Receivers called in at Fisherman's Wharf

Investigations by Grant Thornton Australia, the receivers and managers for Fisherman’s Wharf, have resulted in the closure of the Edgewater Restaurant, meaning any functions booked at the restaurant will unable to be held.

Wyong Council’s Director of Shire Services, Paul Wise, said it was unfortunate the operators had financial issues, resulting in receivers being called in.

“We hope the receiver will be able to get a new lessee with minimal disruption to the community,” Mr Wise said.

“Fishermans Wharf is a great location and a great development and Council has done all it can to support the development.

“Essentially, the development must comply with all the necessary requirements and how it trades and how much money it makes is out of Council’s control … that was up to the developer and lessee New Pacific.”

New Pacific was chosen as developer after Council went through a public tender process. The company was able to build the facility and given a lease to operate it until December 30, 2033.

“They were to construct, operate and control the development knowing the risks associated with being a private operator,” Mr Wise said.

“There is no loss to Council despite the lessee being placed in receivership and the land itself remains in public ownership.”

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