K&L Gates Advises on Major Development Project for New Sydney Fish Market

Global law firm K&L Gates has advised the Sydney Fish Market on the development, leasing, and commercial arrangements for its iconic new Sydney Fish Market, one of Australia's most recognised waterfront commercial assets and a major hub of Sydney’s fresh food and seafood trade.

The new Sydney Fish Market is a landmark mixed-use asset on Blackwattle Bay, comprising commercial fishery, wholesale, retail, hospitality, and tourism operations. The transformation from the old to the new site, comprising a modern, purpose-built market precinct, is expected to attract more visitors, enhance sustainability, and improve Sydney Fish Market's commercial vibrancy. The project’s final construction value is reported to be approximately AU$836 million.

K&L Gates has played a central and continuous role in supporting Sydney Fish Market through all stages of this project and its transition into the new market precinct. The firm assisted with negotiating the development agreement with Infrastructure NSW which was finalised in early 2019, establishing the framework for the development project and the move to the new site.

Since signing, K&L Gates has advised Sydney Fish Market with respect to the implementation of the development agreement as well as associated development-related matters and the leasing-up of the new site. This has included advising on bespoke property and commercial issues, managing interactions with government stakeholders, subtenants, and contractors, and helping to shape the ownership and operational structure of the precinct.

Stakeholder management has also involved supporting Sydney Fish Market with the relocation arrangements necessary to transition subtenants, vessel holders, and licensees of the old site to the new market. This has included negotiating non-retail and retail lease arrangements, coordinating access arrangements during construction, and ensuring continuity for long standing market participants and traders throughout the transition period.

The K&L Gates team advising on this project was led by Sydney Real Estate partner Samuel Brown with support from special counsel Timothy Jaeger, lawyers Christina Tohme and Prudence Birchall, and senior paralegal Fiona Reynolds. Additional support was provided by Corporate partner Murray Landis and Tax partner Matthew Cridland throughout the project.

Brown said: “We are so proud to have been involved and associated with such an iconic and transformative project. The new Sydney Fish Market precinct offers so much to visitors and stakeholders alike, I look forward to visiting the precinct for many years to come. Thanks to Sydney Fish Market for putting their faith in us to support them throughout the development and delivery process for this project.”

Lawyers in K&L Gates’ large, diversified Real Estate practice advise clients in a variety of real estate investment, land use, planning and zoning, development and construction, financing, leasing, tax, and litigation matters around the world.