Owner of iconic Parklea Markets in receivership

The owner of Sydney’s iconic Parklea Markets has collapsed into receivership, despite plans from owner Con Constantine to redevelop the site in a $135 million project.

Constantine is the sole director and shareholder of Almona Pty Ltd, the owner of Parklea Markets at Glenwood outside of Sydney and a number of other properties around Constantine’s home base of Newcastle.

According to ASIC documents, the company was placed in receivership on August 17, although it did face a winding up order in late 2010 that was dismissed in February.

Receivers Philip Carter and Christopher Hill of insolvency firm PPB are now in control of the business, after being appointed by Westpac.

“Parklea Markets will continue to operate on a business as usual basis. There will be no interruptions to the normal operations, hours of trading, and terms of trading of the markets,” Carter said in a brief statement.

“PPB Advisory expects to work closely with the management of Parklea Markets and the commercial property portfolio to maximise the value of the portfolio.”

Constantine, who started the Parklea Markets in 1985, had a fortune valued at $140 million by BRW magazine in 2009.

However, he has had financial difficulties in the last few years. After sinking an estimated $20 million into the Newcastle Jets soccer team, he was stripped of ownership of the club in 2010 after he was unable to pay wages.

Costantine has attempted to grow the markets business in recent years. He attempted to establish a new market at the site of a former wool store in the town of Maryville, but was blocked by local residents. He then lodged plans for a $135 million redevelopment of Parklea, including a conference centre.

In April this year he opened a new market called The Store in Newcastle.

Parklea Markets has given many entrepreneurs their start in the last 30 years.

One of the most prominent is Fantastic Furniture, which got its start with a stall at Parklea selling outdoor furniture.