I saw that cycle lane the other day (from the safety of the car). What a strange thing it is!
It's hard to imagine when it would be used, because when the lights are red, cars often seem to be flush with the pavement at that point. I guess it might allow people to bump up onto the pavement down by Victoria st and ride alongside the cars until they get to the lane?
It would have been simpler and better just to push the bus lane right up to the junction, and have all the cars wait in the right hand lane. It's not as if they don't have to merge into one lane for the Mound anyway.