Work is well underway on the Chatswood Transport Interchange (CTI), which is being developed in a Public Private Partnership between the Transport Infrastructure Development Corporation (TIDC) and CRI.
The CTI, which in addition to the new Chatswood Railway Station and bus interchange includes a retail complex of some 80 shops and a residential development of 509 units in 3 iconic towers, has an estimated value on completion in excess of $360 million. CRI will deliver the transport infrastructure elements and develop the associated residential and retail components of the CTI.
The CRI consortium partners include Laing O'Rourke (LORAC) as the D&C Contractor, the Commonwealth Bank as financial adviser and arranger, Babcock & Brown as Mezzanine Financier, and architects Cox Richardson / DesignInc.
The transport and retail facilities at the Interchange, scheduled for completion in December 2007, will be developed over a three year program to coincide with the commencement of rail services on the Epping to Chatswood Rail Line in 2008.
The retail component of the interchange, comprising 10,000 m2 of convenience based retail was recently purchased from CRI by the Precision Group and is expected to commence trading early in 2008.
The residential component will be developed above and adjacent to the Interchange. Construction of the first 40 story residential tower is scheduled to commence in late 2008 dependant on market conditions.
CRI was announced as the preferred tenderer on 25 January 2005.
Early Works Contracts were exchanged in January 2005 with all documentation and formal agreements concluded during 2005.
In making the announcement, the Minister noted the project's importance for job generation and for the NSW Government's plans for infrastructure across the State to meet the challenges of an ageing population and 1,000 people a week coming to Sydney.
Chatswood is currently the ninth busiest station on the City Rail network and is used by some 35,000 rail commuters daily. By 2021, the total number of bus and rail commuters is expected to increase significantly. In addition, high volumes of workers, residents and shoppers traverse daily between east and west Chatswood.
The project is expected to create some 1,000 jobs annually during construction alone, with some 200 permanent jobs once the Interchange is complete.
The CTI development will provide upgraded rail facilities, improved access to and from the station and link rail and buses with local business, residents and shoppers. It will also make the Interchange safer and more convenient for pedestrians.
Students, families, businesses, commuters and retailers will all see a major improvement in the urban design and accessibility in the centre of Chatswood.
