Sydney Fish Market on the brink of financial collapse as $1billion taxpayer-funded building nears completion
Sydney Fish Market is mired in a financial crisis just as its $1billion taxpayer-funded new building nears completion.
The company’s delayed financial statements are yet to be published but it will post an $8million loss in 2023-24 and has retained insolvency experts, sources told The Sydney Morning Herald.
Its auditors were worried it would not be able to pay the increased costs of maintaining the new two-level building, which is double the size of the current site.
The construction of a new market, adjacent to its existing site at Pyrmont in inner Sydney, as cost taxpayers at least $836million and it well behind schedule.
The building is expected to open in November after it was originally slated to open last year but is already been criticised as inadequate.
The company’s 38 tenants are worried it will not have enough power to meet their refrigeration needs.
They have warned that the building may need to resort to diesel generators over the Christmas period, causing disturbance to its neighbours and breaching environmental standards.
They’re also concerned about the logistics of transporting stock between the building’s two levels.
The new Sydney Fish Market (artist’s impression pictured) has cost taxpayers at least $836million
The new building is expected to open in November after it was originally slated to open last year
Once completed, the company will lease the building under an agreement with the government signed in 2019.
Infrastructure NSW has confirmed it will hand over the building later this year.
Sydney Fish Market has denied trading while insolvent and insists it remains financially viable.
‘We have no reason to believe this will change in the foreseeable future,’ it said in a statement.
‘It is taking longer than anticipated to finalise our financial results due to extenuating circumstances related to the once-in-a-generation transition to the new Sydney Fish Market.
‘Presently, our priority remains on ensuring a seamless transition to the new, iconic Sydney Fish Market facility on Blackwattle Bay.
‘We are finalising the accounts with the appropriate level of due diligence, and these will be lodged this quarter.’
The company posted a $6.3million loss for 2022-23.
