28 Jan, 2021

Development Application approved for new Market Square

ICD Property and the City of Adelaide are proud to announce the development application for the upcoming $400 million project has been approved by the State Commission Assessment Panel (SCAP). The Central Market Arcade Redevelopment, which will see an enhanced and expanded Central Market will also include residential, hotel, office accommodation and retail owned by ICD Property - named Market Square.

Located adjacent to the iconic Adelaide Central Market, Market Square is a joint venture project between ICD Property and the City of Adelaide. A catalytic investment in the city, the development will create a new social and commercial hub that will preserve and enhance the Central Market, and secure the future of the market district for future generations.

Scheduled to break ground in the second half of 2021, Market Square will be unlike anything else that exists in the city. The new precinct will integrate office, residential, and retail spaces alongside a new hotel and an urban terrace – an elevated and vibrant garden retreat in the heart of the city – and will transform the way we move around and connect with each other. The architectural vision sets a new benchmark for design in South Australia. Market Square will be an inviting place to gather, to eat, to live and to work, and will offer unparalleled new retail opportunities, featuring coveted brands and showcasing the best of South Australia’s makers and producers. New activations will evolve from day to day and season to season, keeping Market Square alive and thriving year-round.

Lord Mayor Sandy Verschoor said Market Square is a once-in-a-generation opportunity to grow and secure the future of one of Adelaide’s most iconic precincts.

“The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” the Lord Mayor said.

“This investment provides a unique opportunity to build on what people already love about the market district.

“We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”

ICD Property Managing Director Matthew Khoo said the project team acknowledges the Central Market is already a world-class public space, and are focused on protecting and supporting its strengths and ‘authentic Adelaide’ vibe. The new thoroughfare between the Central Market, the new precinct and Victoria Square will draw increased foot traffic, encourage visitation and infuse new energy to the region, benefitting stall holders and other local businesses.

“We are thrilled to receive the State Commission Assessment Panel’s approval of our development application to be now called Market Square. This is a massive milestone for the project, and an honour for us to be working on such an iconic city-shaping project.”

“We are very proud to partner with the City of Adelaide, to deliver our joint vision to create something truly outstanding for the city, a place of real local pride and a must-visit tourist destination. Market Square will be a celebration of the best of South Australia, and feature fresh new retail opportunities. The seamless connection and close partnership with the Central Market is a huge asset to this project, we couldn’t be more excited to help secure its heritage and to watch this precinct flourish in the years to come.”

Market Square is expected to generate an overall boost of $135 million to the SA economy.

The development is projected to create over 1,000 much-needed construction jobs and provide a significant boost to the South Australian economy in the wake of COVID-19. Once complete, annual precinct visitor numbers are forecast to rise by over a million, with the project also creating better access through Victoria Square, Grote Street and Gouger Street.

“A key component of our innovative precinct is the 15,000 sqm office building,” said Khoo. “We have recently appointed JLL to undertake the leasing. This workplace is a much-needed addition to the city’s commercial offerings and will be highly sought-after for its premium location, inspired design, connectivity, and amenities. Modern, sustainable, and featuring the best technology, the Market Square office has been designed to create a better working life. It’s easy access to the precinct’s amenities such as the terrace garden and Market Hall Atrium gathering place make it completely unique. Additional features like proximity to the precinct’s dedicated hotel, childcare facilities, tenant parking and exclusive VIP precinct access make it an unmissable opportunity.”

The office includes seven levels of A-grade commercial space, and will support over 750 employees.

Adelaide Central Market Authority Chair Theo Maras AM said, “The Adelaide Central Market Authority and our traders are committed to serving the community and will remain open for business throughout the project. The Market continues to attract new traders - like Haigh’s, Gerwurzhaus, Skala Artisan Bakers and Angelakis Bros - and existing traders are investing significantly in stall fit-outs and expansions, demonstrating their long term commitment and confidence in the Market to provide a financially sustainable future.

“The Authority wholly supports the redevelopment and looks forward to helping deliver this city shaping redevelopment, with our Market at its heart.”

ICD Property has partnered alongside leading Australian property development firm Sinclair Brook and Adelaide-founded global architecture firm Woods Bagot to deliver the project.

Woods Bagot associate principal Alex Hall said Market Square’s design is a direct evolution of the original ideas unveiled in late 2019.

“The idea has always been to develop a globally relevant destination by providing a window into South Australia’s unique offerings. Respecting the grittiness and authentic feel of the Market, and holding close those things locals love about it, the design is the result of great dialogue and collaboration with the Adelaide Central Market Authority, the City of Adelaide, ICD Property and the Office for Design and Architecture SA,” said Mr Hall.

Demolition and construction will begin this year, with the construction period for the whole development estimated to take three and a half years.

ICD Property is committed to working closely with the Adelaide Central Market Authority (ACMA) and builder (yet to be selected) to maintain business as usual during this time.

“We are acutely aware of the potential impact on traders and the community, and are working closely with the entire project team and ACMA to ensure this impact is minimal. The Central Market will be open for business during all phases of this development, and we encourage South Australians to continue to support the Market traders during this time, and we will do everything in our power to make this as easy as possible,” Mr Khoo said.

The project team is currently exploring options with ACMA including uninterrupted Central Market street frontages during construction, installing significant hoarding around the construction site to reduce noise and dust and marketing activities to encourage visitors to the market during construction.

The City of Adelaide will also offer support to Central Market Arcade traders to ensure current traders can make informed decisions around when, where and how they might relocate their business within the city. In an effort to support all traders continuing their business operations.

Additionally, the City of Adelaide has partnered with Business SA to provide traders with a range of specialised free services designed to support them to adapt, grow, and thrive, available up until 30 June 2022.

“The Central Market Arcade is a historic part of Adelaide and an integral part of the community. We are excited to deliver a highly considered and memorable project that will be enjoyed for decades to come,” Mr Khoo concluded.


For more information

Matt Halliwell