The NSW Government is calling for qualified parties to register their interest in the sale of 51 per cent of Sydney Motor Company (SMC) to help fund the WestConnex project.
WestConnex is a critical missing link in the Sydney road network, and will transform the way motorists, freight and tradies move through the city, boosting economic growth.
Treasurer, Dominic Perrottet, and Minister for WestConnex, Stuart Ayres, said unlocking value in the SMC to help fund stage three – the M4-M5 Link – is in line with the State Government’s highly successful asset recycling strategy.
“This is a unique opportunity to invest in the most significant road infrastructure project in the nation, in Australia’s most populous state and strongest economy,” Mr Perrottet said.
“Partnering with the private sector allows us to fast-track delivery and crack on with building the crucial final stage so motorists feel the full benefits of the link between the M4 and M5 as soon as possible.
“This transaction is expected to attract significant interest, including from experienced toll road operators, superannuation and pension funds, and other fund managers.”
Mr Ayres said the project would do for Western Sydney what the Sydney Harbour Bridge did for the North Shore 85 years ago, creating around 10,000 jobs, reducing travel times and keeping Sydney moving.
“Construction on the project is well advanced, and now the private sector can register their interest in the SMC which will continue to finance, deliver and operate WestConnex,” Mr Ayres said.
“WestConnex is projected to cut 40 minutes from an average peak journey between Parramatta and Sydney Airport.
“Once the project is complete, motorists will be able to travel from Penrith to the western edge of the CBD without stopping at a single traffic light.”
Qualified parties have until Monday 13 November 2017 to register their interest.
Bidders will also be provided with an opportunity to submit proposals for the trip processing platform associated with WestConnex and the E-Toll account management platform.
The state will retain 49 per cent of the SMC and its assets.