Demolition and construction works have officially begun at Market Square — Adelaide’s new $400 million once-in-a-generation precinct to upgrade 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.
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,”
– Adelaide Lord Mayor Jane Lomax-Smith
“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.
“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,” Mr Warren said.
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.