UDIA NSW report pinpoints critical infrastructure to benefit from $5b WestInvest fund
UDIA NSW welcomes the announcement this morning by the NSW Treasurer of a $5b WestInvest Fund created from the sale of Westconnex and pinpoints the critical infrastructure to benefit.
Representing the government’s asset recycling strategy, proceeds from the sale will be invested in the NSW Generations Fund (NGF) and will be used to fund infrastructure in local areas for the people in Sydney’s west.
While $3 billion will be allocated for future projects including creating more open spaces, pools, schools and community facilities, the remaining $2 billion will be reserved for high priority projects to be developed in consultation with local communities according to the Treasurer.
UDIA NSW CEO, Steve Mann said “The announcement by the NSW Treasurer couldn’t have come at a better time. Western Sydney has borne the brunt of the Delta strain shutdown and also is weighed down with housing affordability pressures. A focus on enabling infrastructure can unlock a double dividend in jobs for infrastructure, leading directly to jobs building new housing.”
These enabling infrastructure projects were identified by UDIA NSW in May in our Building Blocks Greater Western Sydney 2021 report.
This significant piece of research pinpoints areas where the last missing piece of enabling infrastructure, for water, sewer, power and roads is waiting to be delivered. The report shows how catalytic infrastructure on land that is rezoned can be made development-ready to unlock approximately 6,300 lots in key areas of Western Sydney alone, creating 15,000 jobs and delivering close to $9 billion to the NSW economy over the next three years. The investment in the enabling infrastructure identified has been costed at approximately $423m which is equivalent to only $6,000 per lot
“UDIA NSW has a strong focus on Greater Western Sydney, through our NextGen West campaign. We are pleased that the local infrastructure and facilities that would benefit from the InvestWest fund would create much needed jobs, particularly at this time when the construction and development industry is well positioned to lead the economic recovery from the second wave of the COVID-19 pandemic. “ Mr Mann added.
Deanna Lane 0416 295 898 or email@example.com.