01 June, 2023

Major milestone for iconic Market Square development

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Demolition and construction works have officially begun at the Market Square development — Adelaide’s new $400 million once-in-a-generation precinct to replace the Central Market Arcade.

The Market Square project will see the expansion of the iconic Adelaide Central Market on the ground level and above, the addition of new retail space, a seven-level all-electric commercial office tower, onsite childcare centre, luxury residences, an elevated and vibrant garden retreat and an upscale hotel. 

ICD Property CEO Matthew Khoo said the project team was thrilled to reach today’s milestone on this city-shaping project.

“We are delighted to be partnering with the City of Adelaide to deliver our vision to create something truly transformative for the city, a source of real local pride and a must visit tourist destination,” Mr Khoo said.

“The commencement of demolition and construction works is a significant achievement we have long been working towards and we couldn’t be more excited to be making progress with Market Square and see the project moving forward.

“Interest in the residences has been phenomenal with more than 98% sold within their first few weeks of launch and an exclusive $10 million penthouse catching the eye of buyers around the world.

“We have in fact received so much overwhelming interest in the residences we have introduced two new floors of apartments that will launch to market in the near future.

“Demand for space in the all-electric commercial office tower has also been extremely positive with several negotiations currently underway and announcements expected soon,” Mr Khoo said.

Lord Mayor of Adelaide Dr Jane Lomax-Smith said this project is a city-defining development for Adelaide that will breathe new life and vibrancy into the precinct.

“This project is going to deliver enormous economic benefits for the city and is expected to create more than 1,000 new jobs,” the Lord Mayor said.

“It will generate an overall boost of $135 million to the South Australian economy while allowing the Adelaide Central Market to thrive and expand.

“By developing around 20,000sqm of office space in a seven-level commercial tower there is also fantastic potential for increased activation of Adelaide’s CBD.”

Multiplex has been appointed by ICD Property and City of Adelaide as the project’s builder and State Manager Andrew Warren said construction is expected to take around three years.

“Multiplex has proven experience with developments of this scale across the globe,” Mr Warren said.

“We pride ourselves on delivering international best practice and collaboration and maintaining a shared focus with our clients and the communities they serve.

“We are delighted to be progressing Market Square’s construction, signalling the project’s strength to proceed at a time when other projects around the nation are stalling.”

Adelaide Central Market Authority Chair Theo Maras AM said the Adelaide Central Market will remain open during all stages of the project and the expansion is the beginning of an exciting new future.

“The Market expansion will deliver more of what Adelaide already loves so much. More fresh food, more artisan products, more South Australian produce, more hospitality and more local wining and dining options,” Mr Maras said.

“It will be business as always for our traders and customers. From Tuesday to Saturday the Market will remain open and continue to serve up the best fresh produce every Market day.”

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

“This design will transform the precinct by creating a truly cosmopolitan vibe with laneway extensions, activated public spaces and increased foot traffic,” Mr Hall said.

“The idea has always been to develop a globally relevant destination by providing a window into South Australia’s unique offerings.”

Announcements on the hotel operator, office tenants and anchor retailers will follow throughout the year and until completion.

The project will be delivered in stages with the commercial component expecting completion in 2025, the retail area expected in 2026 and the residences across 2025 into 2026.

Project details:

  • 8,500sqm precinct footprint
  • 21,700sqm A-Grade commercial space
  • 234 residential apartments
  • 11,000+ sqm retail centre
  • 3,000sqm outdoor elevated garden
  • 251 room 4 - 4.5 star hotel

For more information

Matt Halliwell