Client Agency:
Rail Corporation NSW (RailCorp)
Project Description:
The project involves:
- the private sector to design, construct, finance, lease and the operate and maintain four stations (Green Square, Mascot, Domestic and International Terminals at Sydney Airport);
- the public sector to fund and own the Wolli Creek interchange stations, tunnels, tracks, catenary, signalling and communications systems;
- the private sector to design and construct the public sector component of the project (tunnels, tracks, etc) and maintain the public sector component.
Passengers paying a Station Usage Fee (SUF) to the private sector to use its four stations in addition to RailCorp’s standard train fare.
Private Sector Partners:
- At inception: Transfield Holdings Pty Limited, Bouygues SA, Transfield construction Pty Limited and Airport Link Company Pty Limited (ALC) owned by Transfield Holdings Pty Limited and Bouygues SA
- From 2000 to 2007: the project was in receivership
- From 2007 to 2013: Westpac Essential Services Trust & Capital Partners (now CP2)
- From 2013 to present: Universities Superannuation Scheme.
Project Details:
Contract value: $673 million (the estimated design and construction cost at the time of the contract award):
- $542 million – the public sector component (tunnels, trucks etc);
- $131 million – the private sector component (four stations).
Contract term: 30-Jun-1995 to 20-May-2030
Operation began: 20-May-2000
Project Variations:
13-Oct-2005
Renegotiation of the original Stations Agreement (1995) was taken to settle disputes between Railcorp and the ALC. The Restated Stations Agreement (2005) includes provision of a capped amount payable by RailCorp to ALC, a revised profit sharing mechanism, a relaxation of the RailCorp’s performance standards and revised termination provisions.
1-Mar-2011
Heads of Agreement provided that from 7-Mar-2011 passengers will not pay a SUF at Green Square and Mascot stations (SUF is maintained at Domestic Terminal and International Terminal stations). To compensate ALC for the lost revenue RailCorp pays ALC a Shadow SUF based on an adjusted actual patronage volume and a Shadow SUF Value per passenger.
Related Documents:
