Bragg Printing has been forced to auction off machinery and finishing equipment after finally reaching a compromise deal with the NSW government over the compulsory acquisition of its inner-city factory as part of the Sydney Metro rail project.
Owner Arthur Habib says the settlement, signed with Transport for NSW (TfNSW), is contingent on Bragg vacating its premises in Waterloo by 23 June.
The compulsory acquisition of the factory was first announced in February 2016, leading the PIAA to accuse the state government of riding roughshod over small business.
“Our negotiations with TfNSW have been hard, costly and very painful to all our family in the business over a very long period,” says Habib. “Our factory building at 130-134 Cope Street, Waterloo was compulsory acquired on the 24th March 2017 by TfNSW as part of the site for the proposed new Metro Waterloo Station. Late last Friday, a compromise settlement with TfNSW was completed with the condition that we have to vacate the premises by the 23rd of this month.”
Edgar Bragg & Sons, established one hundred years ago in 1917, has occupied the Waterloo building since the 1950's.
“Due to the delay in settlement and the tight time frame to vacate the building, our only option to meet the deadline to clear the premises is to hold an online auction with Liquid Asset Management,” says Habib. “We have a wide range of printing machinery and associated finishing equipment, including a collection of historic letterpress machinery, type cabinets, etc., all of which must be moved by the 23rd June."
The online auction is now live.
Habib is still looking for new premises for his business. “Our production has been contracted out for the time being, and we are in the process of looking for a new building to buy and working through various business restructure options.”
The industry veteran maintains a positive outlook. “For us as a family, we have all worked hard and long hours and over the years this work place has been a home away from home for our children, who grew up in the building doing their school and university assignments at work, and now our grandchildren are running around the building. It would be great to go back and delete the last 15 months, however, this is not possible and time and progress marches on.
“So, we are now looking forward to one day catching a Metro train and getting out under where our building used to be and catching a lift up to the new high rise tower where our factory and offices were.”