A $5.5 billion road tunnel linking Melbourne’s West Gate Freeway to CityLink has been given the final seal of approval by the State Government, with construction scheduled to start in 2018.
The Western Distributor Project includes a tunnel under Yarraville connecting the West Gate Freeway to Footscray Road, widening the West Gate Freeway from eight to 12 lanes, and a link to the Port of Melbourne.
It will provide a second river crossing over the Maribyrnong and is expected to take pressure off the West Gate Bridge.
The tunnel, due to be completed in 2022, will take 6,000 trucks off the West Gate Bridge every day and save commuters 20 minutes each day in travel time, according to the State Government.
“We always said that we’d ensure that the project represented value for money for Victorian taxpayers, and it does,” Victorian Premier Daniel Andrews said.
As far as the inner-west’s property market is concerned, prices are set to boom once the project commences. Historically, house prices located around major arterial developments has seen house prices consistently rise in relation to the growth of an area, especially when a major ‘concern’ has been addressed. In saying this, we’ve already begun to address this development with the announcement of The Sommerville – our premier property development which has just gone on sale, off-the-plan, which is located in the heart of Yarraville, situating owners only a 4 minute drive to access both the new and existing arterial on-ramps.
The Western Distributor overview:
- A tunnel under Yarraville, with options for portal locations and the length of the tunnel to be considered during the planning phase
- Ramps directly connecting the West Gate Freeway to Hyde Street for trucks carrying dangerous goods
- Two additional lanes in each direction on the West Gate Freeway between the M80 Ring Road and Williamstown Road
- A bridge over the Maribyrnong River joining an elevated road along Footscray Road
- Connections to the Port of Melbourne – with links to Appleton Dock Road, McKenzie Road and Dock Link Road being considered
- Connections to CityLink – with options to enhance access to the CBD
- More lanes and upgraded roadside technology on the Monash Freeway between Warrigal Road, Chadstone and Koo Wee Rup Road, Pakenham
- Improvements to connections to Webb Dock, with upgrades to Cook Street and the West Gate Freeway-to-Bolte Bridge ramp
- New cycling and walking paths
- Smart roadways technology to enhance the performance of the M1 managed motorway.
So now is the time to act – as an agency focused primarily on the inner-west, we know that the market is going to experience significant growth over the coming four years in the initial stages of development, so if you have any questions regarding the development and how it will effect your own property, investments or even prospects within the inner-west, feel free to call us on (03) 9314 4200.