Brisbane Markets Limited (BML) wishes to advise its shareholders that the Brisbane Markets site was inundated by flood waters in the recent Brisbane floods, which reached a peak of approximately 8.0 m AHD on Monday morning. That level was lower than the 2011 flood peak at the site.
With flood waters now receding, the recovery process can begin and we are cautiously optimistic that the Brisbane Markets site will soon be ready to begin receiving deliveries and recommence limited trading.
The majority of buildings on the Brisbane Markets site have had some level of water inundation, and the assessment of the impacts of this is ongoing. The impact to the Central Trading Area has been relatively minor, and BML staff successfully isolated a significant amount of the critical infrastructure within the Markets, noting that there is still significant remedial works to be undertaken by BML and its contractors.
BML expects that it will take some time to return the site to normal operations, and is currently unable to quantify the financial impact of this event. BML does have insurances in place, which include flood insurance, and BML will liaise with its insurers in respect of the event.
A further update will be provided to shareholders when further information becomes available.
For more information regarding this notice, please contact BML on (07) 3915 4200.