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NSW Injects $1.1bn into Third Sydney CBD Project

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The NSW government has committed $1.15 billion to begin construction work for Sydney’s third CBD.

The recently named city of Bradfield, to be built next to Western Sydney’s under-construction second international airport, the Nancy-Bird Walton Airport, will receive the funding as part of next week’s state budget.

NSW premier Gladys Berejiklian said the funds would enable work to begin at the end of the year to “turn what is essentially a paddock into a thriving global city centre”.

The funding, to be rolled out over four years, includes $975.5 million for works to establish, remediate and allow site access to about 100ha of land.

A further $50 million will be set aside for construction of the first building in the city—a facility with shared-use equipment for research institutions and industry.

The new city, at the centre of the broader multi-billion-dollar Aerotropolis, will be 50km west of Sydney’s CBD.

The massive 1780ha site, largely bushland and paddocks, is planned to become a hub of international travel, advanced manufacturing and skilled education.

It will also deliver the biggest jobs boom in NSW’s history with expectations it will generate more than 100,000 new job opportunities in the Aerotropolis Core, Badgerys Creek, Northern Gateway and Agribusiness precincts by 2056.

Most of the undeveloped land is still privately owned, with the state government relying on those owners and developers to build a range of residential and business precincts, given the level of infrastructure on offer.

The plans have not been without controversy—land values within and around the planned city have been put under the microscope.

This has prompted the Valuer General NSW to undertake a major review into the effects of rezoning, analysing the value of all land affected by the Aerotropolis’ rezoned precincts.

The proposed city will be linked to the rest of Sydney via the $1.8-billion M12 motorway, Outer Sydney Orbital and the $11-billion Sydney Metro-Western Sydney Airport rail link.

The 23km railway will connect the new Aerotropolis to the rest of Sydney’s public transport system and will have six stations, including two at the airport itself.

The state government has already spent $300 million acquiring property in Western Sydney for the infrastructure projects.

So far, upwards of 20 international “partner” companies have signed memoranda of understanding, bolstered by the participation of government bodies such as the CSIRO and the Australian Space Agency.

Terminal construction at Nancy-Bird Walton Airport is also due to begin at the end of the year.

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Article originally posted at: https://www.theurbandeveloper.com/articles/nsw-injects-11bn-into-sydneys-third-cbd