Metro Tunnel – set to make Melbourne even more liveable
In 2017 construction is set to begin on one of Melbourne’s biggest ever infrastructure projects, the Metro Tunnel.
This $10.9 billion project will transform the way people move around Melbourne, making the world’s most liveable city even more liveable.
The project will see a twin nine-kilometre tunnel constructed beneath central Melbourne to link existing train lines that service Melbourne’s north-west and south-east.
The Metro Tunnel will add significant extra capacity to Melbourne’s train network and is the first step towards a ‘metro style – turn up and go’ rail system that are the hallmark of cities such as London, New York, Hong Kong and Singapore.
While the Metro Tunnel will provide Melbourne with much more efficient public transport, new research by Savills Australia, a global property industry advisory group, says that this type of transport infrastructure is precisely the thing that will help attract high-skilled workers and hi-tech industries over the next decade.
Savills Australian Head of Research, Tony Crabb, said many academic studies had pointed to the preference among skilled workers for ‘liveability’ over financial rewards including a recent Savills UK study – ‘What Workers Want’ – which found workers wanted their life contained within a half hour radius.
“We expect skilled or knowledge workers to be doubly attracted to places where they can achieve both a high degree of liveability and financial rewards. Transport infrastructure is the critical element with work, rest and play – accessible in 30 minutes by car, public transport, walking, or cycling – the key determinant.
“It is little surprise therefore that skilled workers in the millennial generation seek higher density, mixed-use, urban environments rather than rural or suburban ones.
“This appears to be at the core of liveability and as such is a theme to follow in assessing the most successful property investment opportunities,” Mr Crabb said.
Along with the twin nine-kilometre tunnels, the Metro Tunnel will include five new underground stations: Arden, Parkville, CBD North, CBD South and Domain.
Residents of South Yarra will enjoy easy access to Domain Station, which will be located on the corner of St Kilda Rd and Domain Rd. This station will make it substantially easier for Melburnians to travel to the Shrine of Remembrance, The Royal Botanic Gardens and will free up considerable space on trams travelling along St Kilda Rd, the world’s busiest tram route.