Project background

The $400 million Central Market Arcade Redevelopment will help grow and secure the future of the market district and the neighbouring Adelaide Central Market for the next 50 years.

The Central Market Arcade is one of the cornerstones of the iconic market district.

In September 2018, after 50 years under private management, the City of Adelaide took control of the Central Market Arcade.

In December 2019, the City of Adelaide Council announced a $400 million redevelopment of Adelaide Central Market Arcade. The City of Adelaide has entered into a partnership to redevelop the arcade with leading developer ICD Property, Sinclair Brook and architecture firm Woods Bagot.

An investment in Adelaide’s future

The Central Market Arcade Redevelopment will be a catalyst for enriching the city. The redeveloped arcade will be a flagship mixed-use development of national significance and elevate the precinct as a major destination embracing culture, art, retail, and tourism. The arcade will promote the market district as the premier precinct showcasing the very best of South Australian food, wine and produce.

The projected value of the completed development is $400 million. The City of Adelaide’s circa $28 million investment demonstrates its commitment to the market district by creating enhanced public amenities and valuable assets for ratepayers.

When complete, the development is projected to attract an additional one million people per annum to the market district, in addition to the nine million currently visiting.

The Adelaide Central Market does not form part of the redevelopment.

A once in a lifetime opportunity

The development secures the future of market district by adding over 11,000sqm of retail, a central hall, a public rooftop, child care centre, hotel, apartments and offices. It will be place that appeals to more people, more of the time.

The City of Adelaide will retain ownership and control of 6,000sqm of retail space over ground and first levels in addition to basement loading and 260 public car parking spaces.

ICD will construct towers above the retail levels and car park podium. The tower uses will include a combined hotel and residential tower and separate commercial office towers.

Project partners and development team

The City of Adelaide has entered into a partnership to redevelop the arcade with leading developer ICD Property, Sinclair Brook and architecture firm Woods Bagot.

Development Partners

ICD Property (Innovative Construction and Development Pty Ltd)

ICD develops projects that stand the test of time, placing an emphasis on liveability both now and into the future; with design, quality & lifestyle key elements of all ICD projects. The company benchmarks against the global stage to ensure their innovative approach has real world outcomes for community, purchasers and investors.

ICD has a culture built around constantly learning and evolving, with youth and energy used as an entrepreneurial edge over other traditional developers. The company prides itself on its open-minded approach, looking at the best way to deliver, rather than accepting the way it has always been done. ICD leverage best in class partners to ensure collaborative and superior outcomes.

Project Team

Sinclair Brook

Sinclair Brook Group is a boutique property company focused on creating innovative spaces. By drawing on their leading project experience and innovative strategic thinking they optimise value and returns for investors and development partners.

Sinclair Brook collaborate with the very best local and international industry professionals including leading designers, architects and investors

Woods Bagot

Woods Bagot was founded in Adelaide in 1869 by visionaries who were passionate about designing for the future growth of their city and its people. Over the past century and a half, this clear driver has fuelled the firm’s expansion to studios in seventeen major cities around the world.

Specialists in looking at design through fresh eyes, challenging the conventional, Woods Bagot’s Adelaide team brings local knowledge and a global perspective to ensure that architectural solutions for the arcade’s redevelopment reference urban and regional contexts, ecological and social sustainability, and innovation.

Above all, in delivering engaging, future-oriented projects, Woods Bagot prioritizes human experience.

Mott MacDonald

Mott MacDonald are a global, employee-owned management, engineering and development consultancy delivering innovation saving clients money and time.

Community consultation

The City of Adelaide has undertaken community consultation to develop Our Market District – the right ingredients for the future setting out the aspirations for the future of the market district, which includes a redeveloped Central Market Arcade. The feedback from consultation continues to inform the Central Market Arcade Redevelopment. The City of Adelaide will continue to engage with the community over the life of the project.

Public consultation on the proposal to revoke the Community Land classification of the Central Market Arcade land was held in 2017 via Your Say. Once the consultation closed, the City of Adelaide Council considered the submissions and made the decision to proceed with the revocation of the Community Land classification of the Central Market Arcade land. You can read the full Council report, including submissions and further information. The proposal was submitted to the Minister for Planning for approval, which was subsequently approved.

On 8 August 2017, the City of Adelaide resolved to revoke the following parcels of land from the classification of Community Land: 

  • Portion of 22-60 Gouger Street, Adelaide – Portion of Allotment 11 in Filed Plan 26448 described in Certificate of Title Volume 6118 Folio 750
  • Victoria Square Arcade, Adelaide – Allotment 91 in Filed Plan 212881 described in Certificate of Title Volume 6118 Folio 752

    The Adelaide Central Market was excluded from the above revocation.

    Development process

    The City of Adelaide undertook a multi-stage Expression of Interest (EOI) process to identify a development partner for the Central Market Arcade site.

    The Stage 1 of the EOI process was released in 2017 and included a local, national and international call-out to the development industry. The City of Adelaide shortlisted developers/consortia from the Stage 1 EOI.

    The Stage 2 process involved the shortlisted developers/consortia subsequently preparing development proposals.

    The City of Adelaide worked through detailed proposals following the submissions. On December 6 2019, the development partnership was announced by the City of Adelaide.