A $1.2 billion extension of the existing Gold Coast Light Rail network has reached financial close with investors, underpinned by City of Gold Coast’s City Transport Strategy.
The strategy, released in 2013, set out to manage public transport to align with existing trends and technologies, with the goal of extending the light rail network to improve capacity.
Amber Infrastructure Group, the specialist international investment manager, has reached financial close on Stage 3 of its managed investment in Gold Coast Light Rail.
In addition to private financing, the project received funding from the Federal and Queensland Governments and the City of Gold Coast.
The $1.2 billion project extends the existing Gold Coast Light Rail network (known as G:link) a further 6.7km south from Broadbeach to Burleigh Heads.
It will include eight new stations, five additional light rail trams, new bus and light rail connections at Burleigh and Miami, and an upgrade of existing depot and stabling facilities.
At completion of Stage 3 in 2025, Queensland’s only light rail system will have a route 27km long from Helensvale to Burleigh Heads, stopping at 27 stations and serviced by 23 trams.
Gold Coast Light Rail is a public-private-partnership (PPP) between the Queensland Government and GoldlinQ — a consortium that includes the Amber-advised International Public Partnerships Limited, the FTSE 250-listed investment company.
The consortium has successfully designed, constructed, financed, operated, and maintained the project since 2011.
Amber’s Head of Asia-Pacific, Vaughan Wallace, said, “Public transport infrastructure is essential for supporting the growth and urbanisation of the Gold Coast — one of Australia’s fastest growing cities.
“This next stage of the Gold Coast Light Rail will significantly improve coastal accessibility from Broadbeach to Burleigh Heads, further reducing congestion on roads and improving mobility for residents and tourists.
“Since its first journey in 2014, the Gold Coast Light Rail has provided more than 60 million passengers with an alternative way to move around the city and this extension will support even greater adoption of public transport.
“A substantial investor for more than a decade, Gold Coast Light Rail aligns with our long-term investment focus on sustainable assets that create value for stakeholders and communities.”
