In the latest fight over land acquired for the big-ticket rail project, Sydney Metro has been ordered to pay almost double its offer for the prized land.
Sydney Metro has been ordered to pay $201 million to Parramatta City Council for a prime CBD spot for its planned underground station – almost double its $116 million offer – in the latest fight over fair compensation for land acquired for the multibillion-dollar project.between Parramatta and the Sydney CBD. It filed proceedings against Sydney Metro in 2022, objecting to the amount of compensation it was offered.
“It’s an enormous amount of money. But when you look at a project that extends over a 10-year lifespan and costs $26 billion, we do anticipate … there is going to be the opportunity for fluctuations in the eventual sale price ,” he said in Sydney on Sunday. In his written judgment, Justice John Robson said Sydney Metro had contended for $116 million in compensation – $196 million less than the council’s claim of $312 million.in the Land Acquisition Act. A range of factors must be taken into account, including the market value of the land and loss attributable to disturbance.
Confidential Sydney Metro documents dated mid-2020 have estimated the cost of constructing the Parramatta station at $379 million, compared with $365 million for the Olympic Park station.
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