Brisbane Markets eyes South Australian expansion

The operator of Brisbane’s iconic Rocklea fruit and vege markets is reportedly eyeing a mult-million dollar investment in an inter-state player but not everyone is happy with the plan.

HEARD ON THE GRAPEVINE

INTERESTING to hear that the boys out at Brisbane Markets (BML) are sniffing around the country with a view to taking stakes in fruit and vege markets in other states. Brisbane Markets conceded yesterday it is looking to invest in the South Australian Produce Markets through acquiring a small parcel of shares. “The investment in other markets is aimed at capitalising on synergies within the industry,” BML tells City Beat. Our spies amongst the radishes and carrots down Rocklea way however are asking how any deal, reportedly involving millions of dollars, could possibly be beneficial to Brisbane Markets.

Will it involve taking on more debt at a time when it has written down the value of its Rocklea holdings by $7.39 million? According to the market’s latest accounts, funds raised in an equity issue last year will be used to upgrade the Brisbane Markets site not for investment in other markets. As of December 31, Brisbane Markets Limited had debt of $140.5 million. BML, which already owns 41.73 per cent of Perth Markets Limited, says the funding of any investment opportunities “will be considered on a case by case basis” and should the investment in South Australia proceed, it will be funded through existing arrangements. It says it remains open to evaluating future investment opportunities as they arise.

LOW GEAR

STILL on the markets and we note that management has slashed fees for its swish new $12 million multi-level car park.

We hear that even a member of the Brisbane Markets board parks his car elsewhere in the market because the fees are too steep in the car park. In a missive to market tenants, Brisbane Markets boss Andrew Young (illustrated) says that monthly parking fees have been

Andrew Young CEO of the Brisbane Markets.

substantially reduced. Monthly parking fees on level 2 of the facility have been cut from $90.75 to $75 while on level 3 the fees have been reduced from $68.75 to $55.

One wonders whether the reduced fees are related to a a series of photos sent to City Beat last year that show the car park, which can accommodate more than 500 vehicles, largely unused even during peak trading periods.

NOOSA BOUND

GOOD luck trying to get a park in Noosa this week, with hundreds of mining industry boys and gals descending on the tourist town for what’s now dubbed the “Diggers and Dealers of the east.” The Noosa Mining & Exploration Investor Conference, the brainchild of former mining engineer Phil Dickinson, will be held Wednesday to Friday with keen competition among ASX companies for its limited presentation and exhibition spots.

Noosa Mining Conference organiser Phil Dickinson. Pic Annette Dew

Some 70 companies are booked to attend, including Aeris Resources, Armour Energy, Aus Tin Mining, Central Petroleum, Comet Ridge, Dark Horse Resources, DGR Global Elementos and Galilee Energy.

COLD COLES

IF you thought it was cold outside yesterday, spare a thought for shoppers and staff at Coles New Farm. Our spies tell us that the air-conditioning in the supermarket has been turned up to rid the building of the horrible smoke smell following the fire at the adjacent New Farm Deli & Cafe.

Firefighters mopping up after the fire at New Farm Deli. Pic Peter Wallis

The deli, a popular business landmark, was destroyed by the fire earlier this month but hopes to reopen before Christmas. When City Beat paid a visit yesterday the deli was all boarded up and there was still a distinct whiff of smoke in the air. And in Coles it was decidedly chillier than the winter environment outside.

LOGAN’S HEROES

GOOD to see some jobs being created down Logan way thanks to a nifty council initiative. The Logan City Council’s Investment Attraction Incentive Fund hatched in 2018 has lured four companies spanning the technology, training, home improvement and social enterprise sectors to the city and is expected to create hundreds of jobs.

The council says the the four businesses - G01, Help Enterprises, Pinnacle Hardware and Plumbing Industry Climate Action Centre - will create the equivalent of 236 new jobs over the next 12 months and are spread across the city from Beenleigh to Berrinba.