Sydney Airport Holdings Pty Ltd (ASX: SYD) announced to the market this morning that the Sydney Gateway is going ahead.
Sydney Airport Holdings is the company that operates the Kingsford Smith Airport in Sydney.
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The Sydney Gateway is an Australian and New South Wales Government initiative to improve road and rail access to Sydney Airport and the Port Botany Area. It aims to ease congestion and make journeys to and from Sydney Airport easier, faster and safer.
The proposal is for the Gateway to pass through land to the north of airport and create direct motorway access to the domestic and international terminal precincts. There will also be a dedicated flyover from Qantas Drive to the front door of the terminals.
Sydney Airport also plans to look at ways of investing the compensation, expected to be $170 million, it will receive back into other transport solutions for the airport including metro, rail and bus services.
The CEO of Sydney Airport, Geoff Culbert, said:
“Sydney Gateway is a game changer for reducing congestion around the airport…Sydney Gateway will enhance the passenger experience, support the efficiency of our airline and freight operators and ease the commute for the 31,000 people that work at the airport.”
Sydney Airport will be hoping this will increase the number of passengers going through its airport, which numbered 44 million in the 12 months to July 2018. The growth in tourism numbers boosted Sydney Airport’s recently-reported half year revenue by 7.9%.
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