Sydney Fish Market Old Site Sparks Development Rights Dispute – Sydney Auction Clearance Rate at 64%

Week’s Key Focus

A dispute over development rights has emerged regarding the old site of the Sydney Fish Market. Dominic Galati, an infant formula entrepreneur who was involved in a joint venture proposing to develop the site a decade ago, is making an audacious claim to legal rights over the property. This has created additional challenges for the government as it prepares to open a new state-of-the-art facility next door.

Galati has asked Premier Chris Minns, through his solicitors, to freeze the expression of interest process for tenancies at the new site while matters arising from a NSW Court of Appeal decision last year are investigated. The court found that Galati had shares held in trust for him in a seafood company with a 25% interest in Sydney Fish Market Pty Ltd. He claims these shares were fraudulently stripped from him, and that he would not have let Sydney Fish Market give up its first right of refusal to develop the site if his ownership had been recognized.

The NSW government has stated it has no intention of pausing the EOI process, noting that the claims have been around for many years and will not stop the procurement of a development partner from proceeding.

This dispute coincides with Sydney’s auction clearance rate standing at 64%, indicating ongoing interest and activity in the city’s property market.

Rosella Place

Auction Results Last Week

Sydney: 908 properties were auctioned, with 548 results reported and 353 sold, resulting in a clearance rate of 64%. The total auction value was AUD 366,441,001, with a median house price of AUD 1,568,000.
Melbourne: 1129 properties were auctioned, with 807 results reported and 506 sold, resulting in a clearance rate of 63%. The total auction value was AUD 394,747,506, with a median house price of AUD 1,022,500.