A letter from Sydney Markets Limited chief executive Brad Latham,dated December 1,informed traders that the landlord,Market City,had approved a proposal to sublet 3000 square metres of space to a key tenant,Doltone Hospitality Group,for a “food and beverage and events precinct”.
Latham told theHerald it would be an upmarket offering designed to lure people back to Paddy’s Market,based on overseas successes such as London’s Covent Garden or Eataly in New York City.
While the Haymarket site includes an area for fresh fruit and vegetables,most of the floor space is taken up by stalls selling cheap jewellery,toys,souvenirs and clothes – unlike comparable sites such as the Adelaide Central Market or the Queen Victoria Market in Melbourne.
“The key driver[of good markets] is the food offer,” Latham said. “At the moment,we don’t make money. There was a real possibility we would have to close down.”
The market’s occupancy rate is down to 60 per cent,Latham said,but the Doltone precinct would boost that to close to 100 per cent. It would take up most of the market’s north-east corner on Hay Street,facing the light rail line.
But some traders are livid they will need to make way for the development and say they are being pushed into less profitable areas of the marketplace. Hundreds have signed a petition circulating among stall owners and the public. They also worry it will change the nature of the market.