Sydney Fish Market upgrade project faces financial troubles

A major £400 million project in Sydney is facing financial troubles as it nears completion. The Sydney Fish Market, which aims to improve various facilities, is running behind schedule and was originally expected to open last year. Construction began in 2021 and is now set to open in November. The company responsible for the market's unique floating roof, Sharvain Facades, has reportedly entered administration. This news comes after they recently completed the final roof panel. Concerns have also been raised about the market itself, which is said to be on the verge of insolvency. Auditors have not approved the financial accounts, fearing the market may struggle with increased operational costs. The project has already cost the Australian government over $836 million. Despite these issues, the company insists it is not trading while insolvent and remains optimistic about its future. They are currently working to finalize financial results and assure a smooth transition to the new facility. Some tenants are worried about the market's ability to provide enough power for refrigeration. There are also concerns that the building may have to use diesel generators over the holiday season, which could disturb nearby residents and violate environmental rules. Additionally, the design raises questions about how to efficiently transport stock between the building's two levels. The Sydney Fish Market aims to attract more than 6 million visitors annually and is promoted as a significant new addition to Sydney's iconic sites.