25/01/2005 - 21:00

Business hopes lifted by sinking rail

25/01/2005 - 21:00

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The much-debated sinking of the rail line that divides the CBD and Northbridge is predicted to send property prices upwards and inject much-needed life into the neglected precinct.

Business hopes lifted by sinking rail

The much-debated sinking of the rail line that divides the CBD and Northbridge is predicted to send property prices upwards and inject much-needed life into the neglected precinct.

The State Government announcement last week of the $50 million Northbridge Link Project, which involves the sinking of the Perth to Fremantle train line to Lake Street, will free up a significant parcel of land for development by a State agency such as the East Perth Redevelopment Authority.

Late last year the Government also announced a new $30 million theatre development would be located in the Northbridge Cultural Centre.

Long-term advocate of the rail tunnel James Limnios, CEO and managing director of the Limnios Property Group, said be believed the sinking of the train line would be the best thing that could happen to the city of Perth and Northbridge.

“The buffer that has separated the two for so long will go and there will be positive interaction with and activation of the area,” Mr Limnios said. “Property prices will go up, more people will come to the area, retailers will make more profit, and more international visitors will be attracted to the area.

“It shows a moving forward and a maturing of the city; it is about time Perth started thinking about these things.”

Lord Mayor Peter Nattrass also said the sinking of the rail line was integral for Perth’s future.

“There could be no initiative more important for the future of Perth than the sinking of the rail barrier that has divided the city from Northbridge for so long,” Dr Nattrass said.

“The benefit will accrue not only from the removal of the barrier and the new link created, but also from the commercial/residential mix that will take its place.

“The details of the proposal will require close consideration by the council but in doing so we will be mindful of the broad flow-on benefits to the city as a whole over the next 100 years.”

It is anticipated the project will have an economic impact of up to $800 million, will provide up to 500 jobs during construction, and create more than 10,000 square metres of commercial and retail space and 2,400 residential units.

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