A leaked cabinet paper is projecting a high-rise boom from the sale of development rights around 12 new underground stations in Sydney’s West according to Fairfax Media and the ABC who have seen the paper.
The proposed Metro West rail project would cost up to $15 billion to build and $2 billion to run over 30 years but could open the door for developers to contribute to the cost by purchasing air-space above new stations and on rezoned government land according to the cabinet paper.
With no decision yet made on funding or development of Metro West the leaked paper predicts public benefits of $11 billion to flow from the development of the rail line.
There are four proposed routes on the underground line which will link Sydney CBD with Parramatta in as little as 15 minutes.
The preferred option appears to be Metro Local South which would have driverless, single deck trains taking in the Bays Precinct at Rozelle, Lilyfield, Concord and Silverwater and stop at 12 stations.
According to the paper this slower Bays Precinct route would activate more urban renewal with a greater number of stations in existing development precincts.
The ABC points to the emerging ‘value capture’ philosophy in NSW planning where the underwriting of projects is carried by the private sector and not just government debt.
The fastest route option Metro Express would stop at just five stations, take 15-minutes at speeds up to 160km/h, but would also deliver the lowest rate of overall urban renewal opportunities.
Metro Local North would take 25 minutes and travel across the harbour via Ryde with 12 station stops.
A Metro Rapid option would also travel along a southern corridor but stop at only 10 stations on its 20-minute journey.
The final number of potential stations for the Metro West project will be identified following community and industry consultation. Four key precincts to be serviced have initially been identified at: