Metro West rail at Sydney Olympic Park due to begin construction in 2020
The turn up and go Metro West rail service, that promises a 20-minute train ride from Parramatta to the Sydney CBD with a proposed stop at Sydney Olympic Park, is due to begin construction next year*.
With the NSW election campaign now in full swing, the caretaker Coalition government this week pledged $6.4 billion of State funding for Metro West with construction due to start in 2020, tunnelling in 2021 and completion by 2028. The ALP last month promised $5 billion of State Government funding with another $3 billion from the Federal Government if Labor wins the Federal election, and pronounced Metro West its priority transport infrastructure project.
Mirvac’s General Manager of Residential Development NSW, Toby Long, said the bi-partisan support for delivering Metro West provided the injection of confidence needed to realise the vision for Sydney Olympic Park. “Metro West is more than a game-changer, it’s going to breathe new life into this entire region bringing high quality jobs and people, the essential ingredients for successful urban transformation,” said Mr Long.
“Metro West was first announced in 2016 and in last year’s budget $3 billion was allocated to planning. But now we have a firm date in sight and absolute commitment from both parties that it is a priority project.”
“That is great news for the early adopters with the foresight to get in before the uptick in property values that comes with infrastructure improvements. Often people don’t fully realise the effect of city-changing urban transformation until the market has taken off.”
Under the 2030 Masterplan, Sydney Olympic Park will finally realise its full potential with the construction of 10,700 homes, expansion of employment opportunities, increased educational opportunities and 100,000 square metres of retail space in a revitalised town centre.
New parks will be created in addition to the existing 430 hectares of parkland that provides many kilometres of cycling trails and walking tracks. The Masterplan also sets out stringent design guidelines aimed at achieving 6-star Green Star sustainability.
Mr Long said international experience showed that Metro connectivity had the power to trigger a wave of investment that brought with it people and jobs leading to further infrastructure investments including new schools, knowledge jobs, medical facilities, shops, cafes and parks.
“You only need to look at what is happening in London in the wake of the 2012 Olympics,” said Mr Long. “City building is more like a marathon but London has approached their post-Olympic transformation at a sprint pace, largely because they’ve had the transport infrastructure to do it.
“With Metro West we’re back in the race. There’s a plan to house 23,500 people, provide 34,000 jobs and 100,000sqm of retail space in the town centre so that Sydney Olympic Park is a fantastic place to live work and play, seven days a week.”
Mirvac’s Pavilions at Sydney Olympic Park is under construction and is anticipated to be completed next year, with 1, 2 and 3 bedroom apartments and terrace homes rising in four buildings from a park-like garden setting. Pavilions is located a five-minute walk from the Olympic Park train station and town centre.
Important Notice: The above information is taken from the NSW Government's announcement on 3rd March 2019 in relation to the proposed Sydney Metro West. Mirvac does not guarantee if and when this infrastructure will be built and purchasers should make their own enquiries. Mirvac does not provide financial advice and this material should not be relied upon as such. Purchasers should seek their own independent advice from an appropriately qualified expert. Current indications from the NSW Government are that, subject to completion of the final business case, it intends to start construction on the Sydney Metro West in the next term of Government. *Source: The Daily Telegraph
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