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INFRASTRUCTURE PARTNERSHIPS AUSTRALIA
CASE STUDIES
Project Name and Location:
Telstra Stadium, Sydney Olympic Park, Sydney
Project Values:
- Infrastructure Value$465 million D&C component with a further $70 million worth of constructionpost-Olympic Games
- Financing Value$615 millionLong-term debt of $125m; Sub-debt of $18m; Equity of $40m
- Employment LevelsDuring construction it peaked at 2000 jobs on site at one timeAt the operational phase, it is 500 people when near capacity
Sponsors/developers:
Project Leaders Multiplex & Hambros Construction Multiplex Govt Agency Olympic Coordination Authority (OCA) Term & Construction Debt ANZ Bank Major Underwriters Deutsche Bank, ANZ, Macquarie, Hambros Operator Ogden IFC Designer Bligh/Voller/Lobb & H.O.K
Infrastructure Description:
Stadium Australia, as it was then known, seated 118,000 spectators during the 2000Sydney Olympic Games and now seats 83,500 people in post-Olympic mode.
In response to the NSW Government’s call for tenders for a BOOT scheme, the financialmanagers of the Stadium Consortium devised the innovative scheme of providing 30,000more seats than briefed and selling these seats as fully-underwritten 30,000 goldmemberships in the Stadium with tickets to every Olympic event at the Stadium.
This financing brought sufficient funds to the project to make it world class and enabledthe project to be delivered with a minimum contribution from the NSW Government.
The Stadium’s ongoing seating arrangement includes an innovative lower-tier of seatingwhich can be reconfigured according to the requirements of particular events (ie: thevarying dimensions of rugby league versus AFL).
Operation Description:
Consortium had to provide an operator as part of its tender with the capacity to operateall aspects of the business except during the Olympic Games.
A major maintenance program needed to be agreed with the Government as a conditionof the lease. Over $140 million will be provided over the life of the lease for majormaintenance.
The Stadium is to be handed back to the Government in good condition in 30 years.
Financial Description:
Funds came from:
Equity Sale of 10,000 gold membership (underwritten by major banks) Sponsor equity from Commercial Providers Term debt and some sub-debt Government funding
Process:
Design, construct, operate, maintain and finance based on a 30-year lease from theNSW Government.
Approval mechanisms – processes required
Development Approval by the NSW Department of Planning Creation of land held by the Olympic Coordination Authority, which was created
by special legislation (now held by the Sydney Olympic Park Authority) Compliance with Environmental Guidelines for the Sydney Olympic Games
Timeframes:
EOI/Tender Period All of 1995. Preferred proponent announced Financial Close/Public Float September 1996 Construction commences September 1996 Operation commences March 1999
Economic/Social Impact and Benefits:
Provision of critical infrastructure required to host the Olympic Games Provided Greater Sydney with a world-class sporting arena in its geographic heart Continues to provide economic benefits to the State Virtually Australia’s homeground for all its major international sporting codes,
except cricket
Summary of Outcomes:
Successful construction program allowed the Stadium to open six months earlyand 18 months ahead of the Olympic Games and thus ensured its full testing
After some initial post-opening trading difficulties, it now generates a good profit Its reconfiguration was successfully completed in time for the 2003 Rugby Wold
Cup and it continued to trade during the reconfiguration stages It is one of the few stadiums in the world to be able to reconfigure to suit different
codes The good cooperation between the private sector and Government continued well
after completion of the contract
Testimonials:
The Stadium has won over 15 major engineering and construction awards, including theprestigious British Construction Industry Award and the Australian ConstructionAchievement Award 2000.
It was also recognised by the International Olympic Committee as the best ever OlympicStadium.
Photos: