If you’ve visited Melbourne in the past few months, or you’re a local resident, you will have noticed the massive infrastructure works currently underway as part of the $11 billion Metro Rail Project.
This massive piece of construction involves a twin 9km rail tunnel running from Kensington to South Yarra as part of a new end-to-end development from Sunshine to Dandenong. Commuters, we’re pleased to inform you that the project will create capacity for an additional 504,000 peak passengers each week across the network.
The rail tunnel will cause traffic and amenity disruptions to nearby residents in the short-term, but there will be many positive outcomes for property owners and commercial tenants. These include increasing accessibility to public transport and reducing noise, traffic and pollution on the roads. Here’s a snapshot of how the Metro Tunnel is transforming our marvellous city.
Providing economic benefits
Melbourne’s transport network was last overhauled with the construction of the City Loop over 30 years ago. And, with Melbourne’s population expected to grow to 7.7 million by 2031, it’s about time our main rail network was updated to reflect this growth.
It’s now clear what the Government’s business case for the Metro involves. For every dollar invested, will be a return of $1.50 when the wider economic benefits are considered. Over 60% of project benefits will flow to public transport users, which will have flow on effects for easing congestion and reliance on cars.
Re-shaping the cityscape and creating jobs
Construction on the Metro started in 2016, and the whole project is expected to be completed by 2026. The 45 projects currently in construction are directly contributing to 12,000 jobs across Victoria.
Construction of the eastern tunnel entrance precinct is underway, with the entrance at South Yara’s Siding Reserve. 50 workers are currently preparing the tunnel entrance sites for construction, with more than 150 workers set to be on-site by the end of October, including a mix of apprentices, trainees and engineering cadets. Works will require the demolition and rebuilding of William Street Bridge, which will mean temporary rail disruptions on the Cranbourne and Pakenham lines, but which will result in a better rail network long term.
Providing long term benefits to surrounding suburbs
There will be five new underground train stations as part of the Metro Tunnel project for North Melbourne, Parkville, State Library, Town Hall, and Anzac stations. Along with greater accessibility for public transport passengers, the stations will also provide retail opportunities and benefits to the local areas, including relief to the heavily congested Swanston Street/ St Kilda Road tram corridor.
In particular, Anzac Station planned for the corner of St Kilda Rd and Domain Road will service thousands of residents who live and work there. It’s expected to carry up to 40,000 passengers daily by 2031, supporting some 33,000 workers and 17,000 residents who live within 800m of the location. Designed with a striking canopy above the tram interchange, the station will have three main entrances to provide passengers with an integrated journey.
As expected, property prices have remained stable around the Domain precinct. The apartment market is growing in this area, such as the stunning Mayfair apartments, along with purchases of new commercial spaces on St Kilda Road, which will benefit from the convenience of a new station.
The Melbourne Metro is set to transform our city by providing a host of new benefits in the years to come. If you’re looking to buy or sell property in the areas affected by the construction works, we can help provide informed advice about how to achieve your property goals. Call us on (03) 8374 7652 for your no-obligation consultation or book a Zoom call here
https://calendly.com/propertychat/discussion-with-industry-insider
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+61 8374 7652
+61 402 346 810
industryinsider.com.au
