Construction Of New Sydney Fish Market Finally Complete

The NSW Government has announced that construction of the new Sydney Fish Market has finished. Fish Market Pty Ltd now has the keys and is preparing for the project’s opening day, after years of delays.

“Sydneysiders will enjoy a last hurrah at the existing fish market over the busy festive season, while we work behind the scenes for a seamless transition to our outstanding new home,” said the CEO of the Sydney Fish Market, Daniel Jarosch.

Sitting by the harbour edge at Blackwattle Bay, the market is expected to attract over 6 million visitors, with the new retail space roughly double the size of the previous market. The space will include local seafood traders, specialty food retailers, and a range of food options, from casual takeaway to upscale waterfront restaurants.

The building process itself supported around 700 construction jobs and is expected to keep about 700 continuing positions.

“From when it opens, this world-class building will attract millions of visitors each year and provide an enormous boost to our economy,” said NSW Premier Chris Minns.

The building’s structure is projected on 481 marine piles over the harbour’s water and features a timber roof, solar and rainwater systems, and a marine habitat situated beneath the building. There’s also a watertight basement car park four metres below sea level, over 6,000 square metres of new public space.

“The project has also been built with sustainability in mind, using HVO100 renewable diesel in our tower cranes and partnering with Seabin to help improve the marine environment,” said Multiplex ACT/NSW Regional Managing Director.

Issues faced from day one

While the opening of the Sydney Fish Market is celebrated, it faced many setbacks and issues during its reconstruction process. Its finances were shaky as its expected costs grew from an initial pitch of around $750 million to become a $836 million project.

The construction process proved to be a challenge when a crane collapsed on Bridge Road in 2023, injuring a man who had to be rushed to the hospital.

In addition to physical damage, the market faced confrontation with tenants. Retailers pushed back on leases, saying the spaces were inadequate, fit-outs could cost up to a few million, and there was a lack of power capacity, government efforts for plumbing, and scarce electrical services. Tenants were then offered rent at a price lower than market value, which will be reevaluated in five years. The strategy was successful in convincing many to sign the lease.

Later, several tenants reported that they incurred additional fees due to late design changes, which had already begun the redevelopment process.

Moreover, earlier this year, some reports suggested losses and late accounts, sparking concerns about the market’s stability. The facility stated that it’s not insolvent, is financially sound, and is focused on the move. Infrastructure NSW added that the new site meets the agreed-upon design, has sufficient power, and that the market hasn’t requested government funding.

The market ran into controversy when The Sharvain Facades, the subcontractor for Multiplex, signed a $41 million roof contract in 2021, with the intention of completing it by 2024. But work didn’t start until April 2024. By October, the amount had already reached $58 million, with an estimated increase of $73 million following design updates.

However, even with the high estimate, Sharvain Facades didn’t negotiate the contract. Instead, a “deed of agreement” was signed. Court documents revealed that Multiplex provided a $16 million loan to Sharvain Facades, with two $5 million portions that would be forgiven if the building met its milestones. The deal also pushed the finish date to June 2025 and added $4.3 million in extra work.

The Sydney Fish Market opens its doors on 19 January, 2026.