An economic assessment of the Lake Macquarie Transport Interchange project has highlighted the substantial benefits it could bring to the Glendale, Cardiff, and Boolaroo areas. The report, prepared by consultants Morrison Low for Lake Macquarie City Council, emphasizes the positive impacts that each stage of the project could have on the local suburbs over the next three decades.
The economic evaluation conducted for the project scenarios indicated favorable outcomes. Cost-benefit analysis revealed that the advantages of reducing travel times and distances, enhancing road safety, promoting cycling, and expediting land development would outweigh the construction costs. The estimated capital outlay for the remaining works includes $5.4 million for a crucial section of Munibung Road, $32 million for the Pennant Street bridge in Cardiff, and $120 million for a new rail station at Glendale featuring a bus interchange.
The proposed works on Pennant Street and Munibung Road are expected to yield net benefits exceeding $98 million, with a benefit-cost ratio of 3.8 and a net present value per dollar invested of 2.8. When factoring in the $120 million expenditure on the interchange, the total net benefits were close to $57 million, with a benefit-cost ratio of 1.4 and a net present value index of 0.4.
According to the report, the transport interchange would facilitate higher-density mixed-use retail, commercial, and residential developments in the local areas, contributing to increased land values. The potential impact of a complete interchange with new land zonings was estimated to generate net benefits of $93.5 million, with a benefit-cost ratio of 1.7 and a net present value index of 0.65.
The detailed financial analysis outlined in the report considered various factors such as recurrent maintenance costs and diverse transport benefits, projecting outcomes up to 2047. The construction of the Pennant Street bridge and the extension of Munibung Road are anticipated to unlock approximately 90 hectares of development land and improve travel times for a significant volume of vehicles daily, including heavy vehicles.
The project is deemed crucial for accommodating the projected growth in residents, homes, and jobs in Cardiff and Glendale by 2300. Lake Macquarie City Council is seeking funding of $26 million from state and federal governments this year to advance the interchange project further.
The potential benefits of the Lake Macquarie Transport Interchange extend beyond mere infrastructure improvements, as it is expected to catalyze economic growth, enhance connectivity, and create opportunities for sustainable development in the region. The positive outcomes forecasted by the economic assessment underscore the strategic importance of investing in integrated transport solutions to support future urban development and community well-being.
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