Property Council backs Budget funding for Lake Macquarie Transport Interchange

The Property Council has thrown its support behind Lake Macquarie City Council’s submission for $13 million to be allocated from the next State Budget to partially fund the building of the Pennant Street Bridge, the next stage of the Lake Macquarie Transport Interchange (LMTI).

The LMTI project was presented to an audience of MPs and business leaders at a Boardroom Breakfast at the NSW Property Council headquarters in Sydney this morning by the Property Council’s Hunter Caucus.

The Property Council has listed funding for the Pennant Street Bridge as the highest Hunter priority in its 2017/18 Budget submission to the State Government.

The breakfast briefing was attended by the Mayor of Lake Macquarie, Cr Kay Fraser, who said advocacy by organisations such as the Property Council demonstrated the widespread support for the project and acknowledgement of its importance to the region.

“The Pennant Street Bridge is a key component of the LMTI project that will be the catalyst for substantial residential and economic growth,” Cr Fraser said.

“Our economic assessment shows it will be used by 16,000 vehicles a day and has the potential to generate thousands of new dwellings and jobs for the area by unlocking 90 hectares of land for new development.”

Property Council Hunter Director, Andrew Fletcher, said the LMTI was important to realising the NSW Government’s 20-year vision for the Hunter, which identifies the Cardiff-Glendale area as the region’s second largest employment zone and an emerging strategic centre.

“This local infrastructure project has the potential to establish Cardiff-Glendale as the Hunter’s new employment super-hub and regional transport interchange,” he said.

Lake Macquarie City Council is seeking $13 million from both the State and Federal governments towards the $32 million cost of the Pennant Street Bridge. The project is shovel-ready and could be completed in 2018 if funding is forthcoming in this calendar year.