest stations on the Sydney Metro West line and will provide customers with more choice.’
