The Property Council of Australia today expressed concern about reported delays to the completion of the Parramatta to Chatswood rail link.
Property Council of Australia NSW executive director Mark Quinlan said reports that a $1 billion cost blowout had forced a revised project on the table was a major worry.
“The State Government must examine alternative ways to fund the project if they are struggling to pay for the link,” Mr Quinlan said.
“One funding option would be the use of private sector finance to fund the project under a scheme that delivers the best possible service outcome to the community.”
Mr Quinlan said the Property Council was disappointed the project faced an uncertain future.
“It’s vitally important the link is built in its entirety given it will provide thousands of people access to new job opportunities in the western Sydney region,” he said.
“The original commitment to build a 28 kilometre link must be kept if Parramatta and the North Ryde technology precinct are to achieve their full employment potential.”
Mr Quinlan said the wrong signals were also being sent to property investors who have poured millions of dollars into the area.
“Investors have purchased land worth millions of dollars in the region on the back of the State Government’s commitment to this project,” Mr Quinlan said.
“Property investors need certainty in order to plan development projects that will lure new businesses and jobs to the region.
“We’ll continue to urge the State Government to maintain their commitment to the entire project.”