Fish Markets

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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.
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Retirement triggers Sydney Fish Market business listing with $5 million plus hopes

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The final design has been unveiled for an iconic new Sydney Fish Market which will revitalise Blackwattle Bay and expand the public’s access to Sydney Harbour and its foreshore.
Premier Gladys Berejiklian said the purpose-built retail and wholesale facility will be positioned over the water as the centrepiece of a new harbour-side precinct, taking advantage of panoramic views to the Anzac Bridge.
“The Sydney Fish Market currently attracts more visitors annually than the GreatBarrier Reef and accounts for around 20 per cent of international visitors to the Sydney region,” Ms Berejiklian said.
“It is already the largest fish market in the southern hemisphere, trading approximately 14,500 tonnes of seafood per year.
“This brand new fish market will draw locals and visitors to Blackwattle Bay to experience the excitement of an authentic market and auction floor, and taste some of our finest seafood in state-of-the-art surrounds.”
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The building will feature a unique timber and aluminium roof inspired by fish scales floating over the building like a canopy and be home to an expanded seafood cooking school, food kiosks, restaurants, bars and outdoor spaces for social events.
Plans also include new public wharves, a waterfront promenade, a new ferry stop and new civic and community spaces.
“This will become a vibrant economic and community hub that supports NSW’s fresh seafood industry, our professional fishers and coastal fishing towns from Eden toTweed Heads,” Ms Berejiklian said.
“Relocating the fish market to the new site will return Blackwattle Bay’s foreshore to the public, improve pedestrian and cycling links and connect more of Pyrmont to the water as part of the long-awaited revitalisation of the area.”
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The design was commissioned last year and is being led by Danish architects 3XN, in partnership with Sydney firms BVN and Aspect Studios.
Sydney Fish Market will continue to operate uninterrupted during construction of the new facility, which is expected to begin mid 2019, subject to all necessary approvals.
The new fish market is expected to open in 2023.
GBCA CEO Romilly Madew said the new Sydney Fish Market would be a world-class tourist attraction, with the stunning complex not only reinvigorating the CBD location, but embracing energy efficiency and water and waste-saving measures.
“We applaud the NSW Government, UrbanGrowth NSW and the Sydney Fish market for ensuring the regeneration of the fish market is undertaken with sustainability front-of-mind,” “For such an iconic Sydney attraction to embed environmental and social sustainability as a core function sets a great example for others to follow and represents best-practice.
“It also shows the importance of Green Star and how, increasingly, Sydney’s iconic buildings and precincts are aiming for and achieving certification, such as the Sydney Opera House, Barangaroo and Sydney Airport.
“We are excited to work with the key stakeholders on this monumental project, which will reshape, redefine and reinvigorate Blackwattle Bay.”
 
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Fish Markets

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