Riverstone West development welcomed: Construction will lead the recovery

10 March 2009

The development of the Riverstone West precinct is one of the key projects that will be crucial to NSWs economic recovery, according to the Urban Taskforce.

The NSW Government today released draft plans for the $1 billion Riverstone West Precinct.


The Urban Taskforces chief executive, Aaron Gadiel, said that the property development and construction sectors would ultimately lead NSW back to prosperity.


We need a pro-investment, pro-jobs environment climate to get NSW back on its feet, Mr Gadiel said.


The construction industry is a great place to start.


For every $1 million in construction expenditure, 27 jobs are created throughout the broader economy.


Mr Gadiel welcomed government plans for a business park with 8,300 jobs and an industrial area that could support 3,700 jobs.


Its crucial that we have more jobs in Western Sydney, he said.


The Bureau of Transport and Resource Economics has found that the social costs of Sydneys congestion will rise to $8 billion by 2020.


The distance travelled by cars is expected to grow by 37 per cent between 2005 and 2020.


By locating more jobs, including white collar jobs, in Western Sydney we will help ease Sydneys congestion pain.


Mr Gadiel said the next step for the state government should be a significant release of new residential land in Sydneys growth centres and the release of a further 11,000 hectares of Western Sydney land for new job-creating industries.


Mr Gadiel said todays announcement, together with further land releases, will help sow the seeds of recovery. Once confidence returns, we can expect a construction-led recovery, he said.


Its critical that the red tape is cleared, so that there are no blockages when investment is ready to flow again.


Mr Gadiel said the Urban Taskforce would study the detail of todays proposals and make a submission to the NSW Government.


The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.


The construction activity made possible by property developers contributes $69 billion to the national economy each year and creates 709,000 direct jobs. The construction industry is Australias third largest source of employment.


Key facts on Riverstone West:

  • The 16 hectare business park will contribute up to 250,000m2 of commercial floor-space equivalent to three and a half Stadium Australias.
  • The precinct will also include up to 500,000m2 of industrial and light industrial floor-space.
  • It will be located next to the rail line, encouraging public transport use as well as walking and cycling options, which have also been integrated into the design.
  • There are also plans for a new road to improve access to the M7 and Windsor Road helping to reduce truck movements in surrounding residential areas.
  • The precinct would also be surrounded by 80 hectares of conservation areas and a further 40 hectares of recreation land – with potential for a regional sporting complex.

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