Latest news with #Multiplex
The Age
13 hours ago
- Business
- The Age
Dubious loan, ‘bully boy' tactics as costs blow out on Sydney Fish Market
Construction giant Multiplex bullied a key subcontractor on the new Sydney Fish Market into signing a dubious loan agreement to ensure that his company finished the job before falling into administration due to extraordinary cost over-runs on the project. Sharvain Facades, which designed and manufactured the scaled roof, went into administration two weeks after the roof was finished in March, its costs on the project having blown out by $32 million. Its collapse followed dozens of client-requested changes to the scope of the project, and two years of delays due to COVID-19 and wet weather, during which time the cost of materials and labour skyrocketed. The Herald can reveal that Multiplex is also embroiled in legal proceedings with the engineering company that made the watertight structure known as a cofferdam that enabled the market to be built over Blackwattle Bay, an operation described as 'a feat of engineering on steroids'. Engineering firm J Steel is suing Multiplex in the NSW Supreme Court for refusing to pay it, withholding $11 million worth of payments under security and taking work out of its hands. Multiplex has counterclaimed that the work was non-compliant and deficient. The payment controversies that have been aired in court represent a fraction of the cost disputes between Multiplex and subcontractors involved on the Sydney Fish Market, and raise questions over whether the building can be completed within its $836 million budget. The Minns government, which inherited the project after the budget had already been increased by $500 million, is determined not to spend a dollar more. Infrastructure NSW said it had funded all approved variations and the project remained on budget. 'Multiplex entered into a fixed-price contract in 2020 with the NSW government on the new Sydney Fish Market project, and as such are expected to deliver within the agreed terms,' a spokesman said.
Sydney Morning Herald
13 hours ago
- Business
- Sydney Morning Herald
Dubious loan, ‘bully boy' tactics as costs blow out on Sydney Fish Market
Construction giant Multiplex bullied a key subcontractor on the new Sydney Fish Market into signing a dubious loan agreement to ensure that his company finished the job before falling into administration due to extraordinary cost over-runs on the project. Sharvain Facades, which designed and manufactured the scaled roof, went into administration two weeks after the roof was finished in March, its costs on the project having blown out by $32 million. Its collapse followed dozens of client-requested changes to the scope of the project, and two years of delays due to COVID-19 and wet weather, during which time the cost of materials and labour skyrocketed. The Herald can reveal that Multiplex is also embroiled in legal proceedings with the engineering company that made the watertight structure known as a cofferdam that enabled the market to be built over Blackwattle Bay, an operation described as 'a feat of engineering on steroids'. Engineering firm J Steel is suing Multiplex in the NSW Supreme Court for refusing to pay it, withholding $11 million worth of payments under security and taking work out of its hands. Multiplex has counterclaimed that the work was non-compliant and deficient. The payment controversies that have been aired in court represent a fraction of the cost disputes between Multiplex and subcontractors involved on the Sydney Fish Market, and raise questions over whether the building can be completed within its $836 million budget. The Minns government, which inherited the project after the budget had already been increased by $500 million, is determined not to spend a dollar more. Infrastructure NSW said it had funded all approved variations and the project remained on budget. 'Multiplex entered into a fixed-price contract in 2020 with the NSW government on the new Sydney Fish Market project, and as such are expected to deliver within the agreed terms,' a spokesman said.
