Under the agreement, Transurban Queensland will finance and manage the delivery of the design and construction phases, and provide operations, routine maintenance and incident response services once the upgrade is completed. The ICB is adjacent to several other Transurban road assets and the company said that the upgrade will allow it to deliver a high standard of operations throughout the corridor to improve traffic flows.
“The ICB is a key transport corridor in Brisbane. This project will help to relieve congestion, reduce travel times and enhance connectivity with major inner-city roads on the network,” said Transurban CEO Scott Charlton.
The estimated $60 million upgrade of the ICB includes widening a section of the road to four lanes in each direction and delivering new and improved on- and off-ramps.
“As part of planning for the much needed Inner City Bypass upgrade, council entered discussions with Transurban in early 2016 regarding their proposal for potential options for the delivery of the ICB upgrade, following an innovative proposal offered by the company in late 2015,” said Brisbane’s lord mayor Graham Quirk. “Today I can announce council has reached an agreement in principle, which will allow Transurban to take over the responsibility for the ongoing maintenance and operations of the ICB, generating huge ratepayer savings of $54 million, with an additional $1 million to be saved annually for up to 20 years as a result of reduced maintenance costs.”
BMD Contractors has been awarded the construction contract. Transurban Queensland expects to reach contractual and financial close shortly and construction is expected to be completed in mid-2018.