A 1km, 3 lane trunk road crossing the railway at a large skew, and a sizeable river, on a floodplain. Not quite the same.
An all new full barrier LX is about £2m, plus basic new signalling specifically to protect it another £1-2m. Operating / maintenance cost £100k pa. Renewal £1.5m every 30 years. Bridge c£8m (in this example). Maintenance negligible. Over the appraisal period it is broadly level in pure financial terms.
Interest charges are irrelevant, that is accounted for by discounting in the CBA.
But, then you must allow for the safety benefit, and also the value of disbenefit that a new Level Crossing in an urban environment causes in terms of increased traffic congestion, which is rather counter to the principle of public transport schemes.
This helps to demonstrate why it is quite difficult to justify bridges to replace existing level crossings. Renewing an existing crossing is generally cheaper than a completely new one. Conversely a new bridge as a stand alone project has to bear the full cost (and time! ) of the planning process. In general, only the very busiest road crossings, with significant road user de-congestion benefits, and relatively straightforward construction solutions, will make the case.
I would agree with your methodology for say Isfield (although I dont think a bridge there would be acceptable on environmental grounds), however the bridge at Uckfield needs extensive approach roads , wide urban pavements so effectively three lanes wide, urban property purchase and demolition and at the very least a footbridge with lifts at the high street level crossing site, so I think the A27 bridge is far nearer the mark in costings.
The main problem the Uckfield reopening has is a vociferous anti rail minority, combined with nimbies along the route and a lukewarm county council that would have to exercise its commitment to pay for a bridge on the Uckfield bypass if it reopens (commitment made at time of building Uckfield bypass).
The other problem is that the rail industry has completely lost the art of cheap incremental improvements since BR went and now has "grandes projectes", combined with a governmrent/regulatory attitude that things like Group Standards are tablets of stone, not guidelines to be disregarded in a controlled way (through derogations) when appropriate, although it does happen. There is also a view in some quarters that a vast amount of expensive paperwork makes things safe, although Network Rail have to their credit started to tackle this Railtrack legacy and the days of fifty page method statements are over with concise task specific instructions now used.
As a result Chris Greens £23 million quote to reopen it 25 years ago is now £150 million over 600% higher. (It would have been £50 million if costs had risen with inflation)
It can be done, even with modern safety rules, as some experienced retired senior BR engineers showed when they rebuilt the Bluebell from Kingscote to East Grinstead for £4 million. This included track, colour light signalling, a new station, track interface to network rail and the wholly unprecedented clearing of a 1/4 mile long 50 foot deep landfill tip (so unprecedented that the government bods were down with clipboards learning future best practice), not to mention the monstrous amounts of approval paperwork.
It was as low as £4 million because of volutnteer labour but much of the track and signal materials were new, paid for commercially, the commercial contractors who cleared the tip were paid, as were the freight operators who took it away by rail and the landfill operators who took the moved rubbish.
If the Bluebell volunteers had been paid I suspect it would have cost about £15 million. If it had been done by the main rail industry then it would have cost about £100 million I fear. Just the consultants reports on what to do would have cost more than £4 million.
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But over the appraisal period the cost of the bridge is similar to the level crossing.
The BCR doesn't get better if you just shunt the cost further down the line since it still has to be paid for.
In simplistic terms if you have £25 million and you build a £5 million level crossing instead of a £25 million bridge you still have 20 million in the bank.
That £20 million earns interest which you would have lost if you had paid for the bridge. With compound interest at 5% at the end of 30 years you have £66 million interest which you would not have had if you built the bridge.£6 million of it is used to maintain the level crossing over the 30 years and £10 million to renew it after 30 years.
So after 30 years if you build a level crossing you have £70 million in the bank, your £20 million plus £50 million interest not spent on the crossing. If you built the bridge you have nothing.
In reality you dont have any money and have to borrow it so you the situation is reversed and you have a much larger debt after 30 years paying interest if you build the bridge.
Essentially, current accounting methods artificially make the bridge look cheaper in the long term.