Condé Nast Traveler
a day ago
- Business
- Condé Nast Traveler
Sydney's New Airport Is a Stunning Ode to Australia's Natural Wonders
In 2026, Australia will open the doors to a newly built international airport for the first time in over 50 years—and it's so stunning you might actually want to spend hours in the terminal. Western Sydney International Airport (WSI), slated to debut next year, has just reached its most important milestone yet: Major construction on the terminal is now complete, and its designers have unveiled a first look at the airport's beautiful interior. WSI is located in Sydney's Badgerys Creek neighborhood, approximately a 35-minute drive west from Sydney Kingsford Smith Airport (SYD), Australia's busiest air travel hub. Designed by Zaha Hadid Architects and COX Architecture and constructed by Woods Bagot, Multiplex, and Bechtel, the $5.3 billion project aims to pay homage to Australia's natural wonders while also providing an innovative passenger experience. 'The ambition was to create an airport that is not just a transit space but a destination in itself,' Neil Hill, Wood Bagot's principal design lead for WSI, said. "The terminal offers a constantly evolving visual experience and sense of joy as passengers move through the space and experience the intricate detail at a human scale—while elsewhere you might find yourself in a soaring triple-height void with uncluttered panoramic views.' The airport has one terminal that will be home to both international and domestic gates, allowing for easier connections. Brett Boardman When it opens, Western Sydney Airport will operate 24 hours a day. The single building will be home to airlines like Qantas, Singapore Airlines, and Air New Zealand, with both the international and domestic gates located in one terminal for easier connections. Airports are notoriously known as incubators of stress, but WSI hopes new technology will help eliminate major pain points. For example, travelers will be able to track their checked luggage with a dedicated app thanks to a cutting-edge baggage handling system. The terminal's designers also sought to create a visually soothing space by taking architectural cues from nature. Most noteworthy is the undulating sculptural ceiling made of wooden slats that filter light in a way that mimics sunlight shining through eucalyptus bark, a hallmark of the region's UNESCO-recognized Blue Mountains Area. 'The 'Great Australian Light' is one of the defining qualities of the Australian experience, and it has been central to our design thinking,' David Holm, principal and design lead at COX, said. 'The way light filters through the terminal shapes how people move, orient and feel—creating a sense of calm, clarity and connection. For many, this space marks their very first encounter with Australia, and we wanted that experience to feel unmistakably grounded in place.' References to the region's natural wonders can also be found in the terminal's sprawling horizontal form, which is meant to reflect the nearby Cumberland Plain. Designers also worked to bring the outdoors to the terminal's interior by incorporating natural materials from the region, like sandstone sourced from Australia's Central Coast. The undulating ceiling is made of wooden slats designed to mimic the 'Great Australian Light,' imbuing the terminal with a sense of place. Trevor Mein Additional design elements include triple-height ceilings and walls of windows offering panoramic views of the surrounding mountains, as well as details that highlight Australia's Aboriginal and First Nations cultures. In fact, the design was finalized in consultation with Western Sydney's Dharug Custodian Aboriginal Corporation. "People will love spending time in this terminal as they enjoy the iconic vistas of the surrounding Blue Mountains,' Simon Hickey, CEO of WSI Airport, said. "Visitors will be welcomed by the stories of Dharug country that will connect the world with more than 60,000 years of Aboriginal culture while also highlighting the vibrant communities of Western Sydney.' From a sustainability perspective, the terminal is outfitted with more than 6,000 solar panels on its roof that will provide renewable electricity to the facility, as well as a climate-responsive facade, natural ventilation, and water recycling. Although the major construction on the terminal is finished, work on interior areas such as the retail shops and airline lounges still needs to be completed. The new facility is on track to open to its first passengers in late 2026. 'This is a rare opportunity to define the next generation of airport design on a global stage,' Cristiano Ceccato, director and design lead for Zaha Hadid Architects, said. 'Together with COX, we created a design that meets the highest standards of architectural innovation, passenger experience, and operational efficiency.'
AU Financial Review
04-05-2025
- Business
- AU Financial Review
Star's Brisbane project pulls Multiplex deeper into loss
Construction giant Multiplex sank deeper into loss last year after it wrote off $192.6 million for building work on Brisbane's Queen's Wharf casino, resort and residential project as the financial position of its Star Entertainment joint venture client deteriorated. The impairment pulled Multiplex's net after-tax loss to $219.5 million last calendar year from $34.6 million, even as revenue jumped by one-third to $4 billion, the Sydney-based company revealed in financial documents lodged with corporate regulator ASIC last week.
AU Financial Review
24-04-2025
- Business
- AU Financial Review
Roberts Co NSW to be acquired by UAE builder Arada
Rich List investor Andrew Roberts will sell Roberts Co, the building contractor he founded eight years ago, to United Arab Emirates-based construction and property business Arada and exit construction, a sector he has been involved with all his life. Roberts, whose family founded Multiplex – and sold its controlling 26 per cent stake to Canada's Brookfield in 2007 – will sell Roberts Co NSW, the original entity in the company he founded in 2017, chief executive Emma Shipley told staff on Thursday. The sum for the sale was not disclosed.
