Project Pearl (NSW)

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Project Pearl (NSW)

Helping realise the value of Sydney’s new motorways up front

WestConnex is Australia’s largest road infrastructure project, designed to address some of Sydney’s key future transport needs.

Once complete, the $17bn motorway network will comprise approximately 14km of above-ground motorway and 19km of tunnels across Greater Sydney. The project will provide motorists a continuous, 33km traffic-light free journey, with connections for future projects linking Sydney’s North Shore, South, and Sydney Airport.

In 2020 the NSW government announced intent to sell its 49% ownership stake in the motorway network. Project Pearl was initiated by NSW Treasury to investigate the feasibility of the sale, plan and then execute the transaction.

Our role

MBB Group supported NSW Treasury with the management of the sale feasibility study. This included conducting technical and environmental due diligence, advising on transaction requirements, conducting stakeholder liaison with WestConnex and Transport for NSW. We also worked with the Financial Advisers to manage technical inputs to the asset valuation model.

MBB provided commercial and strategic advice to NSW Treasury for Project Pearl. This included the initial Feasibility Study, Transaction planning, and Transaction Due Diligence.

The MBB team supported NSW Treasury throughout the Project Pearl lifecycle. Key deliverables and achievements included:

  • Providing strategic, commercial and technical advice on assessment of full or partial sale scenarios and asset valuation
  • Working with technical stakeholders
  • Managing delivery of due diligence and red flag assessments
  • Providing transaction management services for the sale process
  • Delivering the feasibility and scoping study for ERC review and approval of sale strategy
  • Managing stakeholders to deliver technical and environmental due diligence.

Our services

  • Commercial Management
  • Due Diligence
  • Engineering Management
  • Financial Modelling and Financial Management
  • Feasibility Studies
  • Transaction Management
  • Stakeholder Management

Project Overview


NSW Treasury

Project Value


Project Type

Transaction Advisory Services

Form of Contract

Asset Sale

Project Dates

May 2020 – August 2021