Retirement triggers Sydney Fish Market business listing with $5 million plus hopes
A limited shareholding in the Sydney Fish Markets is on the market through an expressions of interest campaign with price expectations above $5 million.
The NSW Government has announcement a $250 million redevelopment of The Sydney Fish Markets. The deal includes the current income from retail and office leasing, car parking and seafood wholesaling businesses as well as the opportunity to negotiate multiple business opportunities within the new Sydney Fish Markets development.
Ray White Commercial’s Charlie Yankos said the current owners were looking to retire after more than 25 years of operations at the Sydney Fish Markets.
“The sale also offers an opportunity to acquire a coveted spot on the Sydney Fish Market Board - giving the new purchaser the opportunity to be involved in the new development and acquire multiple retail sites," he said.
“This opportunity includes multiple income streams in the shareholding and operating business alone, returning more than $400,000 per annum under management.
“The redevelopment will mean increased foot traffic and shop space. As part of the area's redevelopment, the business will have an option to negotiate for additional floor space and fit-out costs potentially covered by the developer.
“Already a lucrative business with excellent profit margins, the redevelopment is set to double visitor numbers and elevate the Blackwattle Bay precinct to the premium location in Sydney to visit."
Matthew Holland from Ray White Business Sales said the fish markets’ footprint is set to double after the redevelopment and its leasable space increasing by 50 percent.
“Existing tenants will receive first options on new commercial space because they are also shareholders. We think all available space will be taken by them, that’s pretty much a given,” he said.
“The successful purchaser will be able to negotiate for additional floor space and fit-out costs that will be covered by the developer, within reason.
“The earlier they secure it, the greater their negotiation power will be at the new site,” he said, adding that shareholding also comes with voting rights, while a seat on the board is also available, although not guaranteed. “If you are sitting on the board then things are much easier.”
Expressions of interest above $5 million are sought by close of business on Friday, December 9, 2016.
The current operating business under management is showing above $400,000 pa profits.
"The operating business itself is considered to be an industry-leader with a loyal local and international customer base.
"Having been established for over 25 years, it has been the recipient of numerous highly favourable reviews and articles over the years and is considered to be the foodie's/chef's first port of call," Matthew Holland said.
