Project status
The $500 million Market Square development will be a catalyst securing the future of the market district, incorporating an expansion of the Adelaide Central Market that you know and love.
In 2015 Council’s strategy ‘Our Market District – The Right Ingredients for the Future’, being the subject of extensive community consultation, identified a redevelopment of the Central Market Arcade (located to the east of the Adelaide Central Market and spanning between Grote and Gouger Streets). In late 2018, the Central Market Arcade was returned to the City of Adelaide and presented a once-in-a-lifetime redevelopment opportunity.
A joint venture between the City of Adelaide and ICD Property, the redevelopment will incorporate retail, an all-electric commercial office tower, on-site childcare, new residences, a premium hotel and activated public spaces known as Market Square.
The ground floor Central Market expansion (to be returned to the City of Adelaide) will double the size of the existing Central Market which is already known as a world leading food and produce market, offering a vibrant hub of community, diversity and culture.
The existing Adelaide Central Market will continue to trade as always during the course of the redevelopment.
Project update: September 2025
The two-storey basement and four-storey podium structure has been completed by project builder, Multiplex with internal fitout and service installations underway.
Above the podium, the towers are being constructed for commercial office, hotel and residential apartments. External façades are being installed across all tower elements.
The structure for the Gouger Street office tower is substantially built with the tower core reaching its final height.
The Grote Street hotel and residential tower structure is half way to its final height of 40 storeys.
Handlaid brickwork and arches are being installed across the Grote and Gouger Street frontages. This will mark the return of the red brick arches which once stood on Grote Street in the early 1900’s.
Market Square development snapshot
- A world-class development setting a new benchmark for design in South Australia.
- An expanded Adelaide Central Market offering some 50 tenancies across fresh food & produce, hospitality & catering (restaurants and bars), hybrid food offerings and living & giving. The Central Market expansion will provide a seamless connection with the existing Adelaide Central Market.
- In addition to the retail expansion the City of Adelaide will retain 260 public car parks and basement loading/servicing.
- A Market Hall and expansive atrium offering natural light and a flexible space for pop-up retail, activation, events and dining.
- A 1,700m2 Coles supermarket at Level 1 together with food & beverage and everyday retail services.
- A new north-south Laneway supporting the nighttime economy offering outdoor dining, urban culture and public art.
- East-west link connection between Victoria Square and the Adelaide Central Market.
- 3,000m2 public rooftop space at the level four podium, offering green spaces and activations.
- A 13 storey (including podium) commercial office building at Gouger Street providing 20,000m2 of space for over 1,000 city workers.
- A 40 storey (including podium) hotel and residential tower to Grote Street. This will include Australia’s first treehouse hotel offering 248 rooms with 231 apartments above.
The Market Square and Central Market Expansion Project will deliver:
- 1,000+ new jobs during construction.
- $135m boost to the South Australian economy.
- Addition 1 million visitors per annum in addition to the existing 8 million visitors.
- Over 1,000 workers ongoing.
The City of Adelaide, ICD Property and project builder, Mulitplex, continue to work together to minimise construction impacts and maintain business as usual for the Adelaide Central Market and market precinct throughout construction.
Development partner and project team
The City of Adelaide has entered into a partnership to develop this cornerstone site in the market district with ICD Property, a leading property developer with landmark property developments across Australia. The project team to realise the $400m redevelopment include:
Multiplex is a premier construction company with a simple purpose: to construct a better future. Established in Australia in 1962, Multiplex is known for shaping skylines and delivering iconic projects around the world.
Sinclair Brook Group is a boutique property company focused on creating innovative spaces to optimise value and returns for their investors and development partners.
Woods Bagot founded in Adelaide in 1869 is a global architecture studio founded by visionaries who were passionate about designing for the future growth of their city and its people.
Frequently asked questions
The $500 million redevelopment of the former Central Market Arcade will be a catalytic investment in the city creating a new social and commercial heart.
The existing Arcade layout and design under-utilised the site’s potential; it had a dated appearance, ageing infrastructure, inactive frontages and a lack of connections through the site.
The redevelopment will support and grow what people already love about the whole market district, securing its future and that of the neighbouring Adelaide Central Market as a world class fresh food destination. The redevelopment will foster a local, diverse and multicultural place responding to changing consumer needs.
When complete, the development is projected to attract an additional one million people per year to the district, in addition to the eight million people currently visiting.
The existing Adelaide Central Market will not form part of the redevelopment.
The redevelopment will be a flagship, mixed-use development of national significance, promoting the market district as the premier precinct showcasing the very best of South Australian food, produce and wine.
The Market Square project will incorporate an enhanced and expanded Central Market along with residential apartments, hotel, office accommodation and retail at level 1 which will be owned by ICD Property.
Council will retain ownership of the Central Market expansion together with 260 public car parks and shared basement loading/ servicing.
Additional features of the redevelopment include:
- A new north/ south pedestrian laneway connecting Grote and Gouger Streets, supporting public art and laneway culture.
- An east/ west link connecting Victoria Square directly to the Adelaide Central Market.
- A seamless transition between the existing Adelaide Central Market and the extended footprint.
- A Market Hall providing volume and natural light supporting events, gatherings and pop-up retail.
- Distinctive red brick arches inspired by the historic Adelaide Central Market facades.
- A rooftop podium supporting public access, childcare and food and beverage.
- The design that aligns with Council’s project guiding principles providing a distinctly local feel, informed by the changing needs of the people who shop, live, work and visit the market district.
Market Square is the name of the project elements to owned by ICD Property including new residential apartments, hotel, office accommodation and retail space across level 1.
The Market Expansion is the name given to describe the ground floor section of the Market Square project. It will extend the footprint of the existing Central Market that you know and love. The Market Expansion will be to the east, towards Victoria Square and will double the Market’s footprint between Gouger and Grote St.
The City of Adelaide has entered into a partnership with ICD Property to redevelop the former Central Market Arcade site which will incorporate an enhanced and expanded Central Market along with residential apartments, hotel, office accommodation and retail owned by ICD Property which is to be named Market Square.
ICD Property is a Melbourne based developer delivering large-scale landmark projects across Australia and New Zealand.
In the past 10 years, ICD has delivered over 1000 residences and various innovative retail and commercial concepts. ICD Property is recognised for award-winning design, collaboration and innovation.
ICD Property will work with Australian property development firm Sinclair Brook and Adelaide architecture firm Woods Bagot.
A new 1,700m2 Coles supermarket will be located on level one of the redevelopment providing a service offering for local residents, workers and visitors to support shopping needs.
ICD Property and its building partner, Multiplex, and the City of Adelaide continue to work closely with the Adelaide Central Market Authority and other key stakeholders to minimise precinct impacts.
Council has undertaken extensive community consultation and stakeholder engagement in the lead up to appointing ICD Property to undertake the redevelopment of the site.
Learn more about ideas and aspirations for the future of the market district as well as the Central Market Arcade community land revocation and redevelopment consultation that have informed the project.
Over the life of the project, engagement with stakeholders and the community will be ongoing.
Need more information?
If you have further questions about the development, contact City of Adelaide Project Manager, Matthew Rodda.