Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: March 11, 2011

Project Name: Southern Cross Station
Year in Operation: 2006
Sector: Transportation
Subsector: Rail, Transit
Status: In Operation
Type: Substantial Alteration of Existing Facility
Description: The project involves the design, construction, finance, operations, and maintenance of a new transport interchange facility. The Spencer Street Station is Victoria’s gateway for interstate rail and coach travelers. It provides services including suburban, regional, interstate, and special events trains as well as coaches, buses, trams, and taxi services. The scope of work includes rail modifications and upgrades, signaling upgrades, as well as commercial development near the boundaries of the project site. The State is looking to design and build a project to satisfy an estimated capacity of 30,000 passengers at peak flow by the year 2050.
Delivery Method as described in the country where it's located: Design Build Finance Operate Maintain
Is the project still active: Yes
Comments:

Project Locations

Address: Southern Cross Station
City: Docklands
State: Victoria
Country: Australia, Commonwealth of

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: The area required for the facility is leased to the Concessionaire. The facility will revert to the State of Victoria for a nominal residual value at the end of the contract term. During the lease term, the Concessionaire grants the Southern Cross Station Authority (SCSA) a royalty free, non-exclusive license to access the Interchange facility and use the plant, equipment, furnishings, and fittings of the project.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): The SCA pays the Concessionaire quarterly for its services. The service payments are subject to penalties for failure of the concessionaire to achieve specified performance targets or Key Performance Indicators (KPIs) over the contract operations term. The SCSA has established a Core Service Payment Escrow Account into which it must deposit indexed payments at the end of each quarter. This is done until the Concessionaire reaches Financial Completion.
Checkbox Checked Environmental Clearance: Environmentally Sustainable Development (ESD) is supported by the State and Federal government policy. The State is committed to meeting Australia’s’ Kyoto Protocol target, limiting greenhouse gas emissions growth to 8% over 1990 levels between 2008 and 2012. AS part of this commitment, the State invested in new initiatives to reduce greenhouse gas emissions for the Southern Cross Station project.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: The concessionaire is solely responsible for obtaining and maintaining all finance, both debt and equity for the project.

Checkbox Checked

From Producers as Equity: There is a “commercial development” element of the project that presents the concessionaire with a “value capture” opportunity. The State of Victoria is making available for commercial development the area of the site not required for the facility. Upon development reaching pre-agreed milestones, the State will make available tenure by means of long-term leases to the concessionaire. The property may be developed by the concessionaire for purposes such as for residential, commercial office, or “a range of other purposes”.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? Yes
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
34
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: March 11, 2011
Project Value
Hard Cost
Hard & Soft Costs
Total
$200-500 Million US
(none)

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