Company Involved in Sydney Fish Market Revamp Pleads For Help After Financial Collapse

Faced with subcontractors on the verge of financial ruin, construction giant Multiplex is urgently appealing for government assistance to stabilise the $836 million Sydney Fish Market project.

The plea for intervention follows the downfall of Sharvain Facades, the company behind the project’s striking wave-like roof, which went into voluntary administration in March, reportedly owing tens of millions of dollars.

Sharvain’s demise has sent shockwaves through the supply chain. Multiplex had loaned the company $16 million in October to keep it afloat, but now finds itself among the creditors left in the lurch. Subcontractors have been battered by soaring material and labor costs, with some plunging into administration and others absorbing losses in the millions.

Paragon Plumbing director Brooke Fleming said his company was hit with a $1 million loss. “It’s the worst job I’ve done in 24 years,” he said.

Two other subcontractors are reportedly down $6 million and $7 million, respectively.

Sydney Fish Market project hit by delays and financial uncertainty

The project has been plagued by delays since construction began in 2021. COVID restrictions, torrential weather, and a crane collapse in 2023 have pushed the completion date back to November 2025, with the risk of further setbacks to avoid disrupting the crucial Christmas trading period.

They denied claims that the project is in strife.

The financial strain is compounded by ongoing disputes over the market’s design and functionality. Fish merchants who rent spaces at the existing site argue the new building is unfit for purpose, forcing costly modifications after contracts were signed. Their refusal to sign new leases has further complicated progress, as builders cannot proceed with fit-outs without signed agreements.

Multiplex is now in discussions with Sharvain’s administrators and Infrastructure NSW to gauge the fallout from the firm’s collapse and is pushing for an urgent meeting with NSW Treasurer Daniel Mookhey.

While the government insists it has met its contractual obligations, Multiplex argues that additional support is needed to stabilise subcontractors affected by what it describes as the “hyper-escalation” of construction costs.

Subcontractors strained as costs rise

Oliver Judd, CEO of the National Electrical and Communications Association, has slammed the government’s handling of the project, citing rigid and unfair contract terms that have left subcontractors bearing the brunt of financial risk.

“These contracts force subcontractors to shoulder the overwhelming majority of risk and wear the losses from delays, price hikes, and insolvencies,” he told SMH.

With financial pressures mounting, the Sydney Fish Market’s management has also hiked buyer fees, further fueling concerns over its long-term stability. Auditors have so far refused to sign off on the market’s financial statements, citing fears that it may struggle to pay its debts.