Secure a rare stake in the Sydney Fish Market
Following the NSW Government’s announcement of a $250 million redevelopment of The Sydney Fish Markets comes the rare opportunity to acquire a substantial shareholding in the iconic destination, along with a successful hospitality business.
The combined sale offers a dual revenue stream from both the hospitality business and The Sydney Fish Market, according to selling agent, Matthew Holland from Ray White Business Sales.
“You are purchasing the business and the shareholding in the fish markets as one,” he said, adding that they are seeking expressions of interest above $5 million.
“The business is exclusive in its category, employs 10 staff and is generating an annual profit of over $400,000, while the fish markets derive revenue from the leasing of sites, car parking, the fishing school and other wholesaling activities.”
With the fish markets’ footprint set to double after the redevelopment and its leasable space increasing by 50 per cent, Matthew said that further opportunities exist for new commercial businesses who wish to capitalise on the expected 8 million annual visitors, double the current 4 million.
“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,” Matthew said.
Describing the transition of the current shop over to the new development – which is expected to be completed by 2020 – Matthew said it will largely be “like-for-like”, however added that there is some negotiating power on offer.
“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.”