Money Troubles Denied as Fish Market Roof Finished

The Sydney Fish Market has capped off its landmark roof as the company maintains it is financially stable despite persistent doubts over its future.

The $836-million Blackwattle Bay development’s 200m-long floating roof canopy has been compared to the Sydney Opera House by Infrastructure NSW, with hopes it will become an icon of the city’s skyline.

Designed by Danish architects 3XN in partnership with Australian firms BVN and Aspect Studios, the roof, built by Multiplex, is supported by 594 glue-laminated timber (glulam) beams, the longest stretching 32 metres.

Topped with 400 roof panels, the 2500-tonne structure has solar panels and rainwater collection systems as part of its sustainability measures.

The roof was assembled at nearby Glebe Island and delivered by barge to reduce road traffic during construction.

Lands and property minister Steve Kamper said the completion was a “significant milestone” and “a testament to world-class engineering and design”.

“The roof not only enhances the market’s aesthetic with its magnificent wave-like form now in place but also the environmental sustainability of the building,” Kamper said.

“We’re on the home stretch now and getting closer to being able to set foot in the new Sydney Fish Market.” 

▲ A render of the Sydney Fish Market’s western foreshore.

Premier Chris Minns said the revamped market, expected to open this year, would “be truly spectacular” and attract up to six million visitors a year.

The project is the centrepiece of the broader Blackwattle Bay urban renewal, which aimes to deliver 1100 homes and a waterfront promenade linking Rozelle Bay and Woolloomooloo.

Once completed, the market will feature retail spaces, restaurants and a seafood school, plus 6000sq m of public open space.

Funded by the NSW Government, the project has faced rising costs since its inception. The budget grew from $250 million in 2016 to $750 million in 2019 under the Berejiklian government. It reached $836 million this month.

▲ The 400-tile roof has been compared to the Sydney Opera House.

Cost increases are reportedly due to design complexities, construction delays and logistical challenges.

The financial viability of the Sydney Fish Market company (SFM), which will operate the new site, came under scrutiny in a recent media report.

The report suggested SFM was facing an $8-million loss for the 2023-2024 financial year and that auditors had delayed the sign-off on the company’s accounts.

SFM denied insolvency concerns and said in an statement that “we have no reason to believe this will change in the foreseeable future”.

It attributed the delayed financial reporting to complexities of the transition to the new facility.

SFM’s digital trading platform, SFMblue, was paused in December 2024, according to the media report. 

▲ The development is expected to attract up to six million visitors a year.

Launched in 2022 with $900,000 in government funding, the market was intended to modernise seafood trading but struggled to gain support from key industry players.

SFM said the pause was a mutual decision with its technology partner to allow for stakeholder consultation.

Concerns have also been raised by tenants regarding the operational functionality of the new market, including refrigeration capacity, increased operational costs and the site’s power supply.

Infrastructure NSW said power requirements would be met but wholesalers feared moving seafood between levels in the multi-storey facility could reduce product value.

Meanwhile, the loss of a promised dedicated ferry wharf and limited parking capacity raised doubts about the site’s ability to meet its target of doubling visitor numbers.

Infrastructure NSW said the wharf would be a “recreational passenger wharf” capable of accommodating a ferry stop but there was no guarantee it would be serviced by Sydney Ferries. Discussions with Transport for NSW were ongoing.

Meanwhile, Lendlease, Mirvac and Stockland have been shortlisted to redevelop the Pyrmont fish market site. Those plans include 1100 homes alongside commercial space.