A firm behind several major construction projects has gone into voluntary administration just weeks after completing a key project on the Sydney Fish Markets.
Sharvain Facades engineered the attention-grabbing facade on the University of Technology Sydney’s Chau Chak Wing building and the cladding on Circular Quay’s Quay Quarter Tower.
The company had fabricated the new Sydney Fish Market’s 200m, fish scale roof, the last tile of which was laid in February.
An administrator was appointed to the company on March 4.
Creditors of the company first met last Friday.
Managing director Boris Kostura said the company suffered when the Sydney Fish Market’s project timeline was extended.
In the time, his material and labour costs rose rapidly, some nearly doubling.
Mr Kostura said his company ‘hung in’.
The company behind the new Sydney Fish Market’s scaled roof has gone into administration
Sharvain Facades engineered the facade on UTS’s Chau Chak Wing building and the cladding on Circular Quay’s Quay Quarter Tower
‘The perimeters, program and prices have changed far beyond what could have been anticipated,’ Mr Kostura told the Sydney Morning Herald.
‘We hung in for a very long time. It was simply not possible to complete such a complex project for the original budget.’
The company received a $16million loan from Multiplex to complete the project in October.
Mr Kostura said he regretted taking the loan.
‘Our intention was not to be a roadblock, but rather to be part of the solution,’ he added.
It comes as other subcontractors to Multiplex’s Fish Market project have struggled to to keep up with rising costs.
