Back in February, a major milestone was announced by the people behind Sydney Fish Market, with the spectacular roof canopy confirmed as complete. Rumours had already been circulating about the financial viability of the project, but these were denied by the developers, and all appeared to be running smoothly, with the development reportedly moving onto “the home stretch”. Now, it’s been reported that one of the companies behind the construction has entered administration as the cost of the project has gone beyond budget. Here’s what we know so far.
The financial position of Sydney Fish Market was initially called into question back in February, when the company failed to publish its financial results for the 2024 financial year on time. The redevelopment of the iconic market – the largest fish market in the Southern Hemisphere – was initially slated to cost $750 million, but the current figure for the cost of Sydney Fish Market 2.0 is $836 million. As costs have blown over budget, one of the key contractors working on the project has officially gone into administration, with Multiplex – the construction company managing the project – calling for government support.
Due to house 38 tenants (you’ll find a few of the big name venues revealed here), with more than 26,000 square meters of retail, dining and community space across three levels, the new Sydney Fish Market is being brought to life by several different contractors. Late last week, it was confirmed that one of the key players – Sharvain Facades – has entered administration, reportedly owing millions of dollars.
Sharvain Facades – the company partially responsible for the stunning wave-like roof, as well as some of Sydney’s most striking building facades including the Chau Chak Wing Building at UTS – reportedly received a $16million loan from Multiplex back in October to help them complete the project, but it wasn’t enough to keep them afloat.
Speaking to the Sydney Morning Herald, Sharvain Facades' managing director Boris Kostura attributed the collapse to construction delays and the increasing cost of labour and building materials, explaining that the “perimeters, program and prices have changed far beyond what could have been anticipated.”
The financial failure of this one contractor doesn’t spell the end for Sydney Fish Market – just a very significant bump in the road for the key player in the redevelopment of Blackwattle Bay, and arguably Sydney’s most hotly anticipated shopping destination of the decade.
You can learn more about the new Sydney Fish Market (and take a virtual tour) over here.
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