The first stage of Sydney Metro’s multi-billion dollar rail system will see it buy up to $300 million worth of prime property in Sydney’s CBD.
The Metro is aiming to avoid the compulsory purchase of buildings as much as possible and is currently in negotiations over several CBD buildings.
There will be six underground stations along the line — Central, Town Hall Square, Martin Place, Barangaroo, Wynyard, Pyrmont and Rozelle, with provision made for a possible additional station at White Bay.
Sydney Metro is aiming to have access to “all five city spots” by the middle of next year.
“We are going through a valuation process on every individual property at the moment — they all have different dynamics,” acting chief executive Rodd Staples said.
Negotiations are being finalized on 30 Clarence Street, which was purchased in 2006 for $19 million, reports The Australian Financial Review.
This comes as yesterday the three short-listed construction consortia were asked to bid for the contract to build Sydney Metro stage one.
During construction the winning bidder will drill up to 4 kilometres per year beneath the city’s streets.
The shortlisted consortiums are Line 1 (McConnell Dowell Corporation / Abigroup / Obayashi Corporation), Metro Primo (Leighton Contractors / S.E.L.I. Spa) and Thiess / John Holland JV.
Construction is expected to begin in 2010 and Sydney’s first metro trains are expected to run in 2015
