City Hall offloads assets

4BC Drive: City Hall is set to offload a fortune in road assets as part of a deal that would bring forward the beleaguered Kingsford Smith Drive and Wynnum Road upgrades through a $650 million saving in operational costs.

The long-term lease package would see Queensland Investment Corporation and Queensland Motorways Limited take control of the $1.5 billion Legacy Way tunnel upon its completion, as well as the Go Between Bridge, built by the council for $308 million in 2010.

Under the agreement the council would hand over tolling rights to QIC and QML, and find compensation via an upfront payment for each asset and possibly a cut of the toll revenue.

Infrastructure Partnerships Australia CEO Brendan Lyon has told Gary Hardgrave the deal deserves strong support.