Western Sydney Aerotropolis Investment Forum
The Western Sydney Aerotropolis Forum took place on May 28th with government leaders including Premier Gladys Berejiklian and Prime Minister Malcolm Turnbull coming together with CEOs and industry representatives to discuss how investment and development can be encouraged and nurtured around the new airport.
NSW Executive Director Jane Fitzgerald spoke on a panel at the event and highlighted the need to sequence land development with servicing from trunk infrastructure and strategically plan for the best type of land use. The attraction of investment will also rely on local amenity and a pipeline of transport infrastructure investment.
Our recent research completed by Professor Greg Clark has shown that Sydney must become more competitive in attracting venture capital and in western Sydney we have a great opportunity in to do this
Experience in other cities creating new CBDs has shown that to encourage investment, and create a successful CBD we need:
o Location of strategic institutions (public and private)
o Infrastructure and amenity investment
o District development and management capacities
o Potentially the use of tax incentives/subsidies
Key megatrends will also impact on the way this new city develops; climate change, globalisation of trade, the rise of Asia, technology changes and increasing urbanisation.
The NSW Government will establish an Investment Attraction office to coordinate the attraction of national and international investment to the Western Parkland City and the Badgerys Creek Aerotropolis. The Investment Attraction Office will be located in Liverpool.
The airport will be complete in 2026 and by 2063, the airport will be at full capacity with 82 million annual passengers. Sydney Airport currently services around 42 million passengers per year
There is currently a $m commitment from Northrop Grumman to the Aerotropolis and both State and Federal governments will each commit $ million for a business case on the full North South rail line to finalise a route and station locations
The Aerotropolis Development Authority, led by Geoff Roberts, will provide a governance structure for the aerotropolis area.