Light rail earmarked for Sydney CBD
Commercial property investment in Sydney may become more attractive after the state government ...
Commercial property investment in Sydney may become more attractive after the state government unveiled plans to revitalise the city centre.
Announcing the infrastructure development last week (December 13), premier Barry O'Farrell said a $1.6 million light rail network in the CBD will reduce traffic congestion and make getting around the city significantly easier.
The 12-km project will connect Circular Quay and George Street with the Moore Park sporting and entertainment precinct in Randwick.
"This is a once-in-a-generation project to revitalise the centre of Sydney by reducing congestion and offering a fast, attractive public transport option to key locations," the premier explained.
As part of the transport plan, about 40 per cent of George Street will be pedestrianised between Bathurst and Hunter streets - bringing more people into the heart of the city, which may boost local business.
With this in mind, those looking for a commercial retail property investment in one of Sydney's busiest locations may want to take note of the development.
Minister for transport Gladys Berejiklian said the initiative will ensure Sydney is positioned for future growth.
"Congestion on roads in the Sydney CBD and surrounding areas will only get worse as the number of jobs in the city grows and the population increases – we have to act and in a significant way," Ms Berejiklian said